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As mortgage rates remain high, the pullback in home prices has not been enough to entice buyers. “The typical mortgage is up 77% year over year…That is a huge sticker shock for people going out and considering buying a home,” Jeff Tucker, senior economist at Zillow, told Yahoo Finance Live. “So it is keeping a lot of folks on the sidelines at the moment.”

According to, the median listing price in November 2022 is lower than June’s high of $449,000, but still 11% higher than 2021. Meanwhile, Freddie Mac reports mortgage rates have jumped almost 2 points since June, rising from 5.09% to 7.08% in November

The average monthly mortgage payment for a median-priced home now exceeds $2,150, more than double where it was at the beginning of the year. When a household earns $72,000 a month, that represents 40.6% of their income. “At the end of the day, this is being driven by affordability,” Tucker said. “There are a lot of interested buyers on the sidelines, but the combination of higher prices and higher mortgage rates is making that mortgage payment unaffordable for many people.”

However, by combining home price, current mortgage rates, and loan type, Due’s mortgage calculator estimates monthly payments. This will give you an idea of how much house you can afford by simply inputting your information

Mortgage Calculator

1 Add Your Info
$ 0
$ 3,000,000
$ 0
$ 1,000,000

We use an average daily interest rate, but feel free to adjust if you have a pre-approved interest rate.


In order to get the most accurate estimate, select the credit score that best represents your credit history.


Not sure which loan type to choose? Go with a 30 Year Fixed Rate Loan, 90%+ of Americans do.

We use an average daily interest rate, but feel free to adjust if you have a pre-approved interest rate.

2 Estimated Monthly Payment

$ ---,---

Principal & Interest

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Private Mortgage Insurance

$ ---,---

Homeowner's Insurance

$ ---,---

Property Tax

$ ---,---

HOA / Condo Fees

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Thank you for your service!
0% downpayment and $0 PMI applied.
3 What's today's rate?
Latest Rate,
January 11 was

Mortgage Calculator Guide

With our mortgage calculator, home buyers can see how different inputs, such as down payment size, interest rate, credit score, and purchase price, affect the mortgage rate. Why is this important? Because this can help you determine how much real estate you’re comfortable affording based on your total payment

Getting quotes from multiple lenders is important when looking for a new home because mortgage rates change every day and vary from lender to lender. As such, we recommend comparing mortgage lenders from trusted resources like NerdWallet, Bankrate, Forbes, and CNBC.

Be sure to get pre-approved before you begin searching for a home, so you will be able to move quickly once you find one. After your down payment is deducted from the house price, you will have your starting mortgage balance

How to calculate your mortgage payments.

Using Due’s Mortgage Calculator, you can quickly and easily figure out mortgage payments. To begin, enter the price of your home (if you are buying) or the value of your home (if you are refinancing).

You will need to enter the amount of your down payment (if you are buying) or your equity (if you are refinancing). Buying a home requires a down payment. On the other hand, home equity is the difference between the value of the home and what you owe on it. If you are putting down a percentage, you can enter either a dollar amount.

Then select “Length of loan.” Our calculator adjusts the repayment schedule according to your chosen term — usually 30 years, but sometimes 20, 15, or 10 years. Last, but not least, enter the interest rate you expect to pay in the “Interest rate” box. There is a default average rate on our calculator, but you can adjust the percentage if you wish. It depends on whether you’re buying or refinancing that determines your rate. You will see a new principal and interest amount as soon as you enter these figures.

In addition to property taxes and homeowners insurance, Due’s calculator estimates homeowners association fees as well. If you’re exploring your loan options, you can edit these amounts, or even ignore them – they may be rolled into your escrow payment, but they do not affect your principal and interest

Typical costs included in a mortgage payment.

The principal and interest are the two major components of your mortgage payment. Borrowing money is called principal, and paying back the loan is called interest.

As part of your monthly payments, your lender (or servicer) might also collect an extra amount for escrow, which is paid directly to your local property tax collector and your insurance company:

Formula to calculate your monthly mortgage payments.

If you’re a math whiz, you can do it yourself using this formula:

M = P*[(i/12*(1+i/12)n)]/[(1+i/12)n-1]

If you want to know how much house you can afford, you can use this formula to crunch the numbers. By using our Mortgage Calculator, you can determine if you are putting down enough money or if you need to adjust your loan term or not. For the best rate, though, you should always compare several lenders

How a mortgage calculator can help.

