How to Use This Mortgage Calculator
This calculator estimates your total monthly mortgage payment, including principal, interest, property tax, and homeowners insurance ("PITI"). Enter your home price, down payment, interest rate, and term for an instant, itemized estimate.
What Makes Up a Mortgage Payment?
- Principal: Repays your original loan balance
- Interest: The cost of borrowing
- Property tax: Set by your local government
- Homeowners insurance: Usually required by lenders
How Down Payment Affects Your Payment
A larger down payment lowers your loan amount, monthly payment, and total interest. Putting down at least 20% also typically helps you avoid private mortgage insurance (PMI).
15-Year vs 30-Year Mortgages
A 15-year mortgage has a higher payment but much lower total interest. A 30-year mortgage lowers your payment but costs more over time. Try both terms above to compare.
Frequently Asked Questions
Does this include PMI?
Not automatically. If your down payment is below 20%, many lenders require PMI, an extra monthly cost not shown here.
Why is my early interest higher than principal?
Mortgages are amortized, so early payments weight more toward interest, shifting toward principal over time.
Are property tax and insurance the same everywhere?
No. Property tax rates vary significantly by state, county, and even city. Homeowners insurance premiums also vary based on your location and home value. Update the calculator's default values to match your area for a more accurate estimate.