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Mortgage Payment Calculator
Calculate your monthly mortgage payment instantly, including principal, interest, taxes, and insurance.
Starts at 7.3%, the national 30-year fixed average (7.28% on Oct 1, 2026). Freddie Mac
Sources & Methodology
- Freddie Mac Primary Mortgage Market Survey (PMMS), weekly national averages for 30-year and 15-year fixed-rate mortgages
- 30-Year Fixed Rate Mortgage Average (FRED), historical weekly rate data from 1971 to present
- CFPB Loan Estimate Explainer, breakdown of standard mortgage cost components and fee categories
More Questions About This Calculator
By Sean Baldwin · Last updated
The Verdict
Worth it if: your rate is 6.5% or below and you're putting down at least 10%, that combination reflects a genuinely favorable loan structure.
Not worth it if: your rate is above 7.5% and your down payment is under 10%, the loan is expensive to originate and it's worth shopping more lenders or building a larger down payment first.
Break-even threshold: 6.5% is the rate line where the score shifts from favorable to average, and 10% down is the line where a thin down payment starts working against you.
Frequently Asked Questions
What is included in a mortgage payment?
This calculator shows principal and interest only. Your actual payment will also include property taxes, homeowner's insurance, and possibly PMI if your down payment is less than 20%.
How much house can I afford?
A common rule is that your monthly housing payment should not exceed 28% of your gross monthly income. For a $100,000 salary, that's roughly $2,333/month.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but you pay significantly less total interest. A 30-year mortgage is easier on monthly cash flow but costs more over time.
What is PMI?
Private Mortgage Insurance is required by most lenders when your down payment is less than 20%. Freddie Mac says to expect roughly $30 to $70 a month for every $100,000 borrowed.
How does the Worth It Score work?
The score factors in your interest rate and down payment. A larger down payment and lower rate produce a higher score, indicating a more favorable mortgage structure.
What your mortgage payment actually includes
The number your lender quotes, and what this calculator shows, is principal and interest only. Your real monthly payment will be higher once you add property taxes (which vary widely by state and county, so check your county's rate), homeowner's insurance (get quotes for your home), and PMI if your down payment is under 20%. Freddie Mac says PMI runs roughly $30 to $70 a month for every $100,000 borrowed, so on a $400,000 loan that's about $120 to $280/month on top of everything else. Many buyers are shocked by the gap between the "mortgage payment" and the actual total housing cost. Always calculate the full PITI (principal, interest, taxes, insurance) before deciding what you can afford.
30-year vs. 15-year mortgage: the real cost difference
On a $400,000 loan at 6.5%, a 30-year mortgage runs about $2,528/month in principal and interest. A 15-year mortgage at 6.0% (an assumed rate; shorter terms often price lower) runs about $3,375/month, $847 more per month. But here's what that difference buys you: the 30-year loan costs $510,000 in total interest. The 15-year loan costs $207,000 in total interest. You save $303,000 in interest by choosing the 15-year. Whether that trade-off is worth the higher payment depends entirely on your income stability, other financial goals, and what else you'd do with that $847/month.
How much house you can actually afford
The standard guideline is that your total housing payment (PITI) should not exceed 28% of your gross monthly income, and your total debt payments (housing + car + student loans + credit cards) should not exceed 36%. On a $100,000 gross income, that's $2,333/month for housing and $3,000/month total debt. Lenders will often approve you for more than this (Fannie Mae allows total debt-to-income of up to 45% to 50% for many loans), but approval and affordability are different things. Being approved for a $600,000 mortgage doesn't mean you should take it. Run the numbers at multiple price points and leave room for maintenance, unexpected repairs, and changes in income.
The impact of your down payment on total cost
A larger down payment reduces your loan balance, eliminating PMI (once you hit 20%), and often qualifies you for a lower interest rate. On a $400,000 home, the difference between 5% down ($20,000) and 20% down ($80,000) is significant: the smaller down payment leaves you with a $380,000 loan plus PMI of roughly $115 to $265/month (Freddie Mac's $30 to $70 per $100,000 range) until you build equity. The larger down payment gives you a $320,000 loan, no PMI, and a lower rate. Over 30 years, the 20% down scenario saves tens of thousands in interest and eliminates years of PMI payments. The question is always whether the extra $60,000 down is better deployed in the home or invested elsewhere.
Why shopping multiple mortgage lenders pays off
The rate one lender offers is not the market rate, it is that lender's price for your profile on that day, and it can vary between lenders for the same borrower. On a $400,000 loan, a quarter-point lower rate saves roughly $65 a month and about $23,500 over 30 years, so even small differences are worth chasing. Getting quotes from several lenders within a short window counts as a single credit inquiry for scoring purposes, so rate shopping does not meaningfully hurt your credit. Compare the Loan Estimate forms side by side, since they use a standard format that makes rate, fees, and monthly payment easy to line up. The lowest advertised rate is not always the cheapest loan once fees are counted.
Discount points: when buying down your rate is worth it
A discount point costs 1% of your loan amount upfront and lowers your rate by an amount that varies by lender (this example assumes about 0.25%). Whether that trade pays off depends entirely on how long you keep the loan. On a $400,000 loan, one point costs $4,000 and might save around $65 a month, which takes about five years to recoup. If you plan to stay well past that break-even point, points can be a good deal, and they may also be tax-deductible. If you expect to sell or refinance within a few years, paying points is usually a loss. Run the break-even the same way you would for a refinance: upfront cost divided by monthly savings equals the number of months to come out ahead.
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Further Reading
How We Calculate Your Score
The Worth It Score reflects how favorable your mortgage structure is, primarily your interest rate and down payment. A high score means a strong rate or substantial equity position; a lower score signals an expensive borrowing environment or thin down payment. It is not a judgment on whether you can afford the payment, only on the cost structure of the loan.
- · Base score: 75
- · Down payment: 20%+ adds 10 points; 10–19% adds 5 points; under 10% subtracts 10 points
- · Interest rate: 5% or below adds 10 points; up to 6.5% adds 5 points; up to 7.5% subtracts 5 points; above 7.5% subtracts 15 points
- · Loan term bonus: 15-year mortgage adds 5 points
Score reflects rate and down payment strength, not overall affordability or debt-to-income ratio. A high score with a monthly payment exceeding 28% of gross income can still be unaffordable.
How to Cite This Calculator
If you reference this calculator in an article, blog post, or research, use one of the formats below. The Worth It Score methodology is fully documented and independently verifiable.
APA
Baldwin, S. (2026). Can You Actually Afford This Mortgage? True Monthly Cost (2026). Worth It Calculators. https://worthitcalculators.com/mortgage-payment/
MLA
Baldwin, Sean. "Can You Actually Afford This Mortgage? True Monthly Cost (2026)." Worth It Calculators, October 14, 2026, https://worthitcalculators.com/mortgage-payment/.
Plain text / web
Source: Can You Actually Afford This Mortgage? True Monthly Cost (2026), Worth It Calculators (https://worthitcalculators.com/mortgage-payment/)
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