On this page
Guess first: With 10% down on a $417,500 home at 7.32%, what is the full monthly payment with tax, insurance and PMI?
The answer: $3,409.
Source: Our calculation from Freddie Mac, NAR, ATTOM, NerdWallet and Experian figures, Oct 2026
What the mortgage calculator shows
The calculator above starts with this week’s average 30-year fixed rate from Freddie Mac, 7.32% as of Oct 22, 2026, and a home at the $417,500 median existing-home price NAR reported for September 2026. Change any box and the payment updates.
Your monthly payment has up to five parts:
- Principal and interest. The loan itself, spread over 360 payments on a 30-year loan.
- Property tax. We start at 0.90% of the home’s value per year, ATTOM’s national average effective rate for 2025.
- Homeowners insurance. We start at $2,490 a year, NerdWallet’s national average for $400,000 of dwelling coverage.
- PMI. Private mortgage insurance, usually required on a conventional loan with less than 20% down. We start at 0.98% of the loan per year, the midpoint of the 0.46% to 1.50% range Experian cites (our calculation).
- HOA dues. Zero by default. Add your own if the home has an association.
Freddie Mac’s survey rate assumes good to excellent credit and 20% down, so your own quote may be higher or lower. You can follow the weekly number on our mortgage rates today page.
Mortgage payment by loan amount
Here is principal and interest alone on a 30-year fixed loan at today’s average rate. Taxes, insurance and PMI come on top.
| Loan amount | Monthly principal and interest at 7.32% | Total interest over 30 years |
|---|---|---|
| $200,000 | $1,374 | $295,000 |
| $250,000 | $1,717 | $368,000 |
| $300,000 | $2,061 | $442,000 |
| $350,000 | $2,404 | $516,000 |
| $400,000 | $2,748 | $589,000 |
| $500,000 | $3,435 | $736,000 |
Source: our calculation at Freddie Mac’s PMMS average of 7.32% (Oct 22, 2026). Interest rounded to the nearest $1,000.
How much the rate matters
The rate moves the payment more than most people expect. Here is the same $334,000 loan (a $417,500 home with 20% down) at several rates.
| Rate | Monthly principal and interest |
|---|---|
| 6.0% | $2,002 |
| 6.5% | $2,111 |
| 7.0% | $2,222 |
| 7.5% | $2,335 |
| 8.0% | $2,451 |
Source: our calculation, 30-year fixed loan.
Early payments are mostly interest. Chase explains that the payment stays the same each month, but the split slowly shifts from interest to principal. On the $334,000 loan at 7.32%, the first year’s payments include about $24,340 of interest and only about $3,190 of principal (our calculation).
A shorter loan changes the math. At Freddie Mac’s 15-year average of 6.68%, the same loan costs about $2,943 a month, but total interest falls from about $492,000 to about $196,000 (our calculation).
- $200,000$1,374
- $250,000$1,717
- $300,000$2,061
- $350,000$2,404
- $400,000$2,748
- $500,000$3,435
Source: Our calculation at Freddie Mac's PMMS average (Oct 22, 2026)
Example: the median home with 10% down
Say you buy a home at the $417,500 national median and put down 10%, the median down payment for first-time buyers in NAR’s 2025 profile. That leaves a $375,750 loan at Freddie Mac’s 7.32% average.
| Monthly cost | Amount |
|---|---|
| Principal and interest | $2,581 |
| Property tax (0.90% of $417,500 a year) | $313 |
| Homeowners insurance ($2,490 a year) | $208 |
| PMI (0.98% of $375,750 a year) | $307 |
| Total | About $3,409 |
Source: our calculation using Freddie Mac (Oct 22, 2026), NAR, ATTOM, NerdWallet and Experian figures.
Two more numbers matter for the plan:
- Cash at closing. The down payment is $41,750. Chase says closing costs typically run 2% to 5% of the price, or about $8,350 to $20,875 here, so plan on roughly $50,100 to $62,625 in total (our calculation).
- When PMI ends. The CFPB says you can ask to cancel PMI when the balance is scheduled to reach 80% of the original value ($334,000 here), and it must end automatically at 78% ($325,650) if you are current. Extra principal payments get you there sooner.
With 20% down instead, the loan is $334,000, PMI drops off, and the payment is about $2,815 (our calculation). To see whether either payment fits your income, use our how much house can I afford guide.
What people actually report
- First-time buyers made up 21% of purchases in NAR’s 2025 profile, the lowest share since NAR began tracking in 1981.
- First-time buyers put down a median of 10%, repeat buyers 23%, and all buyers 19%, per NAR.
- 59% of first-time buyers used personal savings for the down payment, and 22% got a gift or loan from relatives or friends, per NAR.
- In September 2026, first-time buyers were 31% of existing-home sales and all-cash deals were 27%, per NAR’s monthly report.
Ways to lower your mortgage payment
- Raise the down payment. Reaching 20% on a conventional loan usually removes PMI, which was about $307 a month in our example.
- Shop several lenders. Freddie Mac’s figure is an average, and quotes vary with your credit and points.
- Check the tax and insurance assumptions. ATTOM’s state averages range from 0.33% in Hawaii to 1.84% in Illinois, and NerdWallet’s state insurance averages range from $900 a year in Hawaii to $7,255 in Oklahoma.
- Pay extra principal when you can. Chase’s example shows an extra $100 a month on a $200,000 loan at 5% could cut up to five years. Ask first whether your loan has a prepayment penalty, which the CFPB says usually applies only to paying off the whole loan early.
- Compare with renting. If the payment feels tight, run your numbers in our rent vs buy calculator, and keep an emergency fund for repairs after you move in.
