House Payment Calculator – Monthly Mortgage & Down Payment Estimator
The house payment calculator helps homebuyers estimate monthly mortgage payments including principal, interest, property taxes, insurance, and PMI. Calculate down payment amounts for any home price, compare different down payment scenarios (3.5%, 5%, 10%, 20%), and understand total costs over the life of your loan. Whether you're buying a $150,000 starter home or a $350,000 property, this calculator provides accurate payment estimates to help you budget for homeownership.
🏠 Calculate House Payment & Down Payment
Select a preset or enter custom values
Purchase price of the home
3.5% FHA minimum, 20% avoids PMI
Current average: 6.20-6.32%
Mortgage repayment period
Typically 1-1.5% of home value
Average $1,200-$2,000/year
If applicable (optional)
0.5-1% if down payment < 20%
Your Monthly House Payment
Total Monthly Payment
$0
Down Payment Required
$0
Loan Amount
$0
Total Interest Paid
$0
Monthly Payment Breakdown
| Component | Amount |
| Principal & Interest | $0 |
| Property Tax | $0 |
| Home Insurance | $0 |
| PMI (if applicable) | $0 |
| HOA Fees | $0 |
| Total Monthly Payment | $0 |
Loan Summary
Home Price
$0
Down Payment
$0 (0%)
Loan Term
0 years
Total Cost
$0
How House Payments Are Calculated
Monthly house payments consist of several components commonly abbreviated as PITI (Principal, Interest, Taxes, Insurance), plus additional costs like PMI and HOA fees when applicable:
Monthly Payment Formula (Principal & Interest)
Mortgage Payment Calculation:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
- M = Monthly principal & interest payment
- P = Loan principal (home price - down payment)
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total payments (years × 12)
Total Monthly Payment Formula
Complete PITI + PMI + HOA:
Total = Principal+Interest + Tax/12 + Insurance/12 + PMI + HOA
Down Payment Calculation
Down Payment = Home Price × (Percentage ÷ 100)
Example: $300,000 × 3.5% = $10,500
Example Calculation: $300,000 Home
Given: Price = $300,000, Down = 20% ($60,000), Rate = 6.3%, Term = 30 years
Step 1: Loan Amount = $300,000 - $60,000 = $240,000
Step 2: Monthly rate = 6.3% ÷ 12 = 0.525% = 0.00525
Step 3: Number of payments = 30 × 12 = 360
Step 4: M = 240,000 × [0.00525(1.00525)^360] / [(1.00525)^360 - 1]
Step 5: M = $1,486 (principal & interest)
Add: Tax ($250/mo) + Insurance ($100/mo) = $1,836 total monthly
Down Payment Requirements by Loan Type
Different mortgage programs have varying down payment minimums:
| Loan Type | Minimum Down Payment | Credit Score | PMI Required? |
|---|---|---|---|
| FHA Loan | 3.5% (580+ score) 10% (500-579 score) |
500-580 minimum | Yes (MIP) |
| Conventional Loan | 3% (first-time buyers) 5% (standard) |
620 minimum | Yes if < 20% |
| VA Loan | 0% (veterans) | No minimum | No PMI |
| USDA Loan | 0% (rural areas) | 640 recommended | Yes (guarantee fee) |
| Jumbo Loan | 10-20% | 700+ typical | Varies |
Common Down Payment Scenarios
Understanding down payment amounts for different home prices helps with planning:
Down Payment on $150,000 House
- 3.5% (FHA minimum): $5,250 down, $144,750 loan
- 5% (conventional): $7,500 down, $142,500 loan
- 10%: $15,000 down, $135,000 loan
- 20% (no PMI): $30,000 down, $120,000 loan
Down Payment on $300,000 House
- 3.5% (FHA minimum): $10,500 down, $289,500 loan
- 5%: $15,000 down, $285,000 loan
- 10%: $30,000 down, $270,000 loan
- 20% (no PMI): $60,000 down, $240,000 loan
Down Payment on $350,000 House
- 3.5% (FHA minimum): $12,250 down, $337,750 loan
- 5%: $17,500 down, $332,500 loan
- 10%: $35,000 down, $315,000 loan
- 20% (no PMI): $70,000 down, $280,000 loan
Down Payment Impact on Monthly Payment: For a $300,000 home at 6.3% over 30 years:
- 3.5% down ($10,500): ~$2,070/month (includes PMI)
- 10% down ($30,000): ~$1,930/month (includes PMI)
- 20% down ($60,000): ~$1,836/month (no PMI)
Putting 20% down saves approximately $234/month by eliminating PMI.
