Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance (PITI). Our comprehensive mortgage calculator shows you the complete picture of homeownership costs with a detailed amortization schedule, helping you make informed decisions about your home purchase.
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How to Use
- 1 Enter home details — Input the home price, down payment (as dollar amount or percentage), interest rate, and loan term (15, 20, or 30 years are most common).
- 2 Add additional costs — Include property taxes (typically 1-1.5% of home price annually), home insurance (about 0.5% annually), and HOA fees if applicable.
- 3 Review results — See your complete monthly payment breakdown including principal, interest, taxes, insurance, and PMI if applicable.
- 4 Check amortization schedule — View the complete payment schedule showing how much principal and interest you pay each month or year. Export to CSV for your records.
- 5 Calculate extra payments — See how additional monthly payments can save you thousands in interest and years of payments.
Frequently Asked Questions
What is included in my monthly mortgage payment?
A complete monthly mortgage payment (PITI) includes: Principal (loan repayment), Interest (cost of borrowing), property Taxes (typically escrowed), and Insurance (homeowners insurance). If your down payment is less than 20%, you'll also pay PMI (Private Mortgage Insurance).
What is PMI and when does it apply?
Private Mortgage Insurance (PMI) protects the lender if you default on your loan. It typically costs 0.5-1% of the loan amount annually and applies when your down payment is less than 20% of the home price. PMI automatically drops off once you reach 20% equity in your home.
How much should I put down on a house?
The traditional recommendation is 20% to avoid PMI, but many buyers put down less. FHA loans allow as little as 3.5% down. Higher down payments mean lower monthly payments and less interest paid over time, but may delay your purchase or reduce your emergency fund.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but significantly lower total interest paid (typically saving $100,000+ on a $300,000 loan). 30-year mortgages have lower monthly payments but cost more in interest over time. Choose based on your budget and financial goals.
How can extra payments help?
Even small extra monthly payments can save thousands in interest and years of payments. For example, adding just $100/month to a $300,000 mortgage at 7% can save about $30,000 in interest and pay off the loan 4 years early.