Mortgage Calculator
Calculate your monthly mortgage payment including taxes, insurance, and PMI to understand your true housing cost.
Total Monthly Payment
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Principal & Interest
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Total Interest Paid
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Monthly Payment Breakdown
Principal & Interest
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Property Tax
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Home Insurance
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HOA Fees
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PMI
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Down Payment %
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Payment Breakdown Over Time
Understanding Your Mortgage
🏠 What's Included in Your Payment?
PITI: Principal, Interest, Taxes, and Insurance make up your base payment. Many lenders also require PMI if you put down less than 20%.
💰 Down Payment Impact
Putting down 20% or more eliminates PMI (Private Mortgage Insurance), which can save you $100-300/month. However, a smaller down payment helps you buy sooner.
📊 15 vs 30 Year Terms
30-year: Lower monthly payments, more total interest.
15-year: Higher monthly payments, less total interest, build equity faster.
🎯 Tips for Home Buyers
- Aim for a payment under 28% of gross income
- Get pre-approved before house hunting
- Shop multiple lenders for best rates
- Consider total cost, not just monthly payment