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Mortgage calculator

Estimate your monthly mortgage payment including principal, interest, property taxes, home insurance, PMI and HOA, then see total interest, a full amortization schedule, and a 28/36 affordability check. Add extra payments to pay off sooner. Everything runs locally in your browser.

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How this mortgage calculator works

  1. Enter the home price, your down payment, the interest rate, and the loan term in years.
  2. Add your yearly property tax rate and home insurance. Open more options for PMI, HOA dues, extra payments, and your income.
  3. The calculator finds your loan amount (price minus down payment) and applies the amortization formula for principal and interest, then adds taxes, insurance, PMI and HOA.
  4. See the full PITI breakdown, an affordability check, and the amortization schedule, and add extra payments to pay off sooner.

Example: a 300,000 dollar loan at 6.5% over 30 years is roughly 1,896 per month for principal and interest, before taxes and insurance.

Mortgage calculator FAQ

How do I calculate my monthly mortgage payment?

Your monthly principal and interest come from the amortization formula. For example, a 300,000 dollar loan at 6.5% over 30 years is about 1,896 dollars a month for principal and interest, before taxes and insurance are added.

How much house can I afford?

Lenders compare your income and debts. As a rule of thumb, a good guideline is the 28/36 rule, which caps housing at 28% of gross monthly income and total monthly debt at 36%.

What is PITI?

PITI stands for principal, interest, taxes, and insurance, the four parts of a typical monthly mortgage payment. Lenders often add PMI and HOA dues on top.

Do I have to pay PMI?

PMI is usually required when your down payment is less than 20% of the price. Once you reach 20% equity in the home you can usually request to have it removed.

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

A 15 year mortgage has a higher monthly payment but saves a lot of interest compared with a 30 year loan, since you borrow for half as long and usually at a lower rate.