Step 1: Enter Your Home Price

Type in the agreed-upon purchase price of the property.

Step 2: Select a Down Payment Amount

Choose how much of the home price you will pay upfront. (A down payment calculator can show you what percentage your payment would be.) A larger down payment lowers your loan amount and reduces your monthly payment and total interest paid.

Step 3: Choose a Loan Term

Select the length of time to repay the mortgage, anywhere from 10 to 30 years. A longer term lowers monthly payments but increases total interest.

Step 4: Enter an Interest Rate

Input your estimated interest rate to the second or third decimal point. Lower rates reduce monthly payments and total interest paid.

Step 5: Add Your Annual Property Tax Rate

Enter the percentage of your property’s market value for annual property tax. Pennsylvania’s effective property tax rate averages 1.19%. For the specific percentage in your area, search online for the property’s town, county, or ZIP code and “effective property tax rate.”

Benefits of Using a Mortgage Payment Calculator

A mortgage calculator is a powerful tool for prospective homebuyers, helping you assess how much house you can afford before you start house hunting, or allowing you to zero in on the right combination of down payment amount and loan term before committing to a mortgage. If you’re buying your first home, especially, you’ll want to spend some time running different scenarios to see how changing the down payment amount and loan term might affect your costs.

Buyers considering a home loan backed by the Federal Housing Administration will want to use an FHA mortgage calculator, which will factor in the upfront and ongoing mortgage insurance premium that comes along with loan type.

Similarly, a VA mortgage calculator is useful for those considering a loan backed by the U.S. Department of Veterans Affairs.

Deciding How Much House You Can Afford in Pennsylvania

In mid-2025, the median Pennsylvania home price was $325,000, according to Redfin. Lenders advise that mortgage payments should not exceed 28% of gross monthly income. To afford a $325,000 home with a 20% down payment ($65,000), you’d need about $78,000 in annual income. This assumes you obtain a 30-year mortgage at 7.00% interest, resulting in a $1,730 monthly payment, including property tax and home insurance. It also assumes you aren’t already making payments on debts such as a car loan or student loan, in which case you would need to earn more. You can use the mortgage calculator to run different scenarios, typing in various home prices, down payment amounts, and loan terms to see how these factors affect your costs.

You can also work backward from your income, using a home affordability calculator to compute your budget. This calculator takes into account other debts you may have. If you’re getting serious about a home purchase, you might want to proceed to the mortgage preapproval process, which can give you a fairly precise estimate of how much borrowing power you have. You’ll provide detailed financial information to a lender and learn what loan size you might qualify for.

Components of a Mortgage Payment

The main components of a mortgage payment are principal and interest. The principal is the amount borrowed, and interest is the cost of borrowing. The calculator also factors in property tax, determined by the local government as a percentage of your home’s value. Your monthly payment may include home insurance premiums, PMI if your down payment is less than 20%, and homeowners association (HOA) fees if applicable.

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Step 1: Enter Your Home Price

Enter the agreed-upon cost of the property.

Step 2: Select a Down Payment Amount

Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage payments. A larger down payment can reduce your monthly payments and eliminate the need for PMI.

Step 3: Choose a Loan Term

Select the duration of your mortgage, typically 15 or 30 years. This choice impacts your monthly payments and total interest paid.

Step 4: Enter an Interest Rate

Input your desired interest rate to the second or third decimal point, such as 6.75%. This rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.

Step 5: Add Your Annual Property Tax

Enter the home’s property tax rate as a percentage. For example, type 1.2 if the rate is 1.2%. You can use the average effective tax rate for Oklahoma, which is .82%, or look up the specific rate for the property by searching its ZIP code and “effective property tax rate.”

Benefits of Using a Mortgage Payment Calculator

A mortgage calculator helps you estimate how much house you can afford and provides a clear picture of what your monthly costs would be. It estimates these payments based on loan amount, interest rate, and term, and factors in the property taxes you’ll pay as well. An Oklahoma mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).

If the type of mortgage loan you choose has a variable interest rate, you can estimate your costs using this calculator, but the estimate will be less precise due to the fluctuations of a variable rate.

Deciding How Much House You Can Afford

In Oklahoma, the median home sale price in mid-2025 was $254,400 — well below the national median of around $443,000, according to Redfin. Working under the 28/36 rule that says your maximum mortgage payment should be 28% of your gross income, you’d need to earn at least $57,000 in annual income if you were looking to afford a $250,000 home, factoring in a 20% down payment ($50,000), a 30-year mortgage at 7.00%, and an average Oklahoma annual property tax rate of 0.85%. Your other monthly debts shouldn’t exceed 36% of your gross income, or in this scenario, $382.

Going through the mortgage preapproval process with a lender can also help you estimate what loan size and type you can afford.

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Components of a Mortgage Payment

Your mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment, on the other hand, may also include property tax, which is based on your home’s value. If your down payment is less than 20%, PMI may be required. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.

If you are considering purchasing with the help of a Federal Housing Administration (FHA) loan, you will have an upfront and ongoing mortgage insurance premium to pay. Use an FHA mortgage calculator with this type of loan, which is still very affordable and popular with first-time buyers. Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.

Lastly, if you happen to be purchasing a higher priced property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).

Step 1: Enter Your Home Price

Enter the agreed-upon cost of the property.

Step 2: Select a Down Payment Amount

Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage payments. A larger down payment can reduce your monthly payments and eliminate the need for private mortgage insurance (PMI).

