Auto-filled from the national weekly average (Freddie Mac's Primary Mortgage Market Survey, via the Federal Reserve's public data feed), refreshed weekly. Your credit score selection below shifts it to a rough personal estimate. Always fully editable.
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Mortgage insurance
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PMI applies when you put down less than 20%. You can request removal at 80% LTV, and it must cancel automatically at 78%. This tier is a rough estimate based on credit and down payment — not a quote.
FHA charges mortgage insurance twice.
Upfront: 1.75% of the loan — usually rolled in, which is why your loan amount exceeds the price minus your down payment.
Annual: 0.15%–0.75% of your balance, paid monthly. Varies by loan size, term, and down payment.
When it stops: • 10% or more down (90% LTV or less) — 11 years
• Under 10% down — the entire loan term
Refinancing to a conventional loan is the usual way out. These are estimates — talk to your lender about the rate and duration that apply to your loan.
How FHA's MIP works
FHA charges 1.75% of the loan up front, and you choose how to pay it.
Most roll it into the loan. The premium is added to the amount you're financing, so nothing extra is due at closing — but you pay interest on it.
Paying it at closing means a smaller loan, a lower monthly payment, and less total interest — but more cash up front.
Property tax rates vary widely between counties in the same state, so picking yours gives a closer estimate than the state average.
These are county medians and don't account for homestead exemptions, assessment caps, or any individual property's assessment. If a listing shows the actual annual taxes for a specific home, that figure beats any estimate — enter it under advanced options.
Source: US Census Bureau ACS 2024 5-year estimates. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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$3,850 / yr
Auto-filled from your county if you've selected one, or your state's average if not. Both are estimates. If a listing or your county assessor shows the actual annual taxes for a specific home, that figure beats any estimate — enter it here.
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Auto-filled from your state's approximate average annual premium for a typical policy. Actual quotes vary a lot by home age, construction, claims history, and coverage level.
Taxes and insurance usually get collected monthly through an escrow account. What is escrow?
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Defaulted to ~3% of the home price — a typical middle-of-the-road estimate (closing costs commonly run 2–5%). This is negotiable: seller concessions or lender credits can bring your out-of-pocket amount down, sometimes to close to zero. Adjust freely once you have a real Loan Estimate.
This matters because the two loan types drop mortgage insurance differently.
Conventional — PMI comes off once your balance reaches 78% of the home's original value, whether or not you refinance.
FHA — MIP follows your down payment at closing, not your equity today. Under 10% down it runs the full loan term, and refinancing into a conventional loan is the usual way out.
How FHA's MIP works
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What you originally borrowed, not the purchase price. A rough estimate is fine — this sets the size of your PMI premium.
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The full price the home sold for — the agreed sale price on your contract, or the appraised value if that was lower. Not your loan amount, and not what's left on it.
PMI comes off based on what the home was worth when you bought it, not on what you borrowed — so this is what decides whether you're still paying it today.
You can request removal once your balance reaches 80% of that original value, and your lender has to drop it automatically at 78%.
Leave it blank and we'll assume you're no longer paying PMI, which keeps your current payment from being overstated.
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This is on your monthly mortgage statement, usually listed as mortgage insurance, PMI, or MIP.
Entering it uses your real premium instead of our estimate, which makes the comparison more accurate. Enter 0 if you've confirmed you're not paying any.
Leave it blank and we'll estimate it from the other details you've entered.
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The new loan
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The loan you'd be moving into, which isn't always the same type you have now.
Conventional — the usual way out of FHA mortgage insurance. Once you have enough equity there's no PMI at all, and if there is, it comes off later.
FHA — an FHA-to-FHA refinance keeps mortgage insurance, and charges the 1.75% upfront premium again on the new loan.
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Auto-filled the same way as the purchase rate — weekly national average, adjustable for credit score. Editable.
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The property
Used to figure out your equity, which determines whether PMI applies to the new loan — including whether refinancing might let you cancel PMI you're paying now.
Property tax rates vary widely between counties in the same state, so picking yours gives a closer estimate than the state average.
These are county medians and don't account for homestead exemptions, assessment caps, or any individual property's assessment. Your actual tax bill or escrow statement beats any estimate — enter it under advanced options.
Source: US Census Bureau ACS 2024 5-year estimates. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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Mortgage insurance
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If your new loan is under 80% of your home's value (20%+ equity), PMI won't apply — which is one of the more common reasons people refinance in the first place.
