🏠 Mortgage Calculator
Estimate your monthly payment including principal, interest, taxes, insurance & PMI.
✓ Real-time calculation
✓ Amortization schedule
✓ 15 vs 30 year comparison
How to Use This Mortgage Calculator
Enter your home price, down payment, interest rate, and loan term to get an instant estimate of your total monthly housing payment. This calculator includes principal, interest, property taxes, homeowner’s insurance, HOA fees, and PMI for a complete picture.
Understanding Your Payment (PITI)
Your monthly mortgage payment consists of four components: Principal (reduces your loan balance), Interest (cost of borrowing), Taxes (property taxes), and Insurance (homeowner’s coverage). Together, lenders call this PITI.
15-Year vs 30-Year Mortgage
A 15-year mortgage has higher monthly payments but saves you tens of thousands in total interest. A 30-year mortgage keeps payments manageable and preserves cash flow. Use the term buttons above to compare both instantly.
Frequently Asked Questions
What does PITI stand for?▼
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Lenders use your PITI to determine how much house you can afford.
When is PMI required?▼
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It typically costs 0.3%–1.5% of the original loan amount annually and can be removed once you reach 20% equity.
Should I choose a 15-year or 30-year mortgage?▼
A 15-year mortgage has higher monthly payments but saves tens of thousands in interest. A 30-year mortgage keeps payments lower and preserves cash flow. Use the term buttons above to compare both instantly.
How much down payment do I need?▼
Most conventional loans require 3%–20% down. FHA loans require 3.5% with a 580+ credit score. Putting 20% down eliminates PMI and reduces your monthly payment significantly.
What credit score do I need for the best mortgage rate?▼
A credit score of 740 or higher typically qualifies you for the best mortgage rates. Scores below 620 may have difficulty qualifying for conventional loans.