Mortgage Calculator
Mortgage Calculator
Calculate monthly mortgage payments including PITI
Quick Tips
- A 20% down payment avoids PMI entirely — every dollar below that threshold costs you monthly PMI.
- Even $50–$100 extra toward principal each month can save tens of thousands in interest — try the slider above.
- Compare the APR, not just the rate — APR includes lender fees and shows the true cost.
- Get quotes from at least 3 lenders — rates for the same borrower can vary meaningfully.
Total Monthly Payment
Principal & Interest
Taxes, Insurance & Fees
| Period | Principal | Interest | Balance |
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Learn More About This Calculator
This calculator computes your full monthly housing payment — not just principal and interest, but the complete PITI figure (Principal, Interest, Taxes, Insurance), plus PMI and HOA fees where they apply. It uses the standard fixed-rate amortization formula lenders use to generate your loan estimate, then builds a full month-by-month schedule so you can see exactly how your balance, interest, and equity change over the life of the loan. Every result updates instantly as you type — there's no "Calculate" button to press.
Where M is your monthly principal & interest payment, P is the loan amount (home price minus down payment), r is your monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (loan term in years × 12).
What Each Input Does
- Home Price — the total purchase price of the home.
- Down Payment — toggle between a dollar amount or a percentage using the $/% switch. This is subtracted from the home price to get your loan amount.
- Interest Rate — your annual rate (APR) from your lender or pre-approval letter.
- Loan Term — 10, 15, 20, or 30 years. Shorter terms mean higher payments but far less interest paid overall.
- Property Tax / Insurance (per year) — your local annual costs; the calculator converts these to a monthly amount automatically.
- PMI (per month) — auto-calculated whenever your down payment is below 20%, and the calculator automatically removes it from the schedule once your balance reaches 78% of the original home price, matching real lender behavior.
- HOA (per month) — optional, for condos or planned communities.
- Extra Monthly Principal — the slider that shows exactly how much time and interest you'd save by paying more than the minimum each month.
What You Can Do With Your Results
- Schedule tab — your full amortization table, toggle between Yearly and Monthly views.
- Breakdown tab — a visual split of exactly where your monthly payment goes (principal & interest, taxes, insurance, PMI, HOA).
- Amortization tab — a chart of your loan balance vs. cumulative interest paid over time, including your "crossover point" — the month more of your payment starts going to principal than interest.
- Download PDF — a branded, complete summary of your scenario (loan details, payment breakdown, and full amortization schedule) that you can save or bring to a lender meeting.
- Copy Link — generates a shareable URL with your exact numbers baked in, so you can text or bookmark a specific scenario.
When you buy a house, the bank gives you a clean, simple pre-approval number. You build your budget around it, feeling pretty good. Then your actual monthly bill shows up, and it's suddenly $350 higher than what you planned for.
That gap is where a lot of first-time buyers get caught.
What usually gets lost in translation is that your monthly mortgage payment isn't just paying back the money you borrowed. It's actually four separate expenses shoved into one monthly check — often called PITI (Principal, Interest, Taxes, and Insurance).
During the first few years of a 30-year mortgage, the vast majority of your payment goes straight toward bank interest rather than reducing your actual loan balance. On top of that, your county collects property taxes, and you have to pay homeowners insurance. Even if you locked in a "fixed-rate" loan, your monthly payment will still drift upward over time as local taxes and insurance premiums rise.
Then there's PMI — Private Mortgage Insurance. If you put down less than 20%, the bank slaps you with a $100 to $300 monthly fee. That money doesn't build equity, and it doesn't protect you; it protects the bank in case you stop paying. It's essentially dead money.
Mathematically, a 15-year mortgage sounds like the obvious choice. You get lower interest rates, pay off the house in half the time, and save a massive amount of cash in total interest.
Yet, the 30-year fixed remains by far the most popular mortgage choice.
It comes down to cash-flow survival. A 30-year term keeps your mandatory monthly bill as low as possible. If you lose your job, medical bills stack up, or life just gets expensive, you aren't legally stuck paying a massive 15-year monthly obligation. And if you have a great year financially, nobody is stopping you from writing an extra check toward your principal manually — use the Extra Monthly Principal slider above to see exactly what that would do to your timeline.
Instead of worrying about complex strategies, there are two simple levers that make a real difference:
First, look into bi-weekly payments. If your lender allows it, pay half your monthly mortgage every two weeks instead of the full bill once a month. Since there are 52 weeks in a year, you'll end up making 26 half-payments — which equals 13 full payments a year instead of 12. That single extra payment goes directly toward your balance, automatically shaving years off your mortgage without drastically altering your lifestyle.
Second, track your home's value yourself. Lenders are legally required to auto-drop PMI once your loan balance drops to 78% of the original purchase price. But if housing prices in your neighborhood appreciate, your equity might hit the necessary 80% threshold years earlier. Don't assume your lender will reach out the moment you qualify — you will likely need to track the value yourself, pay for an appraisal, and request early removal directly.
Estimates for informational purposes only, not a substitute for a formal loan estimate from a licensed lender.