Mortgage planning
Mortgage Calculator
Estimate your monthly mortgage payment with real-world assumptions for principal, interest, property taxes, homeowners insurance, PMI, and HOA fees. This calculator works without any signup and helps you compare scenarios before making a purchase or refinancing decision.
Mortgage calculator
Estimate your payment
How to Use This Mortgage Calculator
Start by entering the home price you are considering. The calculator will estimate the loan amount after subtracting the down payment, then it will map the result to a standard amortization formula. From there, you can adjust the interest rate, term length, taxes, insurance, HOA, and PMI assumptions to see how each part changes your monthly cost.
This is especially useful when comparing offers from lenders or checking how a change in rate or down payment affects affordability. It is designed for clarity and speed, not for sales pressure or rigid underwriting decisions.
What Is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. In practical terms, it is the standard package of costs that often appear in a mortgage payment. Principal is the portion that reduces the loan balance; interest is the cost of borrowing; property taxes are usually collected by your local government; and homeowners insurance protects the home.
Understanding PMI
PMI applies when a borrower puts down less than 20% on a conventional loan. It adds a monthly cost until the loan-to-value ratio falls to a level where the lender allows cancellation, often around 78% LTV. This calculator makes it visible so you can see how it affects affordability and when the payment may decline over time.
How Your Monthly Payment Is Calculated
The core formula uses the standard mortgage amortization equation: M = P × [r(1+r)^n] / [(1+r)^n − 1]. In plain terms, the principal and interest portion is based on the loan amount, the monthly interest rate, and the number of months in the loan term. The calculator then adds monthly property tax, insurance, HOA fees, and PMI where applicable.
Fixed-Rate vs Adjustable-Rate Mortgages
Fixed-rate mortgages keep the same interest rate for the life of the loan, making monthly payments more predictable. Adjustable-rate mortgages can start lower but may increase later if market conditions shift. This calculator focuses on fixed-rate scenarios because they are the most common baseline for first-time buyers and comparison planning.
Frequently asked questions
How much house can I afford?
A useful rule is to keep your total monthly housing cost near a comfortable share of your take-home pay. The calculator helps you test different price points and see how taxes, insurance, PMI, and HOA costs change the payment before you shop for a property.
What is a good interest rate in 2026?
A good rate depends on your credit profile, loan type, and the market environment. Recent 30-year fixed averages have hovered in the mid-6% range, which is why it is important to compare scenarios with realistic assumptions before committing to a home purchase.
How does the down payment affect my monthly payment?
A larger down payment reduces the loan balance, which lowers principal and interest. It can also eliminate PMI if you reach at least 20% equity, which can reduce your monthly payment meaningfully over time.
What is PMI and when does it go away?
Private mortgage insurance is an extra monthly cost for borrowers who put down less than 20%. It usually falls away when the loan-to-value ratio reaches 78%, assuming the mortgage is current and the lender allows cancellation under the applicable rules.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan usually comes with a higher monthly payment but far less interest paid over the life of the loan. A 30-year mortgage spreads payments out and keeps the monthly cost lower, which can be easier for cash flow but more expensive in total interest.