It’s important to figure out your monthly house payment when you’re setting your housing budget – it’s probably the biggest recurring expense you’ll have. You can estimate your mortgage payment using Due’s Mortgage Calculator when shopping for a loan or refinancing. Changing the values in the calculator will let you examine various scenarios.

Here are some examples of what you can do with the calculator:

What Factors Affect Your Mortgage Payments?

Down payment.

A 20% down payment prevents you from having to pay private mortgage insurance (PMI). More equity also gives you more financing options down the road. Nevertheless, a down payment as low as 3% can secure home financing, and the average is about 6%
Generally, the bigger the down payment, the lower the rate
Our calculator allows you to enter the percentage or dollar amount of the upfront payment

Interest rate.

A mortgage’s interest rate is calculated monthly and is included in the annual percentage rate, or APR, as are the fees you owe to the bank. In response to the Coronavirus pandemic, the Federal State Reserve lowered interest rates in 2020, keeping them at historic lows
Based on the information you enter, our mortgage calculator automatically generates an average mortgage rate, but you can override it to see how rate changes may affect your costs

Zip code.

Mortgage rates are affected by your location

Loan type.

There are many types of mortgages. But most people opt for 30-year conventional or fixed-rate loans. Others choose 15-year loans to pay off debt faster or adjustable-rate mortgage loans to save money. You’ll need a jumbo loan if your mortgage is larger than $647,200 for a single-family home in most parts of the country

Loan amount.

Generally, jumbo loans (over $3 million) and small loans (under $150,000) have higher interest rates. A “Low Balance” conforming loan is defined as one with an outstanding balance under $548,250, while a “High Balance” conforming loan is defined as one with an outstanding balance between $548,250 and $822,375

Credit score.

The range of credit scores is Fair (580-669), Good (670-739), Very Good (740-799), and Excellent (800 and above). Poor credit scores are those below 580

Property use.

There are higher rates on investment properties than on owner-occupied properties

Rate lock period.

The interest rate can be “locked-in” or guaranteed for 15, 30, 45, or 60 days prior to escrow closing. The higher the rate, the longer the lock period. Although most escrows require longer lock periods, lenders often quote rates for a 15-day lock period

Fixed period/Loan maturity.

A rate increases as it stays fixed for a longer period of time. There is usually a lower rate on a 7/1 ARM (fixed for seven years) than on a 15-year fixed-rate loan, and a lower rate on a 15-year fixed-rate loan than on a 30-year fixed-rate loan

How to Lower Your Monthly Mortgage Payment

Are you having trouble paying your mortgage? You may need to reduce your monthly mortgage payments for many reasons. It could be that you overreached when you bought your home, you have other major financial goals, or your financial situation has deteriorated
In any case, here are some ways to lower your payments and save money

Eliminate PMI.

PMI, or private mortgage insurance, protects lenders from defaults on mortgages. To avoid PMI on a conventional loan, the down payment must be more than 20% of the home’s value. FYI, government-backed loans, like VA or FHA, are exempt
When you reach 20% equity in your house, you can cancel PMI with your lending institution. If you want to get there faster, you can make extra payments regularly or a lump-sum payment. Also, you could reappraise or remodel your house to reduce PMI


If you refinance your mortgage, you will replace your existing mortgage with a new one from your current lender or a different one. In addition to a better interest rate, this loan may have new terms that are better suited to your financial situation
By refinancing, you can lower your monthly payments in two ways. In the first place, you can take advantage of lower interest rates right now, since they’re at all-time lows. Secondly, you can extend the loan term, which stretches out your payments, but at the risk of getting stuck with a bigger debt

Buy mortgage points.

Due to the fact that mortgage points can only be purchased before taking on a home loan, they could be an effective way to lower potentially high mortgage payments. A mortgage point is a payment you make to the lender to lower your interest rate, resulting in a lower monthly mortgage payment
Even if you don’t plan on keeping the property for a long time, buying points may be worth considering

Buy and sell a home at a more affordable price.

