Tools · mortgage
What does the house really cost?
The loan payment comes out of what is left after tax, so the real question is how much you have to earn to make it. This one works that out for your state. It also uses your state's own property tax rate, which changes the answer more than most people expect.
The amortization here is the same as anywhere; what differs is what sits around it. Property tax applies each state's own effective rate — tax paid over market value, from Census ACS five-year estimates — rather than one national figure, and the tool also computes the extra wages needed to fund the entered costs through federal, FICA and state tax. Insurance and upkeep are editable starting estimates. The PMI schedule models a conventional primary-home loan under the general Homeowners Protection Act rules, subject to the conditions stated below.
Monthly housing cost $2,992. Additional pay before tax $60,749 per year.
The monthly cost of keeping this houseInitial monthly housing cash requirement
$2,992 a month
The loan payment is only part of it.Loan service, property tax and the recurring costs entered above.
- Loan paymentPrincipal and interest
- $2,265 / month
- Extra gross pay neededAdditional gross earnings required
- $60,749 / year
That pay figure uses the tax on extra earnings above your entered salary. It is not the salary needed to qualify for a loan.The gross-up is additional wages above the entered baseline, under federal, FICA and state income tax. It is not a minimum qualifying salary, a debt-to-income test or a lender decision. Local income tax and itemized deductions are excluded.
Where the monthly money goesMonthly cash breakdown
| Principal and interest | $2,265 |
|---|---|
| Property taxCalifornia effective rate: 0.7% | $256 |
| Home insurance | $206 |
| Maintenance and repairs | $265 |
| HOA fees | $0 |
| Private mortgage insuranceNot included at this down payment | $0 |
| Monthly total | $2,992 |
Property tax uses a state average, not your address's bill. Upkeep is a budget allowance, not part of the payment to your lender. Rounded dollar rows may not add exactly. Utilities, closing costs and renovations are not included.The ACS effective property-tax rate is a state estimate, not parcel-level liability. Costs are rounded to monthly cents before summation; displayed whole dollars may not sum exactly. Maintenance is a cash reserve. Utilities, transaction costs, renovations and tax deductions are excluded.
- Down payment
- $88,120
- Interest over the loan
- $462,967
When mortgage insurance can endScheduled borrower-paid PMI milestones
This loan starts at or below the PMI cutoff, so the model adds no private mortgage insurance.Original loan-to-value does not exceed the engine's PMI threshold; the modeled borrower-paid premium is zero. 80% loan-to-value.
This models a fixed-rate conventional loan on a primary home with borrower-paid PMI. FHA insurance, lender-paid insurance and special high-risk rules are outside this model.Scope: fixed-rate conventional principal-residence loans with borrower-paid PMI under the general HPA schedule. FHA MIP, lender-paid PMI, high-risk exceptions, investment properties and second homes are excluded. CFPB cancellation rules.
What you need to budget beyond the loan paymentTurning a mortgage estimate into a housing budget
A home has bills beyond the mortgageSeparate loan servicing from ownership spending
Principal and interest cover the loan. Property tax, insurance and any mortgage insurance add to the monthly cost. The lender may collect some of those bills with your payment. Homeowners association dues may be paid separately.
This tool also includes the upkeep amount you enter. That is money set aside for repairs and maintenance. It can belong in your housing budget even though it never appears on the lender's bill. Check which total you are comparing with a loan quote.
Principal and interest describe the loan payment. Total housing cash flow can also include property taxes, homeowners insurance, mortgage insurance and association dues. Escrow arrangements affect which amounts the lender collects, while association fees may be paid separately.
The calculator includes an upkeep allowance in its ownership total. This is a budget provision for maintenance rather than part of scheduled debt service. Reconcile the principal-and-interest line with a lender quote before comparing broader totals.
Replace the starting estimates with figures for the homeCheck the assumptions that are specific to the property
Use the loan rate you have been quoted, then enter insurance, upkeep and association dues for the home you are considering. The starting figures give you a place to begin. They do not describe every house or every borrower.
The property-tax estimate uses a state rate applied to the purchase price. An actual bill depends on local rules and the property's assessment. Check local records and ask how a sale could affect the bill. Repairs are uneven too; a monthly allowance cannot predict when the roof will need replacing.
