Monthly Payment Calculator
Estimate mortgage payments for Conventional, FHA, and VA loans. Adjust every assumption to match your quote.
Loan Type
Property & Loan
Editable scenario rate.
Taxes, Insurance & Fees
Estimated Monthly Payment
Payment Breakdown
Loan Summary
Estimated Cash to Close
Illustrative scenario
Conventional purchase: $400,000 price, $80,000 down, a $320,000 loan at a fixed 6% for 30 years, $4,400 annual property tax, and $2,400 annual insurance. No PMI or HOA dues.
- Monthly principal and interest
- $1,918.56
- Monthly property tax
- $366.67
- Monthly insurance
- $200.00
- Total monthly estimate
- $2,485.23
This fixed example is not a live quote, a lending decision, or your calculator result. Editing or resetting the calculator does not change it.
Methodology and assumptions
For a fully amortizing fixed-rate loan, monthly principal and interest = P × r ÷ (1 − (1 + r)−n), where P is financed principal, r is the annual note rate divided by 12, and n is the number of monthly payments. At zero interest, payment = P ÷ n. The calculator rounds principal and interest, monthly tax, and monthly insurance to cents before adding mortgage insurance and HOA dues. It does not calculate APR.
AUTO taxes and insurance use general state estimates, not parcel assessments or insurance quotes. AUTO conventional PMI uses annual LTV bands of 0.46%, 0.65%, 0.85%, or 1.15% above 80% LTV. Replace these estimates with documented costs. Survey rates are editable reference defaults, not offers. Share links preserve assumptions, not an approval.
The FHA model finances 1.75% upfront MIP and uses a simplified 0.55% annual MIP on the financed balance for every supported term and LTV. Actual MIP rates, basis, and duration vary. The VA model finances 2.15% for first use or 3.3% for subsequent use unless exempt; it does not reduce the fee for larger down payments. Verify official schedules before quoting either program. Estimated closing costs use 3% of base loan for Conventional, 3.5% for FHA, or 2.5% for VA, not an itemized Loan Estimate.
Frequently Asked Questions
What is PITI?
PITI means principal, interest, taxes, and insurance. This estimate also includes mortgage insurance and HOA dues when entered. Taxes and homeowner's insurance are estimates until you replace them with actual amounts.
How is PMI calculated?
AUTO PMI uses a simplified annual rate based only on starting LTV, not an insurer quote. Actual premiums depend on the loan and borrower profile. For many covered conventional mortgages, cancellation can be requested at 80% of original value subject to conditions, and scheduled termination at 78% requires current payments. FHA MIP follows different rules and is not modeled as cancellable PMI here.
What's the difference between Conventional, FHA, and VA loans?
Conventional loans are not government insured. FHA loans have upfront and annual mortgage insurance. Eligible VA borrowers generally do not pay monthly mortgage insurance but may owe a funding fee. Credit, income, property, down payment, and underwriting requirements vary by program and lender. This calculator estimates payments, not eligibility.
Important Disclosures: Studio 1003 is a technology platform, not a lender, broker, or financial advisor. This tool is provided for informational and educational purposes only and does not constitute a commitment to lend, pre-approval, or loan offer. FHA and VA rates shown are estimated based on current market data and may differ from actual lender rates. Property taxes, insurance, and closing cost estimates are approximations based on state and county averages and may vary. Final loan eligibility, terms, and costs are subject to underwriting approval and official disclosures. APR and closing cost figures will be finalized on your official Loan Estimate and Closing Disclosure. Always consult with a licensed mortgage professional before making financial decisions.