Calculate Mortgage Payments with PITI
Calculate your monthly mortgage payment including principal, interest, property taxes, homeowners insurance, PMI, and HOA fees. Compare loan scenarios and see your amortization schedule.
- 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.
How much house can I afford?
How much house you can afford depends on your income, down payment, interest rate, monthly debts, and other housing costs. Enter different home prices above and use "Compare Scenarios" to see how each one affects your monthly payment.
How do extra principal payments affect my mortgage?
Some borrowers choose to make additional payments toward their principal after the mortgage begins. Extra principal payments reduce your outstanding loan balance, which can lower the amount of interest charged over time and potentially shorten your loan term. The actual impact depends on your loan amount, interest rate, payment schedule, and the timing of the extra payment. Check your loan agreement or contact your lender to confirm how extra payments are applied and whether any restrictions or fees apply.
What is included in a monthly mortgage payment?
A monthly mortgage payment typically includes principal and interest, along with property taxes and homeowners insurance (PITI). Depending on your loan and property, it may also include PMI and HOA fees.
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 typically required for conventional loans when your down payment is less than 20% of the home's purchase price. PMI adds to your monthly housing costs and can significantly increase the total cost of the loan. If you can comfortably afford a 20% down payment, you may be able to avoid PMI and reduce your overall borrowing costs.
How does a down payment affect my mortgage payment?
A larger down payment reduces the amount you need to borrow, which can lower your monthly payment and the total interest paid over the life of the loan. A down payment of 20% or more may also help you avoid PMI on many conventional loans.