Tip: You don't always have to refinance to drop PMI. Once your balance reaches 80% of the home's original value, you can call your lender and request it be removed — and it's required to fall off automatically at 78%.
Taxes and insurance usually get collected monthly through an escrow account. What is escrow?
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Now let's see if it fits your life.
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Step 2
Build your real monthly budget
Add your income, then every other bill in your life. Nothing here leaves your browser.
Income
Borrower 1
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Hours over 40 in a week use the rate above. For biweekly pay, each week's overtime is calculated independently, then combined into your paycheck.
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≈ $0 / year based on these numbers
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⚠ Bonuses can change or disappear year to year. Consider treating this as a bonus toward savings or debt, not as money you rely on to cover fixed monthly bills.
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Child support, alimony, pension, Social Security, disability, rental income, etc.
This counts toward your gross and net income like any other income. One accuracy note: Social Security/Medicare tax (FICA) only applies to wages, not to income like pensions, child support, or rental income — so this amount is included in the federal tax estimate but excluded from the FICA portion, to avoid overstating your tax bite.
Borrower 2
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Filing status and tax rate below are combined for the household.
Not sure / prefer not to say — uses a standard single-filer estimate as a reasonable starting point. You can always adjust the tax rate % directly below, regardless of what you select here. Single — unmarried, no qualifying dependent. Married filing jointly — married, one combined return; usually the better math for a couple. Head of household — unmarried but paying more than half the cost of a home for a qualifying dependent; bigger standard deduction than Single. Married filing separately — married, two separate returns; generally the least favorable brackets, typically chosen for specific legal or financial reasons rather than to lower taxes.
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This estimates federal income tax based on your income, using 2026 tax rules. The checkbox above adds Social Security and Medicare on top (7.65% combined — together with federal tax, this is often labeled "FICA" on a pay stub). Uncheck it to see federal tax alone. Either way, this field is always yours to edit — type your own number from a real paystub and it'll stick until you change your income or click the checkbox again.
Gross monthly income$0
Net monthly income (after estimated tax)$0
Monthly expenses
Housing
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Utilities
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Transportation
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Insurance
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Debt payments
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Food
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Subscriptions & fun
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Savings & investments
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Traditional contributions are pre-tax, so entering % here is based on gross income — matching how real 401(k) elections work on a paycheck. The savings bar in Step 3 is shown as % of net (take-home) income instead, so the two numbers won't match exactly. A 12% gross contribution, for example, will show up as a slightly higher percentage on that bar since net income is smaller than gross.
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Roth contributions come out of money you've already paid tax on, so entering % here is based on net (take-home) income — unlike Traditional, which uses gross. This matches how a Roth election actually works on a paycheck.
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When unmatched, each income's % is based on that person's own gross pay (Traditional) or a share of net pay proportional to their share of household income (Roth) — dollar amounts are exact either way.
Family & pets
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Step 3
The full picture
Can you afford this home?
Your monthly bottom line, updated live.
↗ Total monthly income$0net, after estimated tax
↘ Total monthly expenses$0housing + everything else
Remaining (net cash flow)$0discretionary income / mo
✓Looks affordableYour income comfortably covers your expenses.
Does this refinance make sense?
Comparing your current loan to the new one.
Monthly savings$0
Break-even—time to recoup closing costs
Lifetime interest saved$0
Estimate only — confirm with a lender
✓Makes sense
This verdict looks at the rate and payment math only — whether accessing the cash-out amount is worth it is a separate decision only you can make.
Housing cost vs. gross income 0%
Guideline: keep under ~28%
Housing payment only (Step 1's total), divided by gross monthly income.
Total debt payments vs. gross income 0%
Guideline: keep under ~36% (the "28/36 rule")
Housing plus car loans, student loans, and credit cards — real debt obligations only, divided by gross monthly income. This won't move for discretionary spending like streaming or dining out; that shows up in the total spending bar below instead.
Savings & investing vs. net income 0%
Under 5%: needs improvement · 5–12%: good · 12%+: great · Goal: 15%+
Retirement, emergency fund, and general savings, divided by net (take-home) monthly income.
Total spending vs. net income 0%
100%
Bar is scaled so the marker sits at 100% (break-even) — anything over 100% means you're spending more than you earn
Every expense you've entered — including discretionary spending like streaming, dining out, and subscriptions — divided by net monthly income. This is the one that reacts to everything.
Where you might adjust
Take your numbers with you
Download a copy — handy for sharing with a spouse, agent, or lender, or just keeping for your records.
