Calculator resting on printed charts on a desk, with a laptop and notebooks behind it

Mortgage calculator

Mortgage Calculator for Conventional, FHA, and VA Loans

Estimate your full monthly payment, with principal, interest, taxes, insurance, and mortgage insurance, for a conventional, FHA, or VA loan. Then add an extra payment to see how much sooner you'd pay off the loan.

Book a free 15-minute call Call 224-505-4072

Loan Details

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Taxes, Insurance & Extras

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Estimated Monthly Payment

$0/mo

    Loan Amount N/A
    Total Interest N/A
    Total P&I Paid N/A
    Payoff Date N/A

    Estimated Cash to Close

    Down PaymentN/A
    Closing Costs (est.)N/A
    Cash to CloseN/A

    Extra Payment Impact

    Loan Balance Over Time

    YearPrincipalInterestBalance

    Want these numbers run against a real property? Reach out for detailed VA, FHA, and conventional loan inquiries and recommendations.

    Talk With Our Team

    Estimates are for planning purposes only and do not constitute a loan offer or financial advice. Actual rates, taxes, insurance, PMI, and government loan fees (VA funding fee, FHA MIP) vary by lender, property, and borrower profile. Notice an issue, have a question, or a suggestion for this tool? Let us know.

    Getting started

    How to use the calculator

    Enter a home price and a down payment, then set the interest rate and loan term to match your situation. The rate starts at Freddie Mac's latest weekly national average, so change it to match the quote your lender gives you.

    Add property taxes, homeowners insurance, HOA dues, and closing costs under Taxes, Insurance & Extras for an all-in monthly payment and an estimate of your cash to close. The donut chart shows where each dollar goes. Add an extra monthly payment to see how much interest you'd save and how many years sooner you'd pay off the loan.

    Share Scenario copies a link with your numbers, minus your income, so you can send it to a partner or your lender.

    PITI

    Understanding your monthly payment

    You'll often hear a mortgage payment called PITI: principal, interest, taxes, and insurance. Principal pays down what you borrowed, and interest is the cost of borrowing it. Your lender usually collects property taxes and homeowners insurance each month and holds them in escrow.

    With less than 20% down, most loans add mortgage insurance until you build enough equity. Your association bills HOA dues separately. The calculator includes them so the total matches what you'll pay to own the home.

    Paying down the loan

    What amortization means

    Amortization is the schedule that pays off your loan over its term. Each payment splits between interest and principal. In the early years, most of your payment goes to interest. As the balance falls, more of it goes to principal.

    A small extra payment early has an outsized effect, because it lowers the balance your future interest is calculated on. Open the amortization schedule to see your balance, interest, and principal year by year.

    Choosing a loan type

    VA, FHA, and conventional loans

    Switch between Conventional, FHA, and VA with the Loan Type selector. Each one handles mortgage insurance and upfront fees differently, and the calculator adjusts for you.

    VA loan

    For eligible veterans and service members. A VA loan often needs $0 down and carries no PMI. Choose VA, and the calculator finances the VA funding fee into the loan. VA loans are our specialty, so read our VA loan guide or ask us about your entitlement.

    FHA loan

    Down payments as low as 3.5%, with flexible credit. Choose FHA, and the calculator adds the upfront MIP, financed into the loan, plus monthly MIP and how long it lasts based on your down payment.

    Conventional loan

    The most common loan type. Put 20% down to avoid PMI, or put less down and pay PMI until you reach 20% equity, when it drops off automatically.

    Shopping for a home? Our buyer's agents can run these numbers against a real listing with you.

    Questions buyers ask

    Mortgage calculator questions

    Does this calculator work for VA loans?

    Yes. Choose VA under Loan Type. The calculator drops PMI and finances the VA funding fee into the loan. Set the funding fee status to First Use, Subsequent, or Exempt to match your situation.

    What does the estimated monthly payment include?

    Principal and interest, property taxes, homeowners insurance, HOA dues, and mortgage insurance when your loan has it. Add an extra monthly payment to see how much interest you'd save and how much sooner you'd pay off the loan.

    Do VA loans require PMI or a down payment?

    VA loans carry no PMI and often need no down payment, which can lower your monthly payment compared with a conventional loan under 20% down. Compare both in the calculator, then contact our veteran-owned team to confirm your eligibility.

    Is this estimate a loan offer?

    No. The estimates are for planning only and aren't a loan offer or financial advice. Actual rates, taxes, insurance, mortgage insurance, and government loan fees vary by lender, property, and borrower.

    Veteran-owned and Chicagoland-focused

    Ready to talk numbers on a real property?

    Reach out with VA, FHA, or conventional loan questions, and we'll run these numbers against a real property with you. Ask us about VA loans with $0 down.

    Book a free 15-minute call Call 224-505-4072

    Or send a note through our contact page.