Mortgage Calculator
This free mortgage calculator computes your complete monthly PITI payment — principal, interest, property taxes, homeowner's insurance, and PMI — so you know exactly what to budget before making an offer. Adjust the home price, down payment, interest rate, and loan term to model any scenario, including refinancing to a lower rate or switching from a 30-year to a 15-year mortgage.
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 eliminates 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 See your full PITI (Principal, Interest, Taxes, Insurance) monthly payment instantly.
Homebuyer Tips
- ✓ A 15-year mortgage typically saves tens of thousands in interest vs. a 30-year — and builds equity twice as fast.
- ✓ PMI costs 0.5–1.5% of the loan annually — putting 20% down eliminates it and lowers your monthly payment.
- ✓ Housing costs should not exceed 28% of gross monthly income — use this calculator to confirm affordability.
- ✓ Get pre-approved before house hunting to know your real budget and strengthen your purchase offer.
Frequently Asked Questions
What is included in a mortgage payment (PITI)?
PITI = Principal + Interest + Taxes + Insurance. Principal reduces your loan balance. Interest is the lender's borrowing fee. Taxes are property taxes (usually escrowed monthly). Insurance covers homeowner's insurance plus PMI if your down payment is under 20%.
What is PMI and when can I remove it?
PMI (private mortgage insurance) protects the lender when your down payment is under 20%. It typically costs 0.5–1.5% of the loan annually. Once your loan-to-value ratio reaches 80% — through payments or home appreciation — you can request PMI cancellation in writing.
Should I choose a 15-year or 30-year mortgage?
30-year: lower monthly payment, but you pay roughly 2× more in total interest. 15-year: payment is ~35–50% higher, but you pay ~60% less interest and own your home in half the time. If you can comfortably afford the 15-year payment, it is almost always the better financial choice.
What credit score do I need for a mortgage?
Conventional loans require 620+. FHA loans allow 580+ (or 500+ with 10% down). The best mortgage rates go to borrowers with 740+. Each 20-point score improvement can meaningfully lower your rate — improving your score before applying saves money over the loan's life.
Calculate by State
State-specific rates, property taxes, and PITI estimates for all 50 states.
View All 50 States →30-Year vs 15-Year
See exactly how much interest you save and how much more you pay monthly.
Compare Terms →Loan· Mortgage· Compound Interest· Savings· Debt Payoff· Investment Return· Credit Card
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