Egan Financial Group LLC · NMLS 2647764
DIY Home Payment Calculator
Pick the county, and the tax and insurance estimates fill in. You can replace them with the real bill. This is an estimate, not a lock.
Scenario
Loan program
30-year fixed, conforming loan amount.
Property location
Tax % is the Census ACS effective rate for Cook County, Illinois (1.73%). Insurance is the 2026 state average, scaled to this price. Closing costs are the statewide average including transfer taxes (1.30%). Prepaid tax and insurance escrow are added separately. Enter the actual tax bill, insurance quote, or closing-cost figure if you have it.
Estimated monthly payment
$3,808
30-year conforming · 10.0% down · loan $427,500
The rate for this estimate is 7.09% (30-year conforming, as of October 30, 2026), based on the national average locked rate and refreshed hourly.
This is for educational purposes only. The payment uses a current broad-based market rate and is not a quote. Consult Bill Egan for a number that belongs to your file.
- Principal & interest
- $2,870
- Property tax
- $685
- Insurance
- $161
- PMI
- $93
Cash to close
$56,211
Loan-to-value
90.0%
Principal, year one
$4,268
Cash to close is down payment + 1.3% closing costs + about three months of tax and insurance escrow.
Questions about your monthly payment
The monthly payment is principal and interest, property tax, homeowners insurance, and mortgage insurance when the loan has it. An HOA fee is included only if you enter one. Closing costs are not in the monthly payment.
The FHA upfront premium is 1.75% of the base loan amount and is added to the loan, so principal and interest are figured on that larger amount. FHA monthly mortgage insurance is 0.55% a year of the base loan's average balance over the first 12 months, divided by 12. It is part of the monthly payment. The rate used for that average is the national average locked rate on the page.
On a first-use VA purchase, the funding fee is 2.15% with less than 5% down, 1.5% from 5% to under 10% down, and 1.25% at 10% or more. It is added to the loan, so principal and interest use the larger amount. VA has no monthly mortgage insurance.
The loan payment of principal and interest stays the same on a fixed-rate loan. The full monthly payment can still change when property taxes or homeowners insurance go up and the escrow account collects more to cover them.
A larger down payment means a smaller loan, so principal and interest are lower. It can also lower or remove conventional mortgage insurance. Conventional mortgage insurance is estimated above 80% of the price: 0.16% a year up to 85% loan-to-value, 0.26% up to 90%, 0.39% up to 95%, and 0.48% above that. FHA still needs at least 3.5% down. VA can be 0% down.
Property tax starts from the Census ACS effective rate for the county you select, not a street address. You can type a tax bill instead. Homeowners insurance starts from the 2026 Insurance.com statewide average for the home price, then is cut in half. You can type your own insurance quote. Closing costs are not in the monthly payment. They use a 2025 statewide average that includes transfer taxes, plus about 3 months of tax and insurance for escrow, minus any seller credit you enter.
This estimate includes conventional mortgage insurance in the monthly payment when the loan is above 80% of the price, and it does not show that insurance dropping off later in the schedule. FHA monthly mortgage insurance is included while FHA is selected. VA has no monthly mortgage insurance.
- What is the VA funding fee in 2026?
- How long do I pay FHA mortgage insurance?
- What is PMI, and when does it drop off?
- What is an escrow or impound account on a mortgage?
- Why did my mortgage payment go up if my interest rate did not change?
- Do I really have to put 20% down to buy a house?
- What closing costs should I expect on a home loan?
- All mortgage FAQs