Free Tool

Estimate Your Payment
Before You Fall in Love with a House

Plug in your numbers and get a real payment estimate in seconds. No email required. No sales pitch attached.

Principal + Interest Property Taxes Homeowners Insurance PMI Estimate Amortization Schedule

A mortgage calculator estimates your monthly payment based on home price, down payment, loan term, and interest rate. Most Michigan homebuyers should also factor in property taxes, homeowners insurance, and PMI if putting less than 20% down. This calculator includes all of those. Use it as a starting point, then talk to a loan officer to see what you actually qualify for.

Mortgage Payment Calculator

Adjust the inputs to match your home price, down payment, and rate. Estimates update instantly.

Payment Estimator

Estimates are for illustration purposes only and subject to change based on your specific loan details.

Mortgage Calculator
Today's Mortgage Rates
Estimate only. Results do not represent a loan offer or guarantee of approval. Actual payments depend on your credit profile, final loan terms, property taxes, and insurance costs. Rates change daily. Contact Kirby or Angie for a personalized quote.

How to Use This Calculator

Four inputs. Thirty seconds. A number you can actually work with.

1

Enter the Home Price

Use the asking price or the price range you're shopping. Adjust anytime to compare scenarios.

2

Set Your Down Payment

Enter a dollar amount or percentage. FHA is 3.5% minimum. Conventional starts at 3%. VA and USDA can be zero down if you qualify.

3

Choose Your Loan Term

Most buyers choose 30 years. A 15-year loan builds equity faster but carries a higher monthly payment.

4

Enter an Interest Rate

Not sure what to use? Check our Today's Rates page for current Michigan mortgage rates. Your actual rate depends on credit and loan type.

What's Actually in Your Monthly Payment?

Most people budget for principal and interest. Lenders look at the whole picture.

🏛️

Principal

The portion of each payment that reduces your actual loan balance. Grows over time as your loan amortizes.

📈

Interest

The cost of borrowing. Higher in early years, lower later. Locks in at closing on a fixed-rate loan.

🏛️

Property Taxes

Collected monthly and held in escrow. In Michigan, rates vary significantly by county and township.

🏠

Homeowners Insurance

Required by all lenders. Covers fire, theft, and liability. Also collected monthly into escrow.

🔒

PMI

Required on conventional loans with less than 20% down. Typically 0.5% to 1.5% of the loan annually. Drops off once you hit 20% equity.

🌊

Flood / Special Insurance

Required in flood zones. In Northern Michigan lake country, this comes up more than people expect. We flag it early.

A Note for Northern Michigan Buyers

Your numbers will look different up here -- and that's okay.

In Northern Michigan, property taxes vary a lot depending on whether you're buying in a township versus a city, whether the property has been uncapped recently, and whether it's classified as homestead or non-homestead. A house in Traverse City proper carries different taxes than a similar property five miles out in Garfield Township.

Manufactured homes, seasonal properties, properties on private roads, and homes with well and septic can all affect your loan options, your rate, and your payment. These aren't disqualifiers. They're just things we need to know upfront so we match you with the right loan product.

Use this calculator to ballpark your payment. Then call or text us and we'll run the actual numbers based on the specific property and your real credit profile. That's the number worth budgeting around.

Ready to Go from Estimate to Approval?

Kirby and Angie are licensed in Michigan, Ohio, and Indiana. Get a real pre-approval letter, not just a number from a calculator.

Schedule a Free Consultation Start Your Quick Pre-Qual Check Today's Rates

Mortgage Calculator -- Common Questions

A mortgage calculator is a useful ballpark tool, not a quote. It can get you close on principal and interest if you enter a real rate. Property taxes and insurance vary by location and property. Think of the result as within 10-20% of your actual payment. A loan officer can get you much closer once they know the specific property.
Start with a current average rate from our Today's Rates page, then run a second scenario a half-point higher. That range tells you how sensitive your budget is to rate changes. Your actual rate depends on your credit score, loan type, down payment, and property type.
Yes. This calculator includes estimated taxes, insurance, and PMI so your total monthly payment estimate is more complete than just principal and interest. You can adjust or zero out any of those fields to see how they affect your number.
A common guideline is to keep your total monthly housing payment below 28-31% of your gross monthly income. But lenders qualify you based on your total debt-to-income ratio, which includes all monthly debt payments. A free consultation with Kirby or Angie is the fastest way to get a real answer based on your actual income and debt picture.
A 15-year loan typically carries a lower interest rate but a significantly higher monthly payment than a 30-year. On a $300,000 loan, the difference can be $500-$800 per month. The 15-year saves you substantially in total interest over the life of the loan. Run both scenarios in the calculator above to see what fits your budget.
On conventional loans, PMI is removed once your loan-to-value ratio reaches 80%. You can request removal when you hit 20% equity, or it automatically cancels at 78% LTV based on original value. FHA mortgage insurance works differently depending on when you closed and your down payment amount.
Yes, in certain situations. VA loans allow 100% financing for eligible veterans and active military. USDA Rural Development loans offer zero down for properties in eligible rural Michigan areas -- which includes most of Northern Michigan. MSHDA down payment assistance programs may also help reduce or eliminate your down payment requirement.
An amortization schedule shows exactly how each monthly payment is split between principal and interest over the life of your loan. Early on, most of your payment goes to interest. Over time more goes to principal. Seeing this breakdown helps you understand equity buildup and why even one extra principal payment per year can meaningfully shorten your loan.

Already Own a Home? Run a Refi Estimate.

Refinance math is different from purchase math. Use our dedicated tool to see if the numbers make sense for you.

Kirby and Angie Mortgage Loan Team | Union Home Mortgage | NMLS #2229229 | Angie Anderson NMLS #1999286 | Kirby Slocum NMLS #680817 | Licensed in Michigan, Ohio, and Indiana. Equal Housing Lender. All calculations are estimates for illustrative purposes only and do not constitute a loan commitment or guarantee of credit approval. Actual loan terms, rates, payments, and eligibility are subject to credit approval, underwriting, and may vary based on individual circumstances. Rates and programs subject to change without notice.