Mortgage Calculator
Buying a home is likely the largest financial decision of your life. This mortgage calculator breaks down your complete monthly payment — including often-overlooked costs like property taxes, insurance, and PMI — so you know exactly what to budget.
Mortgage Calculator
Total Monthly Payment
$2,231.69
Loan Amount
$280,000
Total Paid
$677,408
Total Interest
$397,408
How to Use This Calculator
- 1 Enter the home purchase price.
- 2 Set your down payment percentage. 20% or more avoids PMI.
- 3 Enter the mortgage interest rate and choose a 10, 15, 20, or 30-year term.
- 4 Optionally include annual property tax and homeowner's insurance estimates.
- 5 The calculator shows your full PITI (Principal, Interest, Taxes, Insurance) payment.
Homebuyer Tips
- ✓ A 15-year mortgage builds equity faster and saves tens of thousands in interest vs. a 30-year.
- ✓ PMI (private mortgage insurance) typically costs 0.5–1.5% of the loan amount annually — put 20% down to skip it.
- ✓ General rule: housing costs should not exceed 28% of gross monthly income.
- ✓ Get pre-approved before house hunting to know your real budget and strengthen your offer.
Frequently Asked Questions
What is included in a mortgage payment (PITI)?
PITI stands for Principal (reduces your loan balance), Interest (lender's fee for borrowing), Taxes (property taxes, often escrowed), and Insurance (homeowner's insurance, sometimes also PMI).
What is PMI and when can I remove it?
Private mortgage insurance protects the lender if you default. It's required when your down payment is less than 20%. Once your loan-to-value ratio reaches 80% (through payments or appreciation), you can request PMI removal.
Should I choose a 15-year or 30-year mortgage?
A 30-year has lower monthly payments but costs much more in interest. A 15-year builds equity faster and has a lower rate, but requires larger payments. If you can comfortably afford the 15-year payment, it's usually the better long-term financial choice.
What credit score do I need for a mortgage?
Conventional loans generally require 620+. FHA loans allow as low as 580 (or 500 with 10% down). The best rates go to borrowers with 740+ scores.
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