Step 3: Choose a Loan Term

Select the duration over which you will repay your mortgage. Common terms include 30 years and 15 years. A 30-year mortgage offers lower monthly payments than a 15-year mortgage at the same rate, but results in more interest paid over the life of the loan.

Step 4: Enter an Interest Rate

Input your desired interest rate to the second or third decimal point, such as 6.75%. This rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.

Step 5: Add Your Annual Property Tax

Enter the home’s property tax rate as a percentage. You can use the average effective tax rate for North Dakota, which is .99%, or look up the specific rate for the property by searching its ZIP code and “effective property tax rate.”

Benefits of Using a Mortgage Payment Calculator

A North Dakota mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and term. Use this tool to compare costs, like how interest rates affect payments. Check out different loan terms to see their impact on expenses and total interest. The calculator can also help you see how your down payment figures in.

Deciding How Much House You Can Afford in North Dakota

In North Dakota, the median home sale price in mid-2025 was $350,000 — well below the national median of around $443,000, according to Redfin. The 28/36 rule suggests that your maximum mortgage payment be under 28% of your gross income. You’d need to earn at least $80,000 in annual income if you were looking to afford a $350,000 home, factoring in a 20% down payment ($70,000), a 30-year mortgage at 7.00%, and an average North Dakota annual property tax rate at 0.99%.

Under these guidelines, your other monthly debts shouldn’t exceed 36% of your gross income, or $535 in this scenario. Use an affordability calculator to estimate how much home you can afford based on your income and other factors. Going through the mortgage preapproval process with a lender can also help you estimate what loan size and type of loan you can afford.

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Components of a Mortgage Payment

The primary components that a mortgage payment pays for are the principal that the homebuyer borrowed and the interest the lender charges on that principal. Our North Dakota mortgage calculator also factors in property tax, which is often included as part of your total monthly payment to the lender. Your monthly payment is also likely to cover homeowners insurance costs and may also include private mortgage insurance (PMI) or HOA fees, depending on your loan specifics.

If you’re considering an FHA loan — one that’s guaranteed by the Federal Housing Administration (FHA) — you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.

Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.

This calculator is designed to be easy to use. These step-by-step instructions tell you how.

Step 1: Enter Your Home Price

Input the price that you and the seller have agreed that you will pay for the property.

Step 2: Select a Down Payment Amount

Choose the percentage of the home price that you will pay upfront. A down payment calculator can help you decide on the optimal amount for you.

Step 3: Choose a Loan Term

Select the duration over which you’ll repay the mortgage, which is typically 15 or 30 years. A longer term offers lower payments but higher interest costs over the long run.

Step 4: Enter an Interest Rate

Input your desired interest rate to the second or third decimal point. There are many expensive properties in New York, so you may want to look at rates that are likely to be available for a jumbo loan.

Step 5: Add Your Annual Property Tax

Enter the percentage of your home price that you will pay annually in property taxes. If your rate is 1.26%, for example, you’d enter 1.26. Including your tax rate helps ensure a more accurate estimate of your monthly mortgage expenses.

Benefits of Using a Mortgage Payment Calculator

There are several ways that using a mortgage calculator can be helpful when you’re trying to evaluate just how much you can afford to pay for a property — especially if you’re buying your first home. With the calculator, you can find out approximately how much your monthly payments and overall interest costs will be for a given mortgage amount, interest rate, and term. You can also compare alternatives by changing factors like your loan amount or interest rate to see how much impact the alterations might have on your budget.

This calculator is designed specifically for fixed-rate mortgages. If you opt for a type of mortgage loan that comes with a variable interest rate, you can still use this tool to estimate your costs, but be aware that the results will be less precise because of the fluctuations of variable rates.

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Deciding How Much House You Can Afford in New York

In New York, as of late 2025, the median home sale price is $583,000. If you’re buying a home at that price, putting 20% down and financing the rest with a 30-year mortgage at a 7.00% interest rate, your monthly mortgage payment on principal and interest will be about $3,103. (Note that this estimate doesn’t include tax or homeowners insurance payments.)

To figure out how affordable that might be for you, let’s use the rule that lenders frequently follow: Your mortgage payment should be no more than 28% of your gross monthly income and your total debt should be no more than 36%. In this case, that would mean that you need an annual income of about $133,000 to buy a property at this price. That would leave you about $887 per month for other debts, like credit card payments, student loans, and car loans.

You can also try using a home affordability calculator to get an estimate of how expensive a home purchase will be workable for you. Additionally, It may be useful to go through the mortgage preapproval process with a potential lender. It will not only set you up to apply for a loan but will also give you an idea of how large a loan you can afford.

Components of a Mortgage Payment

The main components of a mortgage payment are the loan principal (the amount that you originally borrowed) and the interest that accrues on it. Additionally, depending on your loan and lender, your monthly payment may cover property tax, which this calculator can account for if you enter your tax rate. In some cases, payments might also include homeowners insurance, homeowners association (HOA) fees, and private mortgage insurance (PMI), if applicable.

Certain kinds of loan may come with their own costs, and in these cases, specialized tools may be helpful. For example, if you’re interested in an FHA loan (one guaranteed by the Federal Housing Administration), you might use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums. Similarly, a VA mortgage calculator can be helpful if you’re considering a loan backed by the U.S. Department of Veterans Affairs.