Replace the default interest rate and editable expense allowances with property-specific estimates. The initial values are planning assumptions, not a financing or insurance offer. Compare loan terms consistently when changing the down payment or repayment period.
Property tax is estimated from a state effective rate and the purchase price. Local assessment practices, exemptions and changes after a sale can produce a different bill. The upkeep allowance smooths spending for budgeting; actual repair timing and amounts remain uncertain.
Keep move-in cash separate from monthly costsDistinguish cash to close from recurring affordability
A down payment lowers the loan, but you still need that cash at closing. Closing costs, moving and early repairs can require more. Keep a separate list so the monthly result does not hide the money needed to buy the home.
The earnings figure estimates extra pay needed to fund the modeled annual cost at your entered income. A lender uses its own checks when deciding how much to lend. Compare the cash cost with your take-home pay, other debts and savings plans before setting a price range.
The recurring estimate does not replace a cash-to-close calculation. Track the down payment, transaction costs, moving expenses and immediate work separately. Those requirements can constrain a purchase even when its recurring payments appear manageable.
The gross-up estimates additional earnings needed to fund the modeled annual cash cost at the entered income. It is not an underwriting result. Assess the cash budget alongside other debt obligations and intended saving.
30-year fixed, national
6.66%
Highest property tax
2.11%
New Jersey
Lowest
0.27%
Hawaii
Average of the states
0.94%
When PMI ends is not a guess
On a conventional loan for your main home, a small down payment can mean private mortgage insurance. It protects the lender. You can ask for it to go once you owe 80% of the home's original value, if you meet the conditions. Your servicer must drop it at 78% on schedule if your payments are current. The tool uses your loan's payment schedule for these dates. Your lender has to quote the premium rate.
For conventional principal-residence loans with borrower-paid PMI under the general HPA rules, a borrower may request cancellation at about 80% loan-to-value of original value, subject to written request, payment-history, current-payment and lender-required property-value and subordinate-lien conditions. Automatic termination at about 78% and the midpoint backstop require current payments. "Original value" is fixed at origination — the lesser of contract price and appraised value — so appreciation does not accelerate it, which is the most common misunderstanding about PMI. The dates shown use scheduled balances. Extra principal payments may support an earlier cancellation request; they do not move the scheduled automatic date. The premium rate is an editable insurer-priced assumption. FHA MIP, lender-paid PMI and high-risk exceptions are outside this model.
Homeowners Protection Act of 1998, 12 U.S.C. § 4901 et seq.; termination and cancellation at § 4902. Confirmed against Consumer Financial Protection Bureau and Federal Reserve guidance.
What your take-home buys
A $75,000 Texas salary
| Monthly budget | $1,437 |
|---|---|
| Take-home a month | $5,133 |
| Property tax rate | 1.49% |
| Down payment | $45,630 |
Twenty per cent down, thirty years, plus state property tax. Not a lending decision.
What the payment is made of
A $75,000 Texas salary
- Loan$1,770
- Property tax$435
- Insurance$150
| Loan payment | $1,770 |
|---|---|
| Property tax | $435 |
| Insurance | $150 |
Twenty percent down, thirty years. Insurance is your estimate, not a policy quote. Upkeep and PMI are excluded.
How much of it is yours
A $75,000 Texas salary
| Borrowed | $315,000 |
|---|---|
| Monthly payment | $1,991 |
| Mortgage insurance | Applies |
Mortgage insurance applies above 80% borrowed, and can be canceled later.
When the insurance stops
A $75,000 Texas salary
- You may askyear 8
- Ends by itselfyear 10
- Statuteyear 15
| Loan-to-value at the start | 90% |
|---|---|
| You may request at | 80% |
| It ends by itself at | 78% |
General conventional-loan rules; payments must be current. Extra payments may support an earlier request, not an earlier scheduled automatic date.
What the interest costs
A $75,000 Texas salary
| Monthly payment | $1,770 |
|---|---|
| Interest in the first five years | $88,298 |
| Pay needed for the interest | $549,885 |
Twenty per cent down, thirty years, scheduled payments only.