The mortgage calculator gives an estimate, not a loan offer. Your Loan Estimate from a lender shows the real rate, fees and escrow amounts, and a home inspection can flag big repairs before you sign.
See how we research every number on our method page, browse more budgeting guides, or try all our calculators.
Before you trust a mortgage payment estimate
0 of 8 doneAll done. You are ready to get quotes with confidence.
Questions people ask
How do you calculate a mortgage payment?
Lenders use the standard amortization formula: M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly rate and n is the number of payments, as Chase explains. A 30-year loan has 360 payments. Taxes, insurance and PMI are then added on top.
Source: ChaseWhat is included in a monthly mortgage payment?
Principal and interest, plus usually property tax and homeowners insurance paid through an escrow account, and PMI if you put down less than 20%. The CFPB says many lenders require escrow for taxes and insurance, and the payment can change when those bills change.
Source: CFPB, ExperianWhat is the monthly payment on a $300,000 mortgage?
About $2,061 a month in principal and interest on a 30-year loan at Freddie Mac's 7.32% average (our calculation). Property tax, insurance and any PMI come on top, so the full payment is higher.
Source: Freddie Mac, our calculationWhat is the monthly payment on a $400,000 mortgage?
About $2,748 a month in principal and interest over 30 years at 7.32% (our calculation). Adding 0.90% property tax (ATTOM's national average) and $2,490 a year of insurance (NerdWallet) on a home of that size adds several hundred dollars more.
Source: Freddie Mac, ATTOM, NerdWallet, our calculationHow much is the mortgage on a median-priced home?
The median existing home sold for $417,500 in September 2026, per NAR. With 20% down at 7.32%, principal and interest are about $2,294 a month, or about $2,815 with tax and insurance (our calculation).
Source: NAR, Freddie Mac, our calculationHow much does PMI cost?
Experian, citing the Urban Institute, says PMI typically costs 0.46% to 1.50% of the loan per year. Its example: a $300,000 loan at 1% costs $3,000 a year, or $250 a month. Your credit score and down payment drive the rate.
Source: ExperianWhen does PMI go away?
You can ask your servicer in writing to cancel PMI once your balance is scheduled to reach 80% of the home's original value, per the CFPB. It must end automatically at 78%, or at the midpoint of the loan term, if you are current on payments.
Source: CFPBHow much should I put down on a house?
There is no single answer. First-time buyers put down a median of 10% and repeat buyers 23% in NAR's 2025 profile. Chase notes conventional loans can start at 3% down and FHA loans at 3.5%, but less than 20% down on a conventional loan usually adds PMI.
Source: NAR, ChaseHow much does the interest rate change my payment?
A lot. On a $334,000 loan over 30 years, principal and interest are about $2,111 a month at 6.5% and about $2,335 at 7.5% (our calculation). That gap repeats every month for the life of the loan.
Source: Our calculationIs a 15-year mortgage better than a 30-year?
It costs far less interest but has a higher payment. On $334,000, the 15-year payment is about $2,943 at Freddie Mac's 6.68% average, versus $2,294 on a 30-year loan, and total interest drops by about $296,000 (our calculation).
Source: Freddie Mac, our calculationDo extra principal payments really help?
Yes. Chase says extra payments toward principal shorten the loan and cut total interest. In its example, an extra $100 a month on a $200,000 loan at 5% could take up to five years off the term.
Source: ChaseIs there a penalty for paying off a mortgage early?
Some loans have one. The CFPB says a prepayment penalty usually applies if you pay off the whole balance, for example by selling or refinancing, within a set period, often three or five years. Small extra principal payments normally do not trigger it, but check with your lender.
Source: CFPBHow much are closing costs?
Typically 2% to 5% of the purchase price, per Chase. On a $417,500 home that is about $8,350 to $20,875 (our calculation), paid on top of the down payment.
Source: Chase, our calculationWhy did my mortgage payment go up if my rate is fixed?
Usually because of escrow. The CFPB explains that property taxes and insurance premiums can change from year to year, so the escrow part of your payment, and your total payment, changes with them. Principal and interest stay the same on a fixed-rate loan.
Source: CFPBWhat did you pay?
Real prices from people who paid for mortgage. Share yours in 20 seconds, with no name, and help the next person know what is fair. We check every report by hand before it appears.
Middle price by state
States with 3 or more checked reports.
No reports yet. Be the first to share what you paid.
Share what I paid
Sources
Every number above comes from these pages. We list the date each page showed when we checked it.
- Freddie Mac, Primary Mortgage Market Survey (PMMS)
- National Association of Realtors, Existing-Home Sales Increased 1.5% in September
- ATTOM, 2025 Property Tax Analysis
- NerdWallet, Average Homeowners Insurance Cost
- Experian, How Much Does Private Mortgage Insurance (PMI) Cost?
- CFPB, When can I remove private mortgage insurance (PMI) from my loan?
- CFPB, What is an escrow or impound account?
- CFPB, What is a prepayment penalty?
- Chase, Understanding amortized loans and how to calculate mortgage payments
- Chase, How Much House Can I Afford on a $60K Salary?
- NAR, 2025 Profile of Home Buyers and Sellers Reveals Market Extremes
Estimates are for general information only. Get written quotes from licensed local pros before you decide.
- Passed Level II of the CFA® Program
- Canadian Securities Course (CSC)
- Conduct and Practices Handbook (CPH)
Sepehr Parsa is a financial planner and the founder and editor of DollarMap. He has passed Level II of the CFA Program and completed the Canadian Securities Course (CSC) and the Conduct and Practices Handbook (CPH) course. He writes and edits our guides on cars, home repairs, budgeting, saving and investing, and checks that every number has a source.
“In a slowing economy, a budget is what keeps you afloat.”
