Mortgage Calculator
Calculate your full monthly payment including principal, interest, property taxes, homeowner's insurance, and PMI. Includes amortization chart and affordability mode.
Total Monthly Payment
$2,486
Loan Amount
$320,000
Total Interest
$431,018
Total Cost of Loan
$751,018
- Principal
- Interest
- Tax & Insurance
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Deepen your understanding with these related articles about mortgage calculator.
How Much House Can You Afford? A Complete Guide
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💡 Pro Tip: Read these articles alongside your calculator results for a complete understanding of the topic.
Frequently Asked Questions
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components that make up your total monthly mortgage payment. Most lenders qualify you based on your full PITI payment, not just principal and interest.
What is PMI and when can I remove it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's value. Once your loan-to-value ratio drops to 80%, you can request PMI removal. It is automatically cancelled at 78% LTV under federal law.
How does the interest rate affect my payment?
A 1% increase in interest rate on a $300,000 mortgage adds roughly $170–$180 per month to your payment. Over 30 years, that's over $60,000 in additional interest paid.
What is an amortization schedule?
An amortization schedule shows how each monthly payment is split between principal and interest over the life of the loan. Early payments are mostly interest; later payments shift toward principal.
How much house can I afford?
A common rule is to keep your total housing costs (PITI) below 28% of your gross monthly income. Use the Affordability tab above to calculate your maximum home price based on your income and debts.
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