Mortgage Payment Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance (PITI). Plan your home purchase with confidence.
Buying a home is one of the biggest financial decisions you'll make. Our mortgage calculator helps you understand the true cost of homeownership by factoring in all components of your monthly payment. Beyond just principal and interest, we include property taxes, homeowners insurance, and PMI to give you a complete picture. Use this tool to determine what you can afford, compare different loan scenarios, and plan for the additional costs of homeownership.
Loan Details
Additional Costs
Your Monthly Payment
Total Monthly Payment
Loan Amount
Total Interest Paid
Understanding Your Mortgage Payment
What's Included in PITI?
- Principal: The amount borrowed that goes toward paying down the loan balance
- Interest: The cost of borrowing money, paid to the lender
- Taxes: Property taxes paid to local government, usually collected by lender
- Insurance: Homeowners insurance to protect your property
Money-Saving Tips
- • Put down 20% to avoid PMI
- • Shop around for the best interest rates
- • Consider a shorter loan term to save on interest
- • Make extra principal payments when possible
- • Review property tax assessments annually
Frequently Asked Questions
How much house can I afford?
A general rule is that your monthly mortgage payment shouldn't exceed 28% of your gross monthly income. Use our affordability calculator to get a personalized estimate based on your specific financial situation.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal amount. APR (Annual Percentage Rate) includes the interest rate plus additional fees and costs, giving you a more complete picture of the loan's total cost.
Should I pay PMI or put down less than 20%?
It depends on your situation. PMI allows you to buy sooner with less money down, but it's an additional monthly cost. If you can afford 20% down without depleting your emergency fund, it's usually better to avoid PMI.
How do property taxes affect my payment?
Property taxes are typically collected monthly as part of your mortgage payment and held in escrow. Your lender pays the annual tax bill on your behalf. Tax amounts vary significantly by location and property value.
Is it better to get a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but lower interest rates and less total interest paid. 30-year mortgages offer lower monthly payments but cost more over time. Choose based on your budget and goals.
When can I remove PMI from my mortgage?
You can typically remove PMI when you have 20% equity in your home through payments or appreciation. Contact your lender to request removal, and they may require an appraisal to confirm the current value.
Should I make extra principal payments?
Extra principal payments can save thousands in interest and shorten your loan term. However, consider your other financial goals first - emergency fund, high-yield savings, and retirement contributions may be priorities.
How often do mortgage rates change?
Mortgage rates can change daily or even multiple times per day based on economic factors, Federal Reserve policy, and market conditions. It's important to shop around and consider locking in your rate when you find a good deal.