Enter your home details to see your full PITI payment
What is a mortgage calculator?
A mortgage calculator estimates your monthly home loan payment before you talk to a bank or realtor. Most lenders advertise only the principal and interest (P&I) component, but your real monthly payment includes four costs: principal, interest, property taxes, and homeowner’s insurance — together known as PITI. If your down payment is less than 20%, private mortgage insurance (PMI) is added on top.
The standard mortgage payment formula uses the loan amount, monthly interest rate, and total number of payments:
For example, a $400,000 home with 10% down ($40,000), a 7% interest rate, and a 30-year term produces a base P&I payment of $2,395/month. Add property tax ($400/month), homeowner’s insurance ($125/month), and PMI (~$150/month) and the real monthly cost is approximately $3,070 — $675 more than the headline number lenders often quote.
PITI and PMI — what’s included
Property taxes average 1.07% of home value annually across the US, though they range from 0.3% in Hawaii to over 2% in New Jersey. Homeowner’s insurance typically runs $1,200–$2,000/year. PMI applies when your down payment is below 20% and costs 0.3%–1.5% of the loan annually — it disappears automatically once your equity reaches 20%.
To see what you’d save by paying down your mortgage faster, use our Loan Calculator to model any extra payment scenario across different loan types.
How to use this calculator
Enter your home details. Type in the home price, your down payment (in dollars or as a percent), the loan term, and your interest rate. Property taxes and homeowner’s insurance are pre-filled with national averages — update them to match your area or your lender’s estimate.
Review your full PITI payment. The main result shows your complete monthly cost broken into its four components. If your down payment is below 20%, PMI is calculated and shown automatically. Adjust the down payment upward to see exactly when PMI drops off.
Use the Early Payoff Simulator. Drag the extra monthly payment slider. The Debt Freedom card updates instantly to show how many years and months you cut from your loan term and the total interest you avoid. On a 30-year $320,000 mortgage at 7%, an extra $200/month cuts the term by nearly 7 years and saves over $118,000 in interest.
Check the Affordability tab. Switch to Affordability mode and enter your maximum comfortable monthly payment. The calculator works backward to show the maximum home price you can finance at the current rate and term — useful before you start searching listings.