United States
US mortgage calculator
Your monthly payment — principal & interest, property tax, and insurance — using the live US national average rate.
Loan details
Understanding your numbers before you sign.
A mortgage is likely the largest financial commitment of your life. The Mortgage Ledger was built so you can explore what that commitment actually looks like — payment by payment, line by line — before you're sitting across from a lender.
Rates sourced from FRED (Federal Reserve Bank of St. Louis). Estimates only — not a loan offer.
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In the US your monthly mortgage payment is really four things at once — principal, interest, property tax, and homeowners insurance — plus PMI if you put down less than 20%. Lenders call the bundle PITI. This calculator builds it from a live national rate and your state's real tax and insurance costs, so the figure reflects what you'd actually pay.
How this calculator works
Principal and interest come from the standard amortization formula: one fixed monthly payment that pays the loan to zero over the term. Early on almost all of it is interest; the principal share grows every month.
Property tax and insurance are added on top of principal and interest, never blended into the rate. Property tax is your state's effective rate applied to the home's value over 12 months; insurance uses state-average premiums.
If your down payment is under 20%, lenders require private mortgage insurance (PMI) until you reach 20% equity. It's a monthly add-on, not part of the rate — the main reason 20% down is a common target.
A worked example
A median-priced California home at a 6.5% example rate, 20% down over 30 years:
- Home price (CA median)
- $765,000
- Down payment (20%)
- $153,000
- Loan amount
- $612,000
- Principal & interest @ 6.5%
- $3,868/mo
- Property tax (0.75%)
- $478/mo
- Home insurance (state avg)
- $133/mo
- Full monthly payment (PITI)
- $4,480/mo
At 20% down there's no PMI. Put less down and PMI is added until you reach 20% equity. Property tax and insurance vary by state — the calculator uses your chosen state's figures.
Who it's for
- You want a realistic monthly payment before you start shopping.
- You need to see how much property tax and insurance add on top of principal and interest.
- You're weighing a smaller down payment and want to see the PMI cost.
Frequently asked questions
What's included in a US mortgage payment?
Principal, interest, property tax, and homeowners insurance — the four parts lenders call PITI. With less than 20% down, add PMI. This calculator shows each part separately using your state's real tax and insurance figures.
When do I have to pay PMI?
When your down payment is under 20% (a loan-to-value above 80%). PMI is a monthly add-on that ends once you reach 20% equity; put 20% down and you skip it entirely.
How is property tax worked out?
It's your state's average effective property tax rate applied to the home's value, divided by 12. Rates range from under 0.5% to over 2%, so it's a real factor in what you can afford.
Do the rates update?
Yes — the calculator uses the current US national average mortgage rate, so the payment reflects today's market. You can override it with a rate you've been quoted.