Calculate Mortgage Payments with PITI
This free mortgage calculator provides a comprehensive breakdown of your monthly housing costs. Unlike basic calculators, we include PITI:
- Principal: The money that pays down your loan balance.
- Interest: The cost of borrowing money.
- Taxes: Estimated property taxes collected by your lender.
- Insurance: Homeowners insurance premiums.
Use the inputs above to adjust your Home Price, Down Payment, and Interest Rate to see how they impact your monthly budget.
Save Money with Extra Payments
One of the most powerful features of this tool is the Extra Payment Calculator. By adding even a small amount to your principal every month (or making bi-weekly payments), you can:
- Reduce your total interest paid by thousands.
- Pay off your 30-year mortgage years ahead of schedule.
- Build home equity faster.
Open the "Extra Payments" tab to test different savings scenarios instantly.
Mortgage FAQ
What is a good interest rate?
Mortgage rates fluctuate daily based on the bond market and the Federal Reserve. A "good" rate is generally one that is at or below the national average for your credit score tier. Use the "Compare Scenarios" button to see how a 0.5% difference in rate changes your payment.
15-Year vs. 30-Year Mortgage?
A 30-year term offers lower monthly payments but costs more in total interest. A 15-year term has higher monthly payments but saves you significantly on interest over the life of the loan.
What are HOA fees?
Homeowners Association (HOA) fees are monthly dues paid by owners of certain types of residential properties (condos, townhomes, and some single-family homes). These fees cover common area maintenance but do not go toward your loan balance.
Do I need PMI?
Private Mortgage Insurance (PMI) is usually required if your down payment is less than 20% of the home's value. While this calculator estimates your total monthly cost, be sure to ask your lender about specific PMI rates.