Mortgage Payment Calculator
Calculate your true monthly payment and understand the total cost of your mortgage. See exactly how much you'll pay over the life of your loan with complete PITI breakdown.
Quick Answer
What will my monthly mortgage payment be?
Your monthly mortgage payment includes principal, interest, taxes, and insurance (PITI). For a $400,000 home with 20% down at 7% interest over 30 years, expect to pay approximately $2,661/month including property taxes and insurance. Put less than 20% down? You'll also pay PMI (Private Mortgage Insurance).
Enter your details below to see your exact payment with complete breakdown.
Key Takeaways
- PITI breakdown - Your true payment includes Principal, Interest, Taxes, Insurance, and potentially PMI
- 20% down avoids PMI - Private mortgage insurance typically costs 0.3%-1.5% of loan annually until you reach 20% equity
- Total cost matters - A 30-year loan at 7% can cost nearly as much in interest as the original loan amount
- Extra payments save thousands - Even $200/month extra can shorten your loan by years and save tens of thousands in interest
- Compare loan terms - 15-year loans have higher payments but dramatically lower total interest
Private Mortgage Insurance (PMI)
PMI usually ends once your loan reaches ~80% loan-to-value (22% equity).
Typical PMI range: 0.3%-1.5% of loan amount annually
Default rate used: 0.7% of loan amount per year
Note: Actual PMI rates vary by lender, credit score, and loan type.
What This Means For You
Payment Projections
Principal vs Interest Over Time
Total Cost Over Time
Most people focus on the monthly payment. This shows what the loan actually costs over time.
A slightly higher down payment or shorter loan term can save tens of thousands in interest.
Mortgage Payment Comparison
Understanding Your Mortgage Payment
What's in Your Payment?
Your true monthly mortgage payment includes more than just principal and interest. Property taxes, insurance, HOA fees, and PMI (if applicable) all contribute to what you'll actually pay each month.
Why Total Cost Matters
A lower monthly payment often means paying more interest over time. A 30-year mortgage at 7% interest can result in paying nearly as much in interest as the original loan amount.
Extra Payments Help
Early extra payments reduce your principal balance, which means less interest accrues over the life of the loan. Even small additional payments can save thousands in interest.
PMI Explained
PMI is typically required when your down payment is less than 20%. It protects the lender if you default, and typically costs 0.5% to 1% of the loan amount annually. Once you reach 20% equity, you can request removal.
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Frequently Asked Questions
Your total monthly payment typically includes Principal & Interest (P&I), Property Taxes, Home Insurance, and potentially PMI and HOA fees. This is often abbreviated as PITI or PITIA.
Longer loan terms (like 30 years) have lower monthly payments but result in significantly more interest paid over time. Shorter terms (15 or 20 years) have higher monthly payments but save tens of thousands in interest.
You can request PMI removal once you reach 20% equity in your home. This can happen through regular payments, extra payments, or home value appreciation. Your lender is required to automatically cancel PMI at 22% equity.
Extra payments applied to principal reduce your loan balance faster, which decreases the total interest you'll pay. Even $100-200 extra per month can save tens of thousands in interest and shorten your loan by years.
This calculator focuses on understanding your exact monthly payment and total loan cost with all fees included. The regular mortgage calculator is better for exploring different home price scenarios and affordability analysis.
Related Guides
Official Sources
- HUD: Buying a Home - U.S. Department of Housing and Urban Development guidance on the home buying process, FHA loans, and homeowner assistance programs.
- CFPB: Owning a Home - Consumer Financial Protection Bureau resources for understanding mortgage payments, loan terms, and homeowner protections.
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