Lumin Lending
Randy Mathis
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What will this home really cost me each month?

Price, down payment, and the rate you've been quoted — three inputs and you'll see the whole payment, including the parts listing sites leave out.

$
%

$0 down

%

Estimated Monthly Payment

$0

Loan amount: $0

Note Rate

0.000%

APR

0.000%

Principal & Interest

$0

Property Tax

$0

Insurance

$0

PMI

$0

Total interest over 30 years: $0

For illustrative purposes only. Not a commitment to lend. Actual rates, payments, and costs may vary.

The short answer: more than the principal-and-interest number most listing sites show. Your real monthly cost adds property taxes, homeowners insurance, and — under 20% down — PMI. This calculator stacks all four so the number you budget against is the number you'll actually pay.

How does my down payment change the picture?

A bigger down payment shrinks the loan (lowering principal and interest) and, at 20% or more on a conventional loan, removes PMI entirely. Slide the down-payment control and watch both effects at once — the calculator flags when PMI applies.

Why does the calculator show APR next to the payment?

Because two loans with the same payment can cost different amounts once fees are counted. Add your estimated closing costs in the fine-tune section and the APR updates — that's the number to use when comparing offers.

Illustrative example — not an offer or a rate/APR quote

A buyer looks at a $600,000 home with $60,000 down. The loan amount is $540,000, and because the down payment is 10% — under the 20% threshold — an estimated PMI line is added to the payment.

With $120,000 down instead, the loan drops to $480,000 and PMI disappears entirely. What each path costs per month depends on the rate the buyer is actually quoted — enter yours above and the calculator shows the payment with its APR alongside. Down payment figures here are arithmetic illustrations, not required or available loan terms.

Frequently Asked Questions

What makes up a monthly mortgage payment?
Four pieces: principal and interest on the loan, property taxes, homeowners insurance, and — when the down payment is under 20% — private mortgage insurance (PMI). Many first-time buyers budget only for principal and interest and get surprised by the rest, so this calculator breaks out all four.
What rate should I enter?
The rate you have actually been quoted for your scenario. The calculator never assumes a rate, because your real rate depends on credit score, down payment, property type, and loan program.
What is the difference between the note rate and APR?
The note rate is what your payment is calculated from. APR folds your closing costs into the cost of the loan over its term, so it's the better number for comparing two loan offers. The calculator shows both, side by side.
How does PMI work and when does it go away?
PMI applies on conventional loans with less than 20% down and typically drops once you reach about 20% equity through payments or appreciation. The calculator adds an estimated PMI line automatically when the down payment is under 20% so you can see its effect on the payment.
Does paying extra each month really make a difference?
Yes — extra principal shortens the loan and cuts total interest. Open the calculator's fine-tune section, add an extra monthly amount, and it shows the time saved and interest saved in dollars.

Calculator results are estimates based only on the numbers you enter and are for educational purposes. Enter the rate you have been quoted — this tool never assumes or suggests a rate. Subject to credit approval. Your home is used as collateral and may be at risk if you do not repay. APR, terms, and repayment structure vary by product.

Rates and program availability may vary based on the state or region in which the financed property is located. This is not a credit decision, an offer, or a commitment to lend. Program restrictions apply.

Randy Mathis | NMLS# 1516760 | Lumin Lending Inc. NMLS# 2716106 | Equal Housing Lender | License information