Align Lending

Align Lending logo
Apply Now
Align Lending logo

Calculators

Mortgage Calculator

What a payment actually looks like once taxes, insurance, HOA and PMI are in it, not just principal and interest.

Use the calculatorTalk with Samantha
  • No application required
  • Sent to Samantha only if you choose
  • 5.0 on Google, 128 reviews

Find your monthly payment

$
$
%
Cash you put in at closing. A smaller down payment on a conventional loan usually means PMI.
$
%
An estimate for illustration. Your rate depends on your file.
$
%
A planning figure, about 0.5% of the price a year. Use your insurance agent's quote.
$
%

The year after a Michigan home sells, its taxable value resets to half of the assessor's market value, so the seller's tax bill is not your tax bill. At the statewide median homestead rate that comes to about 1.5% of the price a year. Get the published rate for an address

$/mo
$
%
Added automatically when the loan is more than 80% of the price. Type your own figure if you have a quote.
Estimated monthly payment
$0
per month
Principal & interest
$0
Property tax
$0
Insurance
$0
HOA
$0
PMI
$0
Get pre-approved Talk with Samantha

An estimate, not a loan offer or a rate quote.

Estimates only, for illustration. Not a loan commitment, an offer of credit, or a rate quote. Actual figures depend on underwriting, credit, income, assets, appraisal and property eligibility. Align Lending LLC, NMLS #2041154, is an independent mortgage broker and does not lend directly. Equal Housing Opportunity.

Before you fall for a house

In Samantha's words

Numbers first

“Talking about documents and taxes isn't quite as exciting. Shocking, I know. But if you fall in love with a house before you understand your numbers, now we're doing everything backwards.”

The right number for your life

“Just because a number works on paper doesn't mean it's the right number for your life.”

How to use a mortgage calculator

What goes into the payment

Start with the price and the down payment. The rest is the loan, and the calculator works out principal and interest on it at the rate and term you pick. Then it adds what sits on top:

  • Property tax: a yearly amount or a percent of the price. In Michigan, plan with the bill after the sale: the year after a Michigan home sells, its taxable value resets to half of the assessor's market value, so the seller's tax bill is not your tax bill. Get the published rate for an address.
  • Homeowners insurance: a planning figure until you have an agent's quote.
  • HOA dues: the monthly amount, if the home has an association.
  • PMI: added on a conventional loan when the loan is more than 80% of the price, at the percent in the PMI field.

When you change the price, the down payment, tax and insurance keep the figure you typed, in dollars or as a percent, and the rest is worked out again.

Mortgage formula

M = P × r(1 + r)n ÷ ((1 + r)n − 1)

M is the monthly principal and interest, P the loan amount, r the monthly interest rate (the annual rate divided by 12) and n the number of monthly payments.

The calculator above works this out at the rate you pick, then adds tax, insurance, HOA dues and any PMI.

Payment terms

  • Principal and interest: The part of the payment that repays the loan and pays the interest on it. On a fixed-rate loan it stays the same every month.
  • Escrow: An account your servicer keeps for property tax and homeowners insurance. Part of each payment goes into it, and the servicer pays those bills from it.
  • Loan term: How many years the payments run. A shorter term has a higher payment and less total interest.
  • Annual percentage rate (APR): The interest rate plus certain charges, such as points and origination fees, expressed as a yearly rate so offers can be compared. The payment is worked out from the interest rate, not the APR.
  • Mortgage points: Prepaid interest to lower the rate; each point is 1% of the loan amount.
  • Amortization: Spreading the loan over its payments. Early payments are mostly interest, later ones mostly principal.

Common questions

If yours is not here, send Samantha your numbers from the calculator above.

What is included in my mortgage payment?

Principal and interest, plus the property tax and homeowners insurance most servicers collect through escrow, which together make PITI. A conventional loan with a smaller down payment usually adds PMI, and HOA dues, if the home has them, are usually paid to the association. The calculator shows each part on its own line.

The rate sets the principal and interest part of the payment, and the term sets how long you pay it. Pick a few rates in the calculator to see how far the payment moves. Your Loan Estimate is where the rate for a specific loan appears, and page 3 shows the total interest over the loan.

On a conventional loan, PMI usually applies when the loan is more than 80% of the home’s price or value, and the payment includes it until it comes off. FHA loans carry their own mortgage insurance whatever the down payment, and VA loans have no monthly mortgage insurance, with a one-time funding fee instead unless you are exempt. Change the down payment above to see what PMI adds.

