Mortgage Calculator

The Mortgage Calculator estimates the true monthly cost of a home loan by building a full PITI payment — principal and interest, property tax, and home insurance — plus private mortgage insurance where it applies. Start with a home price and a down payment you can enter as a dollar amount or a percentage, then add the loan term, interest rate, annual property tax, annual home insurance, and a PMI rate. The calculator instantly shows your Monthly PITI as one large number, then splits it into Principal + interest, Property tax, Insurance, and PMI, and also reports the loan amount, down payment, and total monthly figure. Because taxes and insurance are rolled in, the result reflects what an escrowed payment actually looks like, not just the bare principal-and-interest quote a rate table shows. The PMI field follows the standard rule — it typically applies when your down payment is below 20 percent, and you set it to zero when it does not, exactly as the helper text explains. Home buyers use it to compare 15-year and 30-year terms, check whether 20 percent down removes PMI, and sanity-check lender quotes before committing to the biggest purchase of their lives.

1. 1

   Enter the Home price and your Down payment, toggling the button next to it between % and $ to match how you think about it.

2. 2

   Set the Loan term in years and the Interest rate as a percentage.

3. 3

   Under Monthly costs, fill in annual Property tax, annual Home insurance, and a PMI rate.

4. 4

   Read the large Monthly PITI figure, then the four-part breakdown beneath it.

5. 5

   Check the Loan amount, Down payment, and Total monthly stats to confirm the numbers match your plan.

• Estimating the full monthly cost of a $400,000 home before house hunting.
• Comparing a 15-year mortgage against a 30-year for the same purchase.
• Deciding whether stretching to a 20% down payment is worth removing PMI.
• Budgeting escrow-level payments including taxes and insurance from day one.
• Evaluating two houses whose prices are similar but property taxes differ sharply.
• Stress-testing how much a higher rate would add to a monthly payment.

• Enter property tax and insurance as annual figures — the tool divides them by 12 for the monthly view.
• Set the PMI rate to 0 when your down payment is 20% or more, as the note under the fields advises.
• Remember this estimate excludes HOA dues, utilities, and maintenance, which all belong in a real housing budget.
• Use the loan amount stat to verify the down payment math before trusting the PITI figure.
• Re-run the calculation after rate quotes change — the interest rate is the most sensitive input.
• Treat PMI as an estimate: actual premiums vary by credit score and loan program.

• Toggle the down payment between % and $ to see the same scenario both ways without mental math.
• Compare the PITI of 30-year and 15-year terms to price the trade-off between payment and total interest.
• The PMI line disappears from the math when you set it to 0 — use that to model a 20% down scenario.
• Budget against the Monthly PITI number, not just P+I: taxes and insurance are real cash out every month.