Average House Down Payment in 2025
Down payment amounts vary significantly by buyer type, location, and market conditions:
National Averages
- All Buyers: 14.4% average (median $34,248)
- First-Time Buyers: 6-9% average
- Repeat Buyers: 17% average
- Second Homes/Investment: 27% average
Down Payment by Age Group
- Ages 24-32: 8% median down payment
- Ages 33-42: 11% median
- Ages 43-57: 10% median
- Ages 58-67: 20% median
- Ages 68-76: 21% median
Geographic Variation: Down payments vary significantly by state:
- Lowest: Louisiana (9.2%), Mississippi (9.6%), West Virginia (9.6%)
- Highest: California (18.2%), Massachusetts (19.0%), Montana (20.4%)
- Expensive Markets: Washington D.C. averages 20.4% ($100,800 median)
Current Mortgage Interest Rates (November 2025)
Interest rates significantly impact your monthly payment and total loan cost:
| Loan Type | Current Rate (Nov 2025) | APR | Points |
|---|---|---|---|
| 30-Year Fixed | 6.20-6.32% | 6.30-6.40% | 0.5-1.0 |
| 15-Year Fixed | 5.65-5.75% | 5.75-5.85% | 0.5-1.0 |
| FHA 30-Year | 5.90-6.10% | 6.00-6.20% | 0.5-1.0 |
| VA 30-Year | 5.75-6.00% | 5.85-6.10% | 0.5-1.0 |
| Jumbo 30-Year | 6.30-6.50% | 6.40-6.60% | 0.5-1.0 |
| 5/1 ARM | 5.90-6.20% | 6.50-7.00% | 0.5-1.0 |
Rate Impact on Monthly Payment
For a $240,000 loan over 30 years, rate differences significantly affect payments:
- 5.5%: $1,362/month → Total interest: $250,320
- 6.0%: $1,439/month → Total interest: $278,040
- 6.5%: $1,517/month → Total interest: $306,120
- 7.0%: $1,597/month → Total interest: $334,920
A 1% rate increase adds approximately $150/month to payment and $54,000 in total interest over 30 years.
Understanding PMI (Private Mortgage Insurance)
PMI is required on conventional loans when down payment is less than 20%:
PMI Basics
- Cost: 0.5-1% of loan amount annually (divided into monthly payments)
- Purpose: Protects lender if you default
- When Required: Down payment < 20% on conventional loans
- Removal: Once you reach 20% equity (78% LTV)
- Monthly Cost: $100-$200 per month on $240,000 loan
Ways to Avoid PMI
- 20% Down Payment: Most straightforward method
- Piggyback Loan: 80-10-10 or 80-15-5 loan structure
- Lender-Paid PMI: Higher interest rate instead of monthly PMI
- VA Loans: No PMI required regardless of down payment
- Credit Union Programs: Some offer no-PMI conventional loans
FHA Mortgage Insurance
FHA loans have different insurance requirements:
- Upfront MIP: 1.75% of loan amount (can be financed)
- Annual MIP: 0.45-1.05% depending on loan term and LTV
- Duration: Life of loan for 3.5% down; 11 years if 10%+ down
- Cannot Be Removed: Must refinance to conventional to eliminate
Additional Homeownership Costs
Monthly mortgage payment is just one component of homeownership expenses:
Ongoing Costs
- Property Taxes: 1-1.5% of home value annually (varies by location)
- Home Insurance: $1,200-$2,000 annually (higher in coastal/disaster zones)
- HOA Fees: $200-$400+ monthly (if applicable)
- Maintenance: Budget 1-2% of home value annually
- Utilities: Electric, gas, water, sewer, trash ($200-400/month)
- Repairs: Unexpected issues—maintain emergency fund
One-Time Closing Costs
- Total Range: 2-5% of home price
- Appraisal Fee: $400-$600
- Home Inspection: $300-$500
- Title Insurance: $1,000-$2,000
- Origination Fees: 0.5-1% of loan
- Attorney Fees: $500-$1,500 (if required)
- Recording Fees: $100-$300
How Much House Can You Afford?
Lenders use several rules to determine affordable home prices:
The 28/36 Rule
- Front-End Ratio: Housing costs ≤ 28% of gross monthly income
- Back-End Ratio: Total debt ≤ 36% of gross monthly income
- Example: $6,000 monthly income → max $1,680 housing, $2,160 total debt
Income-Based Home Price
General rule: Home price should not exceed 2.5-3× annual household income
- $50,000 income: $125,000-$150,000 home
- $75,000 income: $187,500-$225,000 home
- $100,000 income: $250,000-$300,000 home
- $150,000 income: $375,000-$450,000 home
Debt-to-Income (DTI) Requirements
- Conventional Loans: Maximum 43-50% DTI
- FHA Loans: Maximum 43% DTI (up to 50% with compensating factors)
- VA Loans: More flexible, typically up to 41%
- USDA Loans: Maximum 41% DTI
Frequently Asked Questions
What is the monthly payment on a $300,000 house?
