How to read the result
Principal and interest is not the total monthly cost
A fixed-rate principal-and-interest payment is calculated from the loan amount, annual rate, and number of monthly payments. The calculator divides annual property tax and insurance by 12, then adds any mortgage insurance and HOA dues you enter.
Taxes, insurance, and HOA dues vary by property and can change over time. Optional fields stay at $0 until you enter an amount.
Why a lender document may show a different number
A formal lender estimate can include escrow adjustments, per-diem interest, quoted insurance, current tax bills, mortgage-insurance rules, and other charges. This page performs a standard fixed-rate amortization estimate.
The public market average is not a personal quote. Credit score, down payment, property type, loan size, points, fees, and lock period can all change lender pricing.
How 30-year and 15-year rates are used
Changing the term replaces the rate field with our 30-year or 15-year locked-loan average for the same source date. A 15-year loan has fewer payments, so its monthly payment is often higher even when its interest rate is lower.