How to use this mortgage calculator
Enter your home price, down payment, interest rate, and loan term to see your estimated monthly payment instantly. The calculator breaks down every cost component — principal and interest (P&I), property taxes, homeowner's insurance, private mortgage insurance (PMI), and HOA fees — giving you the complete PITI figure lenders use to qualify you.
What is PMI and when do you need it?
Private mortgage insurance is required on conventional loans when your down payment is less than 20% of the home price. It protects the lender, not you. PMI typically costs 0.2%–2% of the loan amount per year. Once your loan-to-value ratio reaches 80% (meaning you own 20% equity), you can request PMI removal — the calculator shows you exactly when that happens.
The 28/36 rule
Most lenders use the 28/36 rule to determine affordability: your total monthly housing payment (PITI) should not exceed 28% of gross monthly income, and total debt payments (housing + car loans + student loans + credit cards) should not exceed 36%. Use this calculator to reverse-engineer a home price that fits your income.
How extra payments work
Even $100–200 extra per month applied directly to principal can save tens of thousands of dollars in interest and shave years off your loan. The amortization schedule shows exactly how extra payments accelerate payoff. The impact is greatest early in the loan when the interest portion of each payment is highest.
15-year vs 30-year mortgage
A 15-year mortgage typically offers a lower interest rate (often 0.5%–0.75% less) and pays off twice as fast, but monthly payments are significantly higher. A 30-year offers lower monthly payments but costs substantially more in total interest over the life of the loan. Use the loan term buttons above to compare both options side by side.
Frequently asked questions
What does PITI mean?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a full mortgage payment. Principal pays down your loan balance; interest is the cost of borrowing; taxes are property taxes collected via escrow; insurance is homeowner's insurance (and PMI if applicable). Lenders use your PITI to calculate your debt-to-income ratio.
How much down payment do I need?
Conventional loans typically require 3%–20% down. Less than 20% triggers PMI. FHA loans require 3.5% with a credit score of 580+. VA loans (veterans) and USDA loans (rural areas) may require zero down. A larger down payment lowers your monthly payment, eliminates PMI, and reduces total interest paid.
What is a good interest rate in 2026?
As of mid-2026, the average 30-year fixed mortgage rate is approximately 6.5%–7.0%. Rates vary by credit score, loan type, lender, and market conditions. Borrowers with excellent credit (760+) typically qualify for rates 0.5%–1% below average. Check current rates from multiple lenders before committing.
What is an amortization schedule?
An amortization schedule shows exactly how each monthly payment is split between principal and interest over the life of the loan. Early payments are heavily weighted toward interest; over time the balance shifts toward principal. The schedule also shows your remaining balance after every payment.
Does this calculator account for ARM mortgages?
This calculator is designed for fixed-rate mortgages. Adjustable-rate mortgages (ARMs) have an initial fixed period (e.g. 5 years) followed by annual rate adjustments based on an index. For ARM estimates, use the initial rate but understand your payment could change significantly after the fixed period ends.
Is my data uploaded anywhere?
No. All calculations run entirely in your browser using JavaScript. No data is sent to any server. Nothing is stored.