Finance Tools
Free Mortgage Calculator — Monthly Payment, PITI & Amortization
Calculate your complete monthly mortgage payment including principal, interest, taxes, insurance, HOA and PMI. Includes affordability checker, full amortization and rent vs buy comparison.
⚠️
This calculator provides estimates for informational purposes only. Actual mortgage terms, rates, tax assessments and insurance vary by lender, location and borrower profile. Consult a qualified mortgage advisor before making real estate decisions.
Home & Loan
$
%
years
$90,000 (20%)
3%50%
Monthly Costs
%
$
$
Total Monthly Payment (PITI)
$2,970
$360,000 loan · $90,000 down
Principal & Interest$2,395/mo
Property Tax$450/mo
Home Insurance$125/mo
HOA$0/mo
Total Interest (30yr)$502,232
Total Cost$1,069,232
How to Use the Mortgage Calculator
1
Enter home & loan
Input home price, interest rate, loan term and adjust the down payment slider. A PMI warning appears below 20%.
2
Review PITI breakdown
See your full monthly payment split into Principal, Interest, Property Tax, Insurance, HOA and PMI with a visual bar for each.
3
Check affordability
Switch to Affordability, enter your gross income and existing debts to see the maximum home price you can afford (28/36 rule).
4
Compare rent vs buy
Switch to Rent vs Buy and enter your current rent to see a 5-year financial comparison including equity and appreciation.
❓ Frequently Asked Questions
What does PITI stand for and why does it matter?+
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a full monthly mortgage payment. Principal and interest repay the loan itself. Property taxes are collected monthly and held in escrow. Homeowners insurance is also escrowed and paid annually. Taxes and insurance can add $300–$1,000+ per month beyond principal and interest.
What is PMI and when can I remove it?+
PMI (Private Mortgage Insurance) is required by most lenders when your down payment is less than 20%. It typically costs 0.5%–1.5% of the loan amount per year, adding $100–$400/month to your payment. Under the Homeowners Protection Act, lenders must automatically cancel PMI when your balance reaches 78% of the original purchase price.
How much house can I afford?+
A common rule is that your total housing payment (PITI) should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36% (the 28/36 rule). Use our Affordability tab — enter your income and we calculate the maximum home price based on both rules.
How does down payment size affect my mortgage?+
A larger down payment reduces your loan amount, lowers monthly payments, and eliminates PMI once you reach 20%. It also reduces total interest paid over the life of the loan. Use the calculator to compare different down payment scenarios with the slider.
Should I rent or buy? What does the calculator compare?+
Buying generally makes more financial sense if you plan to stay 5+ years, as appreciation and equity accumulation offset higher initial costs. Renting is better for flexibility or in overpriced markets. Our Rent vs Buy tab provides a simplified 5-year financial comparison including equity built and home price appreciation.