Mortgage Calculator
Estimate your monthly payment including principal, interest, taxes, insurance & PMI.
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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 private mortgage insurance (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 — and it's what determines whether you qualify for a loan.
When Do You Need PMI?
Private Mortgage Insurance is required when your down payment is less than 20% of the home price. It typically costs 0.3% to 1.5% of the original loan amount annually. Once you reach 20% equity, you can request removal.
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.
Tips for the Best Mortgage Rate
- Credit score above 740 qualifies you for the best rates
- 20% down payment eliminates PMI entirely
- Compare offers from at least 3-5 different lenders
- Consider buying points to lower your rate on a long-term hold
- Lock your rate as soon as you find a competitive offer