Calculator
Mortgage Calculator (USA)
Estimate your monthly mortgage payment, total interest, and full amortization schedule. Select your state to fill in average property tax and homeowners insurance costs, and to compare published rates from five lenders that lend there.
Loan Details
Monthly Payment Breakdown
| Principal and Interest | $2156.98 |
| Property Tax (est.)(1.4% of home value) | $466.67 |
| Homeowners Insurance (est.)($2,864/yr) | $238.67 |
| Total Monthly Payment | $2862.31 |
Amortization Schedule
What lenders in Texas are charging
Published 30-year fixed rates from five lenders that lend in each state, read from each lender's own rates page. The average below is the calculator's default rate for a 30-year fixed loan in that state.
| Lender | Product | Rate | APR | Points | Rate date | Source |
|---|---|---|---|---|---|---|
| Wells FargoState rateRate for a home in Austin, TX; page shows $2,400 in points | 30-year fixed | 7.375% | 7.527% | Not stated | Oct. 16, 2026 | Rates page for Wells Fargo (opens in a new tab) |
| U.S. BankState rateAssumes FICO 740+ | 30-year fixed conventional | 7.125% | 7.287% | 0.745 | Oct. 16, 2026 | Rates page for U.S. Bank (opens in a new tab) |
| LowerState rate | 30-year fixed conventional | 7.250% | 7.472% | 1.8 | Oct. 9, 2026 | Rates page for Lower (opens in a new tab) |
| Total MortgageState rate | 30-year fixed | 7.125% | 7.615% | Not stated | Oct. 18, 2026 | Rates page for Total Mortgage (opens in a new tab) |
| Navy Federal Credit UnionNational rateOne national rate; membership required | 30-year fixed conventional | 6.750% | 6.936% | 0.875 | Oct. 18, 2026 | Rates page for Navy Federal Credit Union (opens in a new tab) |
Rates are each lender's advertised “as low as” rates for its own example borrower (usually a high credit score and 20 to 25% down), so they are not a quote and they assume different discount points. Compare APRs and get a Loan Estimate from each lender. “Local lender” rows are credit unions and banks that lend in the state. “State rate” rows are national lenders that publish a rate for this state (or for a city in it). “National rate” rows are credit unions that publish one rate for all states and require membership. How we picked lenders and every source page are listed on our data sources page.
Default mortgage rates are averages of lenders' advertised rates (or Freddie Mac PMMS national weekly averages), shown for reference only. They are not a quote or offer. Actual rates vary by lender, credit score, loan type, and market conditions. Always contact lenders directly for current rates and terms. See full disclaimer.
Frequently Asked Questions About Mortgages
What is a mortgage and how does it work?
A mortgage is a loan used to purchase real estate, where the property itself serves as collateral. You borrow a set amount from a lender and repay it with interest over a fixed term. Each monthly payment covers a portion of the principal (the original loan amount) and interest. Early in the loan, most of your payment goes toward interest; over time, more goes toward principal.
How much down payment do I need to buy a home?
The minimum down payment depends on the loan type. Fannie Mae says conventional loans typically require a minimum down payment of 3%, and higher purchase prices may need more (Fannie Mae, last checked October 18, 2026). FHA loans allow a down payment as low as 3.5% of the purchase price (HUD, last checked October 18, 2026) for borrowers with a credit score of 580 or higher (HUD FHA Resource Center, last checked October 18, 2026). VA-backed purchase loans often need no down payment as long as the sales price isn't higher than the appraised value (VA, last checked October 18, 2026), and USDA's Section 502 Guaranteed Loan offers 100% financing in eligible rural areas to households that meet its income limits (USDA Rural Development, last checked October 18, 2026). Private Mortgage Insurance (PMI) is usually required on a conventional loan with a down payment under 20% (VA, last checked October 18, 2026), which adds to your monthly cost.
What is PMI and when can I remove it?
