Mortgage Calculator

Calculate your complete monthly mortgage payment including principal, interest, property tax, insurance, and PMI. Includes amortization schedule and affordability check.

How to use Mortgage Calculator

1. Enter the home price and your down payment (in dollars or percent).
2. Enter the interest rate and loan term (15, 20, or 30 years).
3. Add property tax rate, annual home insurance, and PMI rate.
4. Review your monthly PITI breakdown and amortization schedule.
5. Try the extra payment calculator to see potential savings.
6. Check affordability using the 28% rule with your monthly income.

What is Mortgage Calculator?

FAQ

What is PITI?

PITI stands for Principal, Interest, Taxes, and Insurance. It represents your total monthly mortgage payment. Lenders use PITI to determine how much home you can afford, typically limiting it to 28% of your gross monthly income.

When is PMI required?

Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price. PMI protects the lender if you default. It can be removed once you reach 20% equity through payments or home value appreciation.

How much can I save with extra payments?

Even small extra payments can save thousands in interest and shave years off your mortgage. For example, an extra $200/month on a $300,000 30-year mortgage at 6.5% could save over $90,000 in interest and pay off the loan 7+ years early.

What is the 28% rule?

The 28% rule is a common lending guideline that your total monthly housing payment (PITI) should not exceed 28% of your gross monthly income. This helps ensure you are not overextending yourself financially.

Related tools

• Loan Calculator
• Loan EMI Calculator
• Compound Interest Calculator
• Islamic Mortgage Calculator