Mortgage Calculator
Calculate monthly home mortgage payments including principal, interest, taxes, and insurance.
Estimate your monthly home mortgage payment with precision. Factor in home purchase price, down payment, loan term, annual interest rate, property taxes, and home insurance (PITI).
About Mortgage Calculator
Buying a home is one of life’s most significant financial milestones. Mortgage Calculator empowers prospective homebuyers to shop with confidence, understand true monthly commitments, and compare loan terms.
How to Use Mortgage Calculator
- Enter home price: Type the purchase price of the house.
- Set down payment: Enter down payment as a dollar amount or percentage (e.g. 20%).
- Input interest rate & term: Enter current mortgage interest rate and choose 15, 20, or 30 years.
- Review monthly payment: See your complete monthly payment breakdown including principal, interest, and taxes.
Key Features
- Principal and interest calculation
- Property tax and insurance integration
- Down payment percentage & dollar calculation
- 15, 20, and 30-year fixed loan terms
- Instant PITI breakdown
Common Use Cases
- Determining affordable home price ranges based on monthly budget.
- Comparing 15-year vs 30-year fixed-rate mortgage scenarios.
- Evaluating the financial impact of putting down 10% vs 20% down payment.
Formula & Calculation Logic
Mortgage Principal & Interest: M = P[r(1+r)^n] / [(1+r)^n - 1]. Total Monthly = M + (Annual Taxes / 12) + (Annual Insurance / 12).
Frequently Asked Questions
What is included in a PITI mortgage payment?
PITI stands for Principal, Interest, Taxes, and Insurance. It represents the complete monthly housing cost paid to your mortgage lender or servicer.
How does a 15-year mortgage compare to a 30-year mortgage?
A 15-year loan has higher monthly payments, but pays off the debt twice as fast and saves tens of thousands of dollars in total lifetime interest.
How much down payment do I need?
Conventional loans often allow down payments as low as 3% to 5%, while putting down 20% avoids Private Mortgage Insurance (PMI).
What is Private Mortgage Insurance (PMI)?
PMI is an extra monthly insurance fee required by conventional lenders when your down payment is less than 20% of the home purchase price.
Privacy Guarantee
All home finance computations run locally inside your browser.
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