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Mortgage Payment & Affordability
Estimate your monthly payment and how much of your take-home pay it would take.
What this means
Your principal and interest would run $1,707 a month — about 34% of your take-home pay. That's on the heavy side; a bigger down payment, a longer search for rate, or a lower price would give you breathing room.
Remember: this is only principal and interest. Property taxes, homeowners insurance, and upkeep come on top — budget for the full cost of owning, not the loan alone.
Build on it
These are estimates to help you think — not personalized legal, tax, or investment advice, and not a promise of any result.
This calculator estimates your monthly mortgage payment from the home price, down payment, rate, and term — then shows what slice of your take-home pay it would claim. That second number is the one that decides whether the house fits your life.
A lender will tell you the most they'll loan you. This tool helps you answer a different question: what payment can you carry month after month and still fund everything else — the truck repair, the kids, the retirement account. Those are two very different numbers.
How to use it
- 1
Enter the home numbers
Home price, down payment, interest rate, and loan term. If you don't have a rate quote yet, test a couple of rates and see how much each one swings the payment.
- 2
Add your take-home pay
Use what actually lands in your account after taxes, not your salary on paper. The payment-to-paycheck comparison only means something if the paycheck number is honest.
- 3
Read the result
Look at the monthly payment and the share of take-home pay it eats. If that share makes you wince, test a bigger down payment or a lower price — the calculator shows you which lever helps most.
Behind the numbers
What's inside a mortgage payment
The core payment covers principal (paying down what you borrowed) and interest (the lender's cut). Most homeowners also pay property taxes, homeowners insurance, and sometimes mortgage insurance and HOA dues on top. Budget for the whole stack, not the core alone.
Why the rate and term matter so much
A higher rate means more of every payment goes to interest instead of your ownership stake. A longer term shrinks the monthly payment but stretches out the years you pay interest. Small-looking changes in either one shift the total cost by a lot.
Affordable to a lender vs. affordable to you
Approval is about the lender's risk, not your comfort. A payment you can technically make can still crowd out savings, repairs, and breathing room. Buying a home is one of the biggest money decisions you'll make — have a licensed professional walk through the specifics before you sign.
The math behind it
Your payment stays level, but its split doesn't. Interest each month is charged on the balance you still owe, so early on — when the balance is huge — most of your payment is interest and only a sliver touches the principal. As the balance shrinks, more of each payment goes to principal. That shifting split is called amortization.
Worked example
$250,000 at 6.5% over 30 years is about $1,580 a month. In year one, roughly $1,350 of that first payment is interest and only ~$230 pays down the loan — which is why the early years feel like you're barely denting it.
Two rules of thumb
Every 1 percentage point on the rate moves the payment about 10–12%. And over a full 30 years you can pay nearly the price of the house again in interest — which is why even small extra principal in the early years saves the most.
Common questions
How much house can I afford?
Start from your take-home pay and work backward: what monthly payment leaves room for savings, debts, and real life? Then remember the house costs more than the mortgage — taxes, insurance, and upkeep ride along. The calculator shows how the payment compares to your paycheck so you can judge the fit.
What's included in a monthly mortgage payment?
Principal and interest at minimum. Most buyers also pay property taxes and homeowners insurance through the same monthly bill, and some pay mortgage insurance or HOA fees on top. Ask any lender for the all-in monthly number, not the teaser figure.
Should I make a bigger down payment?
A bigger down payment lowers the monthly bill and the total interest you pay over the life of the loan, and it can help you avoid mortgage insurance. But draining your emergency fund to get there trades one risk for another. Run both versions in the calculator, and confirm the details with a licensed professional before you commit.
Go deeper
The calculator gives you a number. The Home Ownership & Real Estate Brick teaches you what to do with it, in plain English. And if you’re not sure where to start, the free BrickScore checks your whole foundation in about 5 minutes.