Mortgage Calculator

On a conventional loan, you can ask your servicer to cancel private mortgage insurance once your balance reaches 80% of the home's original value, if you are current on payments and meet the lender's conditions. Under the federal Homeowners Protection Act, it must end automatically when the balance is scheduled to reach 78% of the original value. FHA and other government-backed loans have their own mortgage insurance rules, so this calculator's PMI estimate applies to conventional loans.

Lenders use your actual credit-based rate, the real tax and insurance figures for the property, any HOA dues, and sometimes an escrow cushion. This calculator starts from the Freddie Mac weekly average rate, the county's median property tax rate if you enter a ZIP code, and a placeholder for insurance. Replace those with your quoted rate, your tax bill and an insurance quote.

If you enter a ZIP code, the calculator uses that county's effective property tax rate: the Census Bureau's median real estate tax paid divided by the median home value, for owners with a mortgage. Without a ZIP it assumes 1% of the home price per year. Real rates range from well under 1% to over 2%, and many areas reassess a home after it sells, so the seller's current bill may understate yours. Check the county assessor's website for the exact figure.

No. TotalMonthly is not a lender or broker, does not collect your information, and cannot offer or quote a loan. The rate field is yours to set. Use the result to compare scenarios, then get official Loan Estimates from lenders.