Mortgage Payment Calculator
The full monthly payment (PITI) — principal, interest, taxes, insurance, PMI/MIP, and HOA. Model any rate, term, or down payment, and see how one extra payment per year accelerates your payoff.
Related calculators
This tool shows what the payment would be — the affordability calculator answers what payment you qualify for at your income. Confirm your DTI clears the program cap, and don't forget to add closing costs to your cash-to-close. Already own? Model a refinance. Veterans — compare $0-down VA against 3.5%-down FHA in VA vs FHA or check the VA entitlement calculator. See all calculators.
Frequently asked questions
How is a monthly mortgage payment calculated?
Your monthly payment is P&I + taxes + insurance + mortgage insurance + HOA (PITI). Principal & interest come from the standard amortization formula: P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n is the total number of payments. Taxes and insurance are usually escrowed and paid monthly with the loan, and PMI applies whenever your down payment is less than 20% on a conventional loan.
What's included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four pieces of a fully-loaded monthly mortgage payment. Lenders qualify you on PITI (not just P&I), and if your down payment is under 20% they add PMI or MIP on top. HOA dues aren't part of PITI but count toward your DTI.
How much is PMI on a mortgage?
For a conventional loan with less than 20% down, PMI typically runs 0.3%–1.5% of the loan amount annually — most commonly around 0.6% for a well-qualified borrower. On a $350K loan that's ~$175/month. PMI automatically cancels at 78% loan-to-value; you can request removal at 80%. FHA loans use MIP instead (0.55%/yr for the life of the loan at < 10% down).
What if I make extra principal payments?
One extra full monthly payment per year on a 30-year loan cuts the loan by roughly 4–6 years and saves tens of thousands in interest. Confirm your servicer applies extras to principal (not to next month's payment). The best time to add extras is early — that's when almost every dollar of your payment is interest.
How much house can I afford at this payment?
Reverse the calculation: pick a comfortable monthly PITI, subtract estimated taxes/insurance/PMI, and solve back for the loan amount using the same amortization formula — or just use the affordability calculator, which does it in one step and factors in your state's real tax and insurance costs.