Mortgage Calculators
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How to use this calculator
This calculator provides a quick estimate to help you explore different home financing scenarios. Enter the values you know, such as home price, down payment, loan term, and estimated interest rate. Adjust the numbers to see how your monthly payment may change.
You can also include optional costs like property taxes, homeowners insurance, HOA dues, and additional monthly payments to get a more complete picture.
Use this tool to compare scenarios, not as a final quote.
Get a more accurate payment quote
Online calculators are helpful for planning, but small changes in interest rate, loan program, credit score, or property taxes can significantly impact your monthly payment.
We’re happy to provide a fast, personalized rate quote and help you compare loan options. There’s no obligation, and it only takes a few minutes to get clarity.
What's included in a mortgage payment
Your monthly mortgage payment may include:
- •Principal - The amount that reduces your loan balance
- •Interest - The cost of borrowing the money
- •Property Taxes - Often collected monthly and paid through escrow
- •Homeowners Insurance - Also typically escrowed
- •Private Mortgage Insurance (PMI) - Required for many loans with less than 20% down
- •HOA Fees - Home Owners Association, if applicable - HOA fees are typically required for condominiums
This calculator allows you to estimate all of these components so you can see your full projected monthly housing cost.
Need a more accurate payment estimate?
Get an accurate quote for your situation
Even small changes in interest rate can significantly impact your monthly payment and long-term cost.
Your actual rate depends on factors such as:
- •Credit score
- •Down payment
- •Loan type (Conventional, FHA, VA, etc.)
- •Loan term
- •Market conditions
If you're unsure what rate to use, we can quickly provide a realistic estimate based on your situation.
Disclaimer ~ How to Read the Results
The figures generated by this calculator are for informational and planning purposes only. They do not represent a loan offer, pre-approval, or commitment to lend, and should not be relied upon as a guarantee of any specific loan terms.
Your actual interest rate, monthly payment, closing costs, and total loan costs will depend on a number of individual factors, including your credit history, income, assets, debt obligations, property type and value, loan program, and current market conditions. Mortgage insurance, property taxes, and homeowners insurance, which vary by location and loan type, may also affect your monthly payment and are not reflected in all calculator outputs.
Thompson Kane & Company is a licensed direct mortgage banker. All loans are subject to credit approval and standard underwriting guidelines. Rates and program availability are subject to change without notice.
For a personalized, accurate mortgage quote based on your specific situation, connect with a Thompson Kane loan officer.
Disclaimer ~ How to Read the Results
The figures generated by this calculator are for informational and planning purposes only. They do not represent a loan offer, pre-approval, or commitment to lend, and should not be relied upon as a guarantee of any specific loan terms.
Your actual interest rate, monthly payment, closing costs, and total loan costs will depend on a number of individual factors, including your credit history, income, assets, debt obligations, property type and value, loan program, and current market conditions. Mortgage insurance, property taxes, and homeowners insurance, which vary by location and loan type, may also affect your monthly payment and are not reflected in all calculator outputs.
Thompson Kane & Company is a licensed direct mortgage banker. All loans are subject to credit approval and standard underwriting guidelines. Rates and program availability are subject to change without notice.
For a personalized, accurate mortgage quote based on your specific situation, connect with a Thompson Kane loan officer.
How accurate is this mortgage calculator?
Pretty accurate as a starting point, but it's still an estimate. The numbers shift based on your actual interest rate, credit score, loan program, and local tax rates, none of which a calculator can know for certain. Think of it as a planning tool, not a quote. When you're ready for a real number, a Thompson Kane loan officer can put together a personalized rate quote.
How much do I need for a down payment?
Less than you might think. While 20% down gets you the best rates and eliminates private mortgage insurance, many buyers put down far less. Conventional loans can go as low as 3%, and if you qualify for a VA loan, you may not need a down payment at all. The right amount depends on your savings and which loan program fits your situation.
Should I include HOA fees in my calculation?
