Calculate your true monthly mortgage payment including principal, interest, PMI, property taxes, homeowners insurance and HOA fees. Free amortization schedule included.
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This calculator shows your total monthly housing cost — often called PITI (Principal, Interest, Taxes, Insurance) plus HOA and PMI. Understanding your full payment is crucial because your mortgage payment is more than just the loan itself.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender — not you — if you default. PMI typically costs 0.5% to 1% of the loan amount annually, and it can be removed once you reach 20% equity.
A mortgage payment is more than just repaying the money you borrowed. Your total monthly cost is commonly called PITI — an acronym for Principal, Interest, Taxes, and Insurance. The principal is the loan amount itself, while interest is what your lender charges for borrowing it. Property taxes and homeowners insurance are usually collected monthly into an escrow account and paid on your behalf.
To calculate your monthly mortgage payment, you need five key inputs: the home price, your down payment, the interest rate, the loan term, and any additional costs like HOA fees or PMI. Our calculator above does the math instantly and shows the full breakdown.
PMI (Private Mortgage Insurance) is required by most lenders when your down payment is less than 20% of the home price. It protects the lender — not you — if you stop making payments. PMI typically costs between 0.5% and 1% of the loan amount per year, and you can usually request to cancel it once you reach 20% equity.
Lenders generally follow the 28/36 rule: spend no more than 28% of your gross monthly income on housing, and no more than 36% on all debts combined. Use our home affordability calculator to see your maximum home price based on income and DTI ratio.
A: Rates change daily based on market conditions, your credit score, and the loan type. Comparing offers from multiple lenders is the best way to find a competitive rate.
A: A 30-year loan has lower monthly payments but costs more in total interest. A 15-year loan has higher payments but saves you tens of thousands in interest over the life of the loan.
A: Escrow is an account your lender uses to collect and pay your property taxes and insurance on your behalf, typically added to your monthly payment.
A: Conventional loans can require as little as 3% down, while FHA loans need 3.5%. A 20% down payment lets you avoid PMI entirely.