PANZEUS Mortgage Calculator
Estimate your monthly mortgage payment, property tax, insurance, PMI, cash to close, and total interest with realistic US assumptions.
Assumptions
Realistic defaults, still not the whole plan
Property tax default
1.1% of home value per year
Home insurance default
$2,200 per year
PMI default
0.7% of loan balance per year when down payment is below 20%
Closing cost estimate
3% of loan amount
How the math works
Conventional PMI
Required when down payment is below 20%. Drops off automatically once the loan balance reaches 80% of the original home price (HPA 1998).
FHA mortgage insurance
1.75% upfront MIP financed into the loan, plus 0.55% annual MIP. Drops at month 132 if origination LTV ≤ 90%; otherwise stays for the life of the loan.
VA funding fee
One-time 2.15% fee (typical first-use rate, no down payment) added to closing costs. No monthly mortgage insurance. Disability-rated veterans may be exempt.
Tax, insurance, HOA
Held flat over the entire loan term. In real life these usually rise with inflation; this calculator does not model that.
28/36 affordability rule
Housing payment ≤ 28% of gross monthly income, total debt (housing + other obligations) ≤ 36%. Industry rule of thumb, not a hard lender cutoff.
Closing costs
3% of the loan amount (loan amount includes any financed FHA upfront MIP). Title insurance, transfer tax, and lender fees vary by state and lender.
Local taxes, insurance, HOA dues, credit score, lender fees, and future life events can materially change affordability. This calculator is an educational estimate, not financial, tax, legal, or lending advice.
Sources
Default 30-year fixed (6.23%) and 15-year fixed (5.40%) rates from the Freddie Mac Primary Mortgage Market Survey, the US benchmark since 1971.
Tax Foundation — Property taxes by state
Default property-tax rate of 1.1% reflects the US national average effective property-tax rate. State averages range from ~0.3% (HI) to ~2.2% (NJ).
Insurance Information Institute — Homeowners
Default annual home-insurance premium of $2,200 reflects the US national average. Coastal / wildfire-prone states (FL, CA, LA) typically run 2–3× higher.
Conventional PMI default of 0.70%/yr is the typical conforming-loan PMI rate at 90–95% LTV with average credit score. Drops automatically at 80% LTV per the Homeowners Protection Act.
HUD — FHA Mortgagee Letter 2023-05
FHA upfront MIP of 1.75% (financed) and annual MIP of 0.55% reflect HUD-published rates for 30-year FHA loans ≤ $766,550 with LTV > 95%. MIP drops at month 132 if origination LTV ≤ 90%; otherwise life of loan.
VA funding fee of 2.15% is the typical first-use rate with no down payment. Subsequent-use, lower-DP, or disability-rated rates differ; veterans with service-connected disability ratings may be exempt.
Default closing-cost estimate of 3% of the loan amount reflects national-average origination, title, escrow, and recording fees. State transfer taxes and lender-specific charges can move this materially.
What standalone tools miss
A mortgage is not just a payment. It changes the whole household timeline.
PANZE connects home buying with emergency funds, retirement, kids, education, insurance, taxes, and cashflow year by year. The free calculator gives you one clean answer. The app helps you understand the tradeoff.
Plan the whole picture with Penny.
Join the waitlist