Portland Mortgage Calculator

Your monthly mortgage payment is calculated using the loan amount, interest rate, and loan term. The formula uses amortization to spread the principal and interest evenly across the life of the loan. Our calculator above also includes property taxes, homeowners insurance, and PMI (if applicable) to give you the full monthly cost.

A typical mortgage payment includes four components, often called PITI: Principal (paying down your loan balance), Interest (the cost of borrowing), Taxes (property taxes collected monthly and paid annually), and Insurance (homeowners insurance). If your down payment is less than 20%, you'll also pay Private Mortgage Insurance (PMI).

A common guideline is that your total housing payment (mortgage + taxes + insurance) shouldn't exceed 28-31% of your gross monthly income. In Portland, where the median home price is around $500,000-$550,000, a household income of approximately $120,000-$140,000 is typically needed for a conventional loan. Our calculator can help you find your specific number.

Mortgage rates change daily based on market conditions, your credit score, down payment, and loan type. Rather than publishing rates that will be outdated by tomorrow, we encourage you to contact us for a personalized rate quote based on your specific financial situation. We'll compare options — including products we fund in-house — to find the most competitive rate for your situation.

PMI typically costs 0.3-1.5% of your loan amount annually, added to your monthly payment. On a $400,000 loan, that's roughly $100-$500/month. You can request PMI removal once you reach 20% equity in your home, and it's automatically removed at 22% equity. One strategy: make a 20% down payment to avoid PMI entirely.

Portland property tax rates vary by neighborhood and taxing district, but typically range from 1.0-1.3% of assessed value. On a $500,000 home, expect approximately $5,000-$6,500 per year. Note that assessed value in Oregon is often lower than market value due to Measure 50 limits on annual increases.

A 30-year mortgage has lower monthly payments but you pay more total interest. A 15-year mortgage has higher monthly payments but saves tens of thousands in interest and builds equity faster. Try both options in our calculator above to see the difference for your specific loan amount.

A larger down payment reduces your loan amount (lower monthly payment), may get you a better interest rate, and eliminates PMI at 20% or more. Use the slider in our calculator to see exactly how different down payment amounts change your monthly payment.