For a $300,000 house with 20% down ($60,000) at 6.3% interest over 30 years, the monthly principal and interest payment is approximately $1,486. Adding estimated property taxes ($250/month) and homeowners insurance ($100/month) brings total monthly payment to approximately $1,836. With less than 20% down, add PMI ($100-150/month), increasing total to $1,936-$1,986 per month. Actual payment varies based on interest rate, down payment, local taxes, and insurance costs.
How much is a 3.5% down payment on a $150,000 house?
A 3.5% down payment on a $150,000 house is $5,250. This is the minimum down payment for FHA loans with a credit score of 580 or higher. Your loan amount would be $144,750. At 6.0% interest over 30 years, expect monthly principal and interest of approximately $868, plus property taxes, insurance, and FHA mortgage insurance premium (MIP), bringing total monthly payment to roughly $1,100-$1,200 depending on location.
How much is a 3.5% down payment on a $350,000 house?
A 3.5% down payment on a $350,000 house is $12,250. This qualifies for FHA financing with 580+ credit score. Your loan amount would be $337,750. However, $350,000 may exceed FHA loan limits in some counties (2025 conforming limit is $806,500 in high-cost areas, $498,257 in most areas). At 6.0% over 30 years, expect monthly principal and interest around $2,025, plus taxes, insurance, and MIP, totaling approximately $2,600-$2,800 monthly.
What is the average house down payment in 2025?
The average house down payment in 2025 is 14.4% of the purchase price, with a median dollar amount of $34,248 based on 2023-2024 data trends. However, this varies significantly: first-time buyers average 6-9%, repeat buyers 17%, and investors/second-home buyers 27%. Down payments also vary by age (younger buyers put down 8% median, older buyers 20%+) and location (9% in Louisiana vs. 20% in California). Many buyers use low-down-payment programs (FHA 3.5%, conventional 3-5%, VA/USDA 0%).
Should I put 20% down or less?
The 20% vs. less decision depends on your financial situation. Benefits of 20% down: no PMI ($100-200/month savings), lower interest rates (0.25-0.5% better), smaller loan and interest costs, stronger offer in competitive markets, instant equity. Benefits of less than 20%: preserve cash for emergencies and investments, enter homeownership sooner, potential investment returns exceeding mortgage interest, flexibility for renovations or other purchases. Consider: Can you comfortably afford PMI? Do you have 3-6 months emergency fund after down payment? What are alternative investment returns? Putting down less makes sense if you maintain financial flexibility and stability.
How do I calculate total house payment including taxes and insurance?
Calculate total monthly house payment (PITI + PMI + HOA): 1) Calculate principal & interest using loan amount, interest rate, and term with amortization formula, 2) Divide annual property tax by 12 (typically 1-1.5% of home value), 3) Divide annual insurance by 12 (usually $1,200-2,000), 4) Add PMI if down payment < 20% (0.5-1% of loan amount annually ÷ 12), 5) Add monthly HOA fees if applicable. Example: $240K loan at 6.3% = $1,486 P&I + $250 tax + $100 insurance + $0 PMI (20% down) + $0 HOA = $1,836 total monthly.
What credit score do I need to buy a house?
Minimum credit scores vary by loan type: FHA loans require 580 for 3.5% down (500-579 requires 10% down), Conventional loans need 620 minimum (640-660 for best rates), VA loans have no minimum but lenders typically want 620+, USDA loans recommend 640+, and Jumbo loans require 700-720+. Higher scores unlock better interest rates: 760+ gets best rates, 700-759 good rates, 680-699 slightly higher rates, 620-679 noticeably higher rates. Even 0.5% rate difference costs $50-75/month on $250K loan. Improve score before buying by paying bills on time, reducing credit utilization below 30%, and avoiding new credit inquiries.
Tips for Saving for Down Payment
Strategic approaches to accumulate down payment funds:
Short-Term Strategies (1-2 Years)
- Automate Savings: Set up automatic transfers to dedicated down payment account
- High-Yield Savings: Use HYSA earning 4-5% vs. 0.5% traditional savings
- Reduce Expenses: Cut discretionary spending, cancel unused subscriptions
- Side Income: Freelance, gig work, sell unused items
- Tax Refunds/Bonuses: Direct all windfalls to down payment fund
Down Payment Assistance Programs
- State/Local Programs: Many states offer grants or low-interest loans
- Employer Assistance: Some companies provide housing benefits
- IRA Withdrawal: First-time buyers can withdraw $10,000 penalty-free
- Gift Funds: Family members can gift down payment (document properly)
- Down Payment Matching: Some nonprofits match savings dollar-for-dollar
Long-Term Strategies (3+ Years)
- Investment Accounts: Conservative portfolios for 3+ year timeline
- Increase Income: Pursue raises, promotions, career changes
- Improve Credit: Higher scores unlock better rates and lower down payment requirements
- Consider Starter Home: Build equity in affordable property first