Mortgage Calculator
Calculate your monthly mortgage payment instantly. Enter your home price, down payment, interest rate, and term to see your full PITI estimate.
How to Use This Mortgage Calculator
Enter your home price and down payment to calculate your loan amount. Then set your interest rate and loan term, and optionally add your estimated property taxes and insurance to see your full monthly payment (PITI).
Hit Calculate Payment for an instant breakdown.
What Is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components that make up a typical monthly mortgage payment:
- Principal — the portion of each payment that reduces your loan balance
- Interest — the cost of borrowing, calculated on your remaining balance
- Taxes — property taxes, usually collected monthly and held in escrow
- Insurance — homeowners insurance, also typically escrowed
Most lenders require escrow for taxes and insurance when your down payment is less than 20%.
30-Year vs. 15-Year Mortgage
A 30-year mortgage offers lower monthly payments and is the most popular choice. A 15-year mortgage has higher payments but you’ll pay significantly less in total interest — often saving six figures on a typical home loan.
Example on a $320,000 loan at 7%:
- 30-year: ~$2,129/month — $446,450 total interest
- 15-year: ~$2,877/month — $197,830 total interest
- Savings with 15-year: ~$248,600 in interest
What Affects Your Mortgage Rate?
- Credit score — higher scores qualify for better rates
- Loan-to-value ratio — more down payment = lower rate
- Loan type — conventional, FHA, VA, and USDA loans all carry different rates
- Market conditions — the Federal Reserve’s rate decisions ripple into mortgage markets
- Loan term — shorter terms usually carry lower rates