If you're buying a condo, townhome, or a home in a planned community, yes. HOA fees are a real monthly cost and worth including so your estimate reflects what you'd actually pay each month. If you're buying a single-family home with no homeowners association, you can leave that field blank. Not sure whether a property has HOA fees? Your real estate agent or the listing details will have that information
What is PMI and when do I need it?
PMI, or private mortgage insurance, is typically required on conventional loans when your down payment is less than 20%. It protects the lender, but it's a cost you pay. The good news: once you've built enough equity in your home, you can usually request to have it removed. FHA loans have their own version of mortgage insurance, which works a bit differently and may last longer depending on your loan terms
What's the difference between a 15-year and 30-year mortgage?
A 30-year mortgage spreads your payments out, keeping your monthly cost lower, but you'll pay significantly more in interest over time. A 15-year mortgage costs more each month but builds equity faster and saves a lot in interest over the life of the loan. Neither is the right answer for everyone. It comes down to your budget and how long you plan to keep the home.
What loan type is right for me?
It depends on your situation. That's not a dodge; it's genuinely true. Conventional loans are a strong fit for buyers with solid credit and some savings. FHA loans offer more flexibility for first-time buyers or those with lower credit scores. VA loans are an outstanding option for eligible veterans and active-duty service members, often with no down payment required. A Thompson Kane loan officer can walk you through what you qualify for and what makes the most sense for your goals.
Frequently asked questions
Frequently asked questions
How accurate is this mortgage calculator?
Pretty accurate as a starting point, but it's still an estimate. The numbers shift based on your actual interest rate, credit score, loan program, and local tax rates, none of which a calculator can know for certain. Think of it as a planning tool, not a quote. When you're ready for a real number, a Thompson Kane loan officer can put together a personalized rate quote.
How much do I need for a down payment?
Less than you might think. While 20% down gets you the best rates and eliminates private mortgage insurance, many buyers put down far less. Conventional loans can go as low as 3%, and if you qualify for a VA loan, you may not need a down payment at all. The right amount depends on your savings and which loan program fits your situation.
Should I include HOA fees in my calculation?
If you're buying a condo, townhome, or a home in a planned community, yes. HOA fees are a real monthly cost and worth including so your estimate reflects what you'd actually pay each month. If you're buying a single-family home with no homeowners association, you can leave that field blank. Not sure whether a property has HOA fees? Your real estate agent or the listing details will have that information.
What is PMI and when do I need it?
PMI, or private mortgage insurance, is typically required on conventional loans when your down payment is less than 20%. It protects the lender, but it's a cost you pay. The good news: once you've built enough equity in your home, you can usually request to have it removed. FHA loans have their own version of mortgage insurance, which works a bit differently and may last longer depending on your loan terms.
What's the difference between a 15-year and 30-year mortgage?
A 30-year mortgage spreads your payments out, keeping your monthly cost lower, but you'll pay significantly more in interest over time. A 15-year mortgage costs more each month but builds equity faster and saves a lot in interest over the life of the loan. Neither is the right answer for everyone. It comes down to your budget and how long you plan to keep the home.
What loan type is right for me?
It depends on your situation. That's not a dodge; it's genuinely true. Conventional loans are a strong fit for buyers with solid credit and some savings. FHA loans offer more flexibility for first-time buyers or those with lower credit scores. VA loans are an outstanding option for eligible veterans and active-duty service members, often with no down payment required. A Thompson Kane loan officer can walk you through what you qualify for and what makes the most sense for your goals.
Ready to start your journey to home ownership?
©2026 Thompson Kane & Co., Inc. | NMLS# 898428
8040 Excelsior Dr, Suite 100, Madison, WI 53717
Ready to start your journey to home ownership?
©2026 Thompson Kane & Co., Inc. • NMLS# 898428
8040 EXCELSIOR DR, Suite 100, Madison, WI 53717
Ready to start your journey to home ownership?
©2026 Thompson Kane & Co., Inc
NMLS# 898428
8040 Excelsior Dr, Suite 100
Madison, WI 53717