There’s a chance refinancing won’t be enough to lower your mortgage payment. So, if you’re drowning in mortgage debt, sell your home and buy something more affordable
This option should only be used in a worst-case scenario where you would default on your loan if you couldn’t make payments. After all, selling your current house, buying another one, and then moving to a new place will take time, money, and energy

Find out how much house you can afford.

Be sure to know your budget limits before you talk to a lender. By doing so, you’ll stay realistic and avoid a risky purchase — even if it’s your dream home
The amount of the down payment, your state, your credit score, and the type of home loan you prefer will help you figure out how much house you can afford
In addition, you will need to indicate either your desired monthly payment amount or your gross monthly income as well as your debts each month. These two factors play a large role in determining whether you’ll qualify to borrow money in the first place by determining your debt-to-income ratio
The 28/36 rule is used by most lenders to determine affordability, which says you can’t spend more than 28% of your income on housing and 36% on debt. You can figure it out by multiplying your monthly income by 28 or 36 and dividing it by 100
As an example, if you earn $4,500 per month, you should not spend more than $1,260 each month on housing expenses. To calculate this, use x = (a × 28) ÷ 100, where a represents your monthly income (1,260 = [4,500 × 28] ÷ 100)

FAQs About Mortgage Calculators

1. What is a mortgage?

Mortgages are loans that lenders extend to home buyers as a way of financing the purchase of a home. A mortgage payment consists of the following components:

In exchange for the borrowed funds, the purchased house serves as collateral

2. What types of mortgages are there?

Mortgages come in a variety of forms:

3. How much can I afford for a mortgage?

Buying a home is largely determined by your household income, your monthly debts (credit cards, student loans), as well as your savings. Affordability is also influenced by your debt-to-income ratio (DTI). It will be harder for you to obtain a mortgage if you have a high DTI

4. How much is a good down payment on a house?

You don’t want to break the bank or dip too deep into your savings to make a good down payment. In order to get a home without paying private mortgage insurance, a 20% down payment is needed

5. What are the upfront costs of buying a home?

When you buy a home, you do more than pay a mortgage. There may be some upfront costs associated with closings, moving expenses, and home inspections. If you have any questions about the associated fees, your Home Lending Advisor can assist you

6. Will you lose your home if don’t make payments?

Missing your regular monthly mortgage payments can lead to the loss of your home. You are technically in default even if you miss one payment. You will typically have a 15-day grace period to make up for any missed payments if this happens
A Notice of Default will be filed with the county recorder once the lender chooses to note the mortgage as being in default. After three months of not receiving the missed payment, the lender may begin the foreclosure process if the lender does not receive a response from you.
An action is filed against the lender, and notice is given that the lender intends to sell the property. If a borrower fails to make a payment for six months, the lender can notify you that you are responsible for vacating the property and will sell the home

7. How to pay off my mortgage faster?

Increasing your principal payments or making them more frequently will help you pay off your mortgage faster. You could, for instance, make biweekly payments or an extra lump sum payment each year
In exchange for a quicker-paying home loan, you can refinance to a shorter-term mortgage
It should be noted, however, that some lenders charge penalties for early repayment of mortgages That’s why you should check before making a larger payment

8. What can I do to lower my mortgage payment?

The monthly payments will be lower if you buy a home that is less expensive. You can also reduce your loan amount by putting more money down upfront. The final benefit of extending your loan term is a reduction in your monthly payment (despite paying more interest over 30 years than over 15 years)
When you’re not in a rush, increase your credit score to get a better rate and a lower monthly payment

9. How much should my down payment be?

Most lenders require at least 3% of the purchase price as a down payment. To avoid private mortgage insurance (PMI), which covers the lender rather than. Borrowers usually need to put 20% down to avoid paying private mortgage insurance premiums, which protect lenders rather than homeowners
An average homeowner pays between 3% and 7% down

10. What’s the best loan term for my mortgage?

The most popular mortgage term is 30 years. In fact, almost 90% of purchase mortgages are fixed-rate loans. What’s more, it typically has lower monthly payments than a 15-year mortgage. In other words, a 30-year mortgage allows you to buy a more expensive home than a 15-year mortgage
However, 15-year mortgages typically have lower interest rates than 30-year mortgages. Additionally, a 15-year loan is paid off twice as fast, which makes it easy for cost-conscious homebuyers to choose a short loan. You should also consider whether you could have invested the difference you saved by taking a longer-term loan

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