Private Mortgage Insurance (PMI) protects the lender if you default on the loan. It is usually required on conventional loans with a down payment under 20% (VA, last checked October 18, 2026). The cost varies by lender, credit score and down payment, and your Loan Estimate will show it. For most mortgages on a single-family principal residence that closed on or after July 29, 1999, you can ask your servicer in writing to cancel PMI once your principal balance is scheduled to fall (or you have paid it down) to 80% of the home's original value. The servicer must end PMI automatically on the date your balance is scheduled to reach 78% of the original value, as long as you are current on payments. "Original value" generally means the lower of the sales price and the appraised value at purchase. FHA and VA loans follow different rules (CFPB, last checked October 18, 2026).
What is the difference between a fixed-rate and an adjustable-rate mortgage (ARM)?
A fixed-rate mortgage keeps the same interest rate for the entire loan term, giving you predictable monthly payments. An adjustable-rate mortgage (ARM) starts with a fixed rate for an initial period, then adjusts periodically based on a market index. ARMs can be beneficial if you plan to sell or refinance before the adjustment period, but they carry the risk of higher payments if rates rise.
What credit score do I need to qualify for a mortgage?
Credit score requirements vary by loan type and lender. For conventional loans sold to Fannie Mae, the minimum is 620 for manually underwritten fixed-rate loans and 640 for ARMs, while loans assessed through its Desktop Underwriter system have no set minimum score (Fannie Mae Selling Guide B3-5.1-01, last checked October 18, 2026). FHA will not insure a loan if the borrower's decision credit score is below 500. A score from 500 to 579 limits the loan to 90% of the home's value, and 580 or higher qualifies for maximum financing. HUD says this policy applies to case numbers assigned before January 1, 2027 (HUD FHA Resource Center, last checked October 18, 2026). For a VA-backed loan you must meet both VA's and your lender's credit standards (VA, last checked October 18, 2026), so ask each lender what score it requires. USDA's guaranteed loan program has no credit score requirement, but applicants must show they can manage debt (USDA Rural Development, last checked October 18, 2026).
What are mortgage points and should I buy them?
Mortgage points (also called discount points) are upfront fees paid to the lender at closing in exchange for a lower interest rate. One point equals 1% of the loan amount (CFPB, last checked October 18, 2026). Buying points makes sense if you plan to stay in the home long enough to recoup the upfront cost through lower monthly payments. To find the break-even point, divide the cost of the points by your monthly savings. If you plan to move or refinance before that point, buying points may not be worthwhile.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an informal estimate of how much you might be able to borrow, based on self-reported financial information. It requires no credit check and carries little weight with sellers. Pre-approval is a more rigorous process where the lender verifies your income, assets, employment, and credit. A pre-approval letter shows sellers you are a serious buyer and gives you a more accurate loan amount. In competitive markets, pre-approval is often required to make an offer.
What closing costs should I expect when getting a mortgage?
Fannie Mae says closing costs usually range from 2% to 5% of the value of your mortgage, paid in addition to your down payment (Fannie Mae, last checked October 18, 2026). They include lender fees (origination, underwriting), third-party fees (appraisal, title insurance, attorney), prepaid items (homeowners insurance, property taxes, prepaid interest), and government fees (recording fees, transfer taxes). The lender must give you a Loan Estimate within three business days of receiving your application (CFPB, last checked October 18, 2026) and a Closing Disclosure at least three business days before you close (CFPB, last checked October 18, 2026). Both detail your costs.
What is refinancing and when does it make sense?
Refinancing means replacing your existing mortgage with a new one, usually to get a lower interest rate, reduce monthly payments, shorten the loan term, or access home equity (cash-out refinance). A refinance has its own closing costs, so it generally makes sense only if you will stay in the home long enough for the monthly savings to cover them. To find the break-even point, divide the closing costs on the new loan by your monthly savings. Compare Loan Estimates from several lenders before you decide.
How does property tax affect my mortgage payment?
Most lenders require you to pay property taxes through an escrow account, meaning a portion of your monthly mortgage payment is set aside to cover your annual property tax bill. Property tax rates vary significantly by state and county. For example, in 2024 owner-occupied homes in Illinois paid about 1.88% of home value in property tax, while Hawaii paid about 0.29% (Tax Foundation, Facts & Figures 2026, Table 33, from Census ACS data, last checked October 18, 2026). When budgeting for a home, always factor in property taxes, as they can add a large amount to your monthly payment depending on the location and home value.