Mortgage Calculator

PITI is the four parts of a typical mortgage payment: Principal, Interest, Taxes, and Insurance. We also add HOA dues and PMI where they apply, so the number you see is your true all-in monthly cost — not just principal and interest.

Under the federal Homeowners Protection Act, private mortgage insurance automatically terminates once your loan balance reaches 78% of the home’s original value, based on the original amortization schedule. You can also request cancellation at 80%. This calculator models the automatic 78% termination and shows the payment number where it drops off.

Putting 20% down avoids PMI entirely and lowers your loan amount, but it ties up cash. Putting less down lets you buy sooner and keep reserves, at the cost of PMI until you reach 78% LTV. Try both in the calculator and compare the total interest and total PMI.

Principal and interest use the standard amortization formula. We then add monthly property tax (annual ÷ 12), monthly insurance (annual ÷ 12), HOA dues, and PMI while it applies. See the methodology section for the exact formula.

Enter any amount in the “Extra payment” field and the calculator runs a second amortization alongside the standard one, then shows the interest saved and how many years and months sooner the loan is paid off. Even a small recurring extra payment can cut tens of thousands in interest because it attacks principal directly. To compare a fixed extra amount against switching to biweekly payments, use the Loan Payoff and Biweekly Mortgage calculators.

A common guideline is the 28/36 rule: keep housing costs under 28% of gross monthly income and total debt payments under 36%. This page prices a specific home; to work backward from your income to a maximum price, use our Affordability Calculator, which applies the 28/36 rule and your other debts.

A 15-year loan carries a higher monthly payment but a much lower interest rate and far less total interest, so you build equity faster and own the home sooner. A 30-year loan has a lower, more flexible payment but costs more over its life. Switch the loan term in the calculator to compare the monthly payment and total cost of loan for each side by side.

Your lender usually collects property taxes and homeowners insurance monthly alongside principal and interest, holds them in an escrow account, and pays those bills when they come due. That is why this calculator shows full PITI — principal, interest, taxes, and insurance — plus HOA dues and PMI where they apply, rather than just principal and interest. Escrow amounts are estimates and can change as tax and insurance bills change.