Mortgage Calculator

Calculate monthly payment with P&I, taxes, insurance

How to Use

Input the purchase price of the home you want to buy.

Enter your down payment as a percentage or dollar amount.

Set the interest rate and choose 15 or 30-year term.

Optionally add property tax rate and annual insurance cost.

See monthly payment with P&I, taxes, insurance, and PMI if applicable.

How is a mortgage payment calculated?

Monthly payment = P × [r(1+r)^n] / [(1+r)^n – 1], where P is principal, r is monthly interest rate, and n is number of payments.

What is PITI?

PITI stands for Principal, Interest, Taxes, and Insurance - the four components of a typical monthly mortgage payment.

What is PMI and when is it required?

Private Mortgage Insurance is typically required when your down payment is less than 20%. It protects the lender if you default.

Should I choose a 15-year or 30-year mortgage?

15-year mortgages have higher payments but lower total interest. 30-year mortgages offer lower payments but cost more over time.