Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance (PITI). Get a complete picture of your homeownership costs.
Home Details
Additional Costs
Monthly Payment
Payment Breakdown
Loan Summary
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How It Works
A mortgage calculator helps you estimate your monthly mortgage payment and understand the total cost of homeownership. Your monthly payment typically includes four components: Principal, Interest, Taxes, and Insurance (PITI), plus potentially Private Mortgage Insurance (PMI) if you put down less than 20%.
The principal and interest portion is calculated using the loan amount (home price minus down payment), interest rate, and loan term. Property taxes and homeowners insurance are estimated as annual amounts divided by 12. PMI is typically required when your down payment is less than 20% of the home's value.
Understanding your complete monthly payment helps you budget effectively and determine how much house you can afford. Remember to also factor in maintenance, utilities, and other homeownership costs when planning your budget.
Practical Examples
Example: $400,000 Home with 20% Down
- • Down Payment: $80,000 (20%)
- • Loan Amount: $320,000
- • P&I Payment: $1,621/month
- • Property Tax: $400/month
- • Insurance: $100/month
- • Total Payment: $2,121/month
Example: First-Time Buyer with 5% Down
- • Home Price: $300,000
- • Down Payment: $15,000 (5%)
- • PMI: ~$200/month
- • Higher monthly payment due to PMI
Frequently Asked Questions
20% Down Payment: Putting down 20% eliminates PMI and often gets you better interest rates.
Property Taxes Vary: Property tax rates vary significantly by location. Check local rates for accuracy.
Insurance Shopping: Shop around for homeowners insurance to find the best rates and coverage.
Budget for Maintenance: Plan for 1-3% of home value annually for maintenance and repairs.