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Your monthly mortgage payment consists of principal (repaying the loan balance), interest (the cost of borrowing), and typically escrow contributions for property taxes and homeowners insurance. If your down payment is less than 20%, PMI is also included. Use our Mortgage Calculator to calculate your complete payment instantly.

The standard guideline is keeping your total housing costs (mortgage + taxes + insurance) below 28% of gross monthly income, and total debt payments (housing + all other debts) below 36–43%. Our Affordability Calculator applies these rules to your specific income and debt profile.

Private Mortgage Insurance is required on conventional loans when your down payment is less than 20%. It typically costs 0.5–1.5% of your loan amount annually. You can avoid it by putting 20% down, using an 80-10-10 piggyback loan, or using a VA loan if eligible. PMI can be removed once you reach 20% equity.

A 15-year mortgage has a higher monthly payment but you'll pay roughly half the total interest of a 30-year loan. A 30-year mortgage offers lower monthly payments and more financial flexibility. Use our Amortization Calculator to compare total interest costs for both options with your specific loan amount.

Refinancing makes sense when your monthly savings exceed your closing costs before your break-even point. Generally, a rate reduction of 0.5–1% or more on a loan you'll keep for several years makes refinancing worthwhile. Use our Refinance Calculator to calculate your exact break-even and savings.