Mortgage payment
Estimate your full monthly payment — principal, interest, taxes, and insurance — for conventional or FHA loans.
Estimate your full monthly payment — principal, interest, taxes, and insurance — for conventional or FHA loans.
Your full payment includes principal and interest, property taxes, homeowners insurance, mortgage insurance when required, and HOA dues. Principal reduces your debt; interest pays for borrowing. The other charges do not reduce the loan balance.
Illustrative example, not a quote: a $600,000 home, 3.5% FHA down payment, 30-year term and 6.5% fixed interest rate. We assume annual property taxes of 1.25%, insurance of 0.35%, and no HOA dues. Actual taxes, special assessments and insurance vary by property; check the county bill and an insurance quote.
The down payment is $21,000. The base loan is $579,000; financing $10,133 in upfront FHA mortgage insurance brings the financed balance to $589,133. Upfront insurance is separate from monthly mortgage insurance.
Your down payment is not all your cash to close. Separate example: $21,000 down + $12,000 in costs and prepaids − $5,000 earnest-money deposit already paid − $3,000 in permitted credits = $25,000 still due at closing. These are illustrative amounts, not guaranteed charges.
| Item | Monthly amount |
|---|---|
| Principal and interest | $3,724 |
| Property taxes | $625 |
| Homeowners insurance | $175 |
| FHA mortgage insurance | $265 |
| HOA | $0 |
| Estimated total | $4,789 |
It depends on more than the home price. Divide the full housing payment plus your other monthly debts by a planning debt-to-income ratio, such as 43%. For example, $4,000 housing + $500 debts, divided by 0.43, implies about $10,465 gross monthly income. This is not approval; the program and file review determine the applicable limit.