Compare property tax across all 51 jurisdictions
Property tax on the same house, in all 51 jurisdictions
Effective rate is tax paid divided by market value. That makes it comparable across states. A millage rate against an assessed value is not. The medians beside it answer a different question: what a typical owner there pays on a typical home. The two often disagree.
| State | Effective rate | Rank | Median bill | Median home value |
|---|---|---|---|---|
| New Jersey | 2.11% | 1 | $9,590 | $454,400 |
| Illinois | 2.01% | 2 | $5,298 | $263,300 |
| Connecticut | 1.81% | 3 | $6,643 | $366,900 |
| New Hampshire | 1.66% | 4 | $6,667 | $402,500 |
| Vermont | 1.59% | 5 | $5,039 | $316,600 |
| New York | 1.55% | 6 | $6,582 | $423,800 |
| Texas | 1.49% | 7 | $4,232 | $283,800 |
| Nebraska | 1.49% | 8 | $3,549 | $238,600 |
| Wisconsin | 1.42% | 9 | $3,792 | $266,500 |
| Iowa | 1.39% | 10 | $2,897 | $208,000 |
| Ohio | 1.31% | 11 | $2,822 | $214,800 |
| Pennsylvania | 1.3% | 12 | $3,311 | $254,500 |
| Kansas | 1.29% | 13 | $2,798 | $217,200 |
| Michigan | 1.25% | 14 | $2,904 | $231,600 |
| Rhode Island | 1.21% | 15 | $4,900 | $404,200 |
| Alaska | 1.11% | 16 | $3,901 | $352,900 |
| Massachusetts | 1.07% | 17 | $5,992 | $562,100 |
| South Dakota | 1.06% | 18 | $2,724 | $257,400 |
| Maine | 1.02% | 19 | $3,036 | $296,600 |
| Minnesota | 1.02% | 20 | $3,357 | $329,300 |
| North Dakota | 0.99% | 21 | $2,468 | $249,900 |
| Maryland | 0.97% | 22 | $4,093 | $419,900 |
| Missouri | 0.85% | 23 | $1,948 | $230,300 |
| Oregon | 0.81% | 24 | $3,876 | $477,600 |
| Washington | 0.81% | 25 | $4,556 | $564,600 |
| Oklahoma | 0.8% | 26 | $1,599 | $199,800 |
| Georgia | 0.77% | 27 | $2,341 | $303,300 |
| Florida | 0.76% | 28 | $2,730 | $359,000 |
| Kentucky | 0.75% | 29 | $1,544 | $205,600 |
| Indiana | 0.74% | 30 | $1,614 | $218,200 |
| Virginia | 0.73% | 31 | $2,790 | $383,700 |
| Montana | 0.72% | 32 | $2,693 | $375,800 |
| Mississippi | 0.72% | 33 | $1,215 | $169,800 |
| New Mexico | 0.7% | 34 | $1,731 | $248,100 |
| California | 0.7% | 35 | $5,124 | $734,700 |
| North Carolina | 0.66% | 36 | $1,896 | $288,900 |
| District of Columbia | 0.58% | 37 | $4,312 | $737,100 |
| Wyoming | 0.57% | 38 | $1,767 | $309,700 |
| Arkansas | 0.55% | 39 | $1,040 | $188,000 |
| Louisiana | 0.55% | 40 | $1,180 | $216,500 |
| West Virginia | 0.53% | 41 | $865 | $162,600 |
| Utah | 0.52% | 42 | $2,525 | $489,400 |
| Tennessee | 0.5% | 43 | $1,442 | $286,700 |
| Delaware | 0.5% | 44 | $1,768 | $352,000 |
| Idaho | 0.49% | 45 | $2,038 | $418,600 |
| South Carolina | 0.48% | 46 | $1,251 | $259,000 |
| Colorado | 0.48% | 47 | $2,602 | $539,400 |
| Arizona | 0.48% | 48 | $1,879 | $394,500 |
| Nevada | 0.47% | 49 | $2,027 | $435,400 |
| Alabama | 0.38% | 50 | $788 | $209,900 |
| Hawaii | 0.27% | 51 | $2,239 | $839,100 |
US Census Bureau ACS 5-Year Estimates, tables B25103 (Median Real Estate Taxes Paid) and B25077 (Median Value, owner-occupied). ACS 5-year estimates covering 2020–2024, so the as-of date (2024-12-31) is the end of the estimation window rather than a measurement date; last verified 2026-08-29. Mortgage rate: Freddie Mac Primary Mortgage Market Survey (PMMS) — 30-year fixed rate average, week ending 7/30/2026, as of 2026-07-30.