Most servicers collect property tax through escrow, so the tax bill moves the payment. In Michigan the bill usually goes up the year after you buy, when the taxable value resets with the sale, so plan from what a new owner pays, not the seller’s bill. Our Michigan property tax calculator gives the published rate for an address.

A shorter term has a higher payment and much less total interest; a longer term has a lower payment and more interest over its life. Switch the term in the calculator to see the payment for each. If the shorter term’s payment stretches your budget, a longer term with extra principal when you can afford it is another way to pay it down sooner.

Not in this calculator, which shows the monthly payment. Our mortgage payoff calculator takes the balance, rate and payment from your statement and shows how much sooner extra payments, half payments every two weeks or a lump sum would pay the loan off.

This calculator includes principal and interest, property tax, homeowners insurance, HOA dues and PMI when the loan is more than 80% of the price. It leaves out lender fees and other closing costs, and its tax and insurance figures are planning numbers, not quotes. Your Loan Estimate is the document that shows a loan’s actual terms, and Samantha can go over one with you.

On Fannie Mae and Freddie Mac loans, the smallest credit score price adjustments start at 780, and pricing steps up at each lower tier. This calculator does not ask for a score: pick the rate from a quote or a Loan Estimate made for your file.

Enter the monthly dues in the HOA field and the calculator adds them to the payment. Dues are usually paid to the association rather than through escrow, but lenders still count them in the housing payment they use for your debt-to-income ratio.

On a conventional loan, PMI ends on its own when the balance is scheduled to reach 78% of the home’s original value, if your payments are current. You can ask your servicer to cancel it sooner, once the balance reaches 80% of the original value, with a good payment history. FHA loans follow their own rules. Our PMI removal calculator shows both dates from your own loan papers.

Loan options

Loans to look at next

Conventional Loan

Conventional loans follow Fannie Mae and Freddie Mac guidelines. With a smaller down payment, the payment includes PMI until it comes off.

About Conventional Loan

FHA Loan

FHA loans carry an upfront and an annual mortgage insurance premium, so an FHA payment includes mortgage insurance at any down payment.

About FHA Loan

VA Loan

VA loans have no monthly mortgage insurance. A one-time funding fee applies unless you are exempt.

About VA Loan

Jumbo Loan

Jumbo loans are for loan amounts above the conforming loan limit. The loan amount decides it, not the price.

About Jumbo Loan

What our clients say

5.0 on Google across 128 reviews

★★★★★
I highly recommend Align Lending to anyone looking for a mortgage broker in Southeast Michigan. The team was knowledgeable, responsive, and easy to work with.
Riley LennonAugust 2026
★★★★★
As a first-time homebuyer in Ferndale, I was unsure of some things. Samantha was awesome. She was extremely helpful and made sure I understood every part of the process.
Peter RosaAugust 2026
★★★★★
Want to shout out Samantha for the expert guidance, made my first-time homebuyer experience seamless! It exceeded expectations and was a stress free process throughout. Grateful for all your help and loving my new home in Bloomfield Hills!
MichaelJuly 2026
Read all reviews on Google

Individual experiences. Results vary.

An estimate is a start. A Loan Estimate is the real number.

Bring the price you are looking at and what you have saved. Samantha prices the loan with the wholesale lenders she works with and goes over the Loan Estimate with you, line by line.

Schedule a call with SamanthaCompare loan options
  1. 1

    Find a payment you are comfortable with

    Use the calculator with the price range you are looking at.

  2. 2

    Talk it through

    Samantha checks what a calculator cannot: your credit, your income and the property.

  3. 3

    Get a Loan Estimate

    The document that shows a specific loan's rate, payment and costs.

Start with your question

See every loan option

Other calculators

All calculators

Learn

Browse the Learn Center

Align Lending LLC, NMLS #2041154, is a mortgage broker. Samantha Shelton, NMLS 1647301. Equal Housing Opportunity. Licensed in Michigan, Ohio, North Carolina, Florida, Louisiana and Texas. Calculator results are estimates for illustration, based only on the figures you enter. They are not a credit decision, a preapproval, a commitment to lend, an offer of credit, or a rate quote.

Scroll to Top
Align Lending logo