Free Tool
What will your monthly
payment actually be?
Most people guess. This calculator breaks it down to the dollar — principal, interest, taxes, insurance, and PMI — using today's live rates.
Before you calculate
What's actually inside your mortgage payment?
A mortgage payment isn't one thing — it's four (sometimes five). Understanding each part helps you make smarter decisions about down payment, loan term, and timing.
Example: $250,000 home · 10% down · 30-yr fixed at today's rates
Principal
The actual amount you borrowed.If you buy a $250,000 home and put 10% down, your principal is $225,000. Every payment chips away at this balance — slowly at first, faster later.
Interest
The cost of borrowing money.Lenders charge a percentage of your remaining loan balance each month. In the early years, most of your payment is interest. By year 20, most is principal. This is called amortization.
Property Tax
Annual tax on your home, paid monthly into escrow.In Louisiana, property taxes are among the lowest in the nation — typically 0.5–0.9% of home value per year. Your lender collects 1/12th each month and pays it on your behalf.
Homeowner's Insurance
Protects your home from damage or loss.Required by lenders. In Louisiana, expect $1,200–2,000/year depending on location and coverage. Your lender collects it monthly with your payment.
PMI
Private Mortgage Insurance — only if you put less than 20% down.PMI protects the lender (not you) if you default. It typically adds $50–200/month but disappears once you reach 20% equity. Down payment assistance programs can help you avoid it entirely.
The most important thing nobody tells first-time buyers
In year 1 of a 30-year mortgage, roughly 75–80% of your payment goes to interest, not your balance. By year 15, that flips. This is why buying sooner — even at a higher rate you can refinance later — often beats waiting. The equity you build in years 10–30 is where real wealth is created.
Your Numbers
Run your calculation
Pre-filled with today's live rate. Adjust any field.
›Advanced (taxes & insurance)
Est. Monthly Payment
$1,943
Includes P&I, tax, insurance, PMI
Principal & Interest
77% of payment
Property Tax
0.7% annually
Insurance
Est. homeowner's policy
PMI
Removed at 20% equity
Over 30 Years
Ready to make it real?
A pre-approval takes 24–48 hours and locks in your rate. Adreanne can connect you with trusted lenders who specialize in first-time buyers.