Mortgage Calculator
The real monthly number — principal, interest, property tax and insurance together, plus what the loan costs over its life.
The payment a bank advertises is principal and interest — but the check you actually write every month also covers property taxes and homeowner's insurance. This calculator shows the complete picture (what lenders call PITI): enter the home price, down payment, rate and term, add your area's yearly tax and insurance, and see the true monthly cost alongside the loan amount and the lifetime interest.
Every input updates the results live, which makes this a what-if machine: nudge the rate an eighth of a point to see what a better lender quote is worth, compare 15 versus 30 years, or test how a bigger down payment changes both the payment and the total interest (on a 30-year loan, lifetime interest often rivals the amount borrowed — seeing that number focuses the mind). If you put less than 20% down, the calculator flags that private mortgage insurance (PMI) will typically be added by your lender. For a plain auto or personal loan without escrow, use the simpler loan calculator; to see what your down-payment savings could grow to first, try the compound interest calculator.
How to use the Mortgage Calculator
- Enter the home price and your down payment percentage — the loan amount and down payment in dollars compute automatically.
- Enter the interest rate you've been quoted and the term (30 and 15 years are the common choices).
- Add yearly property tax and insurance for your area — rough numbers are fine and can be refined later.
- Read the total monthly payment, and adjust any input to compare scenarios live.
Frequently asked questions
What does PITI mean?
Principal, Interest, Taxes, Insurance — the four parts of a real monthly mortgage payment. Principal and interest repay the loan; taxes and insurance are usually collected monthly into an escrow account and paid by the lender on your behalf.
How much should I budget for property tax and insurance?
US property tax averages roughly 0.9–1.1% of home value per year but ranges from ~0.3% to over 2% by state and county — your county assessor's site has the local rate. Homeowner's insurance typically runs $1,200–$3,000+/year depending on region and coverage.
What is PMI and when do I pay it?
Private mortgage insurance protects the lender when your down payment is under 20%. It typically costs 0.5–1.5% of the loan amount per year, added to your monthly payment until you reach about 20% equity. The calculator flags when it applies but doesn't include it, since rates vary by credit score.
15-year or 30-year — how do I compare fairly?
Run both here and look at two numbers: the monthly payment (the 15-year is higher, but usually less than double) and lifetime interest (the 15-year is often 60%+ lower, helped by a lower rate). The right answer is the longest payment you can comfortably afford to be wrong about.
Does this include HOA fees or utilities?
No — HOA dues, utilities and maintenance aren't part of the mortgage payment. A common budgeting rule is to set aside an extra 1–2% of the home's value per year for maintenance on top of what this calculator shows.