Mortgage Calculator

Estimate your monthly mortgage payment (including PITI).

Enter home price, down payment, loan details, and estimated taxes/insurance.

Estimating Your Monthly Mortgage Payment (PITI)

Buying a home is often the largest financial decision people make. Understanding your potential monthly mortgage payment is essential for budgeting and determining affordability. This payment typically consists of four components, known as PITI:

  • Principal (P): The portion of your payment that goes towards paying down the original loan amount.
  • Interest (I): The cost of borrowing the money, paid to the lender.
  • Taxes (T): Property taxes assessed by local government, usually held in escrow by the lender and paid annually or semi-annually on your behalf.
  • Insurance (I): Homeowner's insurance premiums, also often held in escrow and paid by the lender. Private Mortgage Insurance (PMI) may also be required if your down payment is below a certain threshold (typically 20%).

This calculator helps estimate your total monthly PITI payment, plus optional Homeowner Association (HOA) fees.

How to Use

  1. Enter the Home Price.
  2. Enter your Down Payment either as a fixed dollar amount or as a percentage of the home price.
  3. Enter the Loan Term in years (e.g., 15, 30).
  4. Enter the estimated annual Interest Rate (APR).
  5. Enter estimated annual Property Taxes (as $ amount or % of home price).
  6. Enter estimated annual Homeowner's Insurance premium.
  7. (Optional) Enter monthly HOA fees, if applicable.
  8. Click "Calculate".

The results show the calculated loan amount, the breakdown of the monthly payment (P&I, Taxes, Insurance, HOA), and the total estimated monthly payment.

Important Notes

  • Estimates: Property taxes and insurance rates can change over time and vary greatly by location. Use local estimates for better accuracy.
  • PMI: This calculator does not include Private Mortgage Insurance (PMI), which could add a significant amount if your down payment is less than 20%.
  • Closing Costs: Significant one-time costs associated with buying a home (origination fees, appraisal, title insurance, etc.) are not included in the monthly payment calculation.

Use this calculator as a powerful tool for initial budgeting and comparing scenarios, but always consult with mortgage lenders and real estate professionals for precise quotes and affordability assessments.