MTG Calculator
Calculate your mortgage payment including principal, interest, taxes, insurance, and PMI.
Mortgage Payment Calculator
Get a complete breakdown of your monthly housing costs
Purchase price of the home
Annual mortgage rate
Annual property tax
Annual homeowners insurance
Monthly HOA dues (if any)
Private mortgage insurance rate
Total Monthly Payment
$0
Principal, Interest, Taxes & Insurance
Principal & Interest
$0
Monthly P&I
Loan Amount
$0
Amount borrowed
Total Interest
$0
Over loan term
Home Price
$0
Down Payment
$0
Total Payments
$0
Total Cost
$0
Monthly Payment Breakdown
Principal & Interest
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Property Tax
$0
Insurance
$0
PMI
$0
HOA
$0
Payment Details
Principal & Interest
$0
Property Tax
$0
Home Insurance
$0
PMI
$0
HOA Fees
$0
Total Monthly
$0
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
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Understanding Your Mortgage
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance - the four components of a typical mortgage payment. Principal pays down your loan balance, interest is the cost of borrowing, taxes are property taxes, and insurance protects your home.
Private Mortgage Insurance (PMI)
- Required when down payment is less than 20%
- Typically costs 0.5% to 1% of loan annually
- Can be removed once you reach 20% equity
- Automatically cancels at 22% equity
Choosing a Loan Term
- 30-Year: Lower monthly payment, more total interest
- 15-Year: Higher payment, significant interest savings
- 20-Year: Balance between payment and savings
- Shorter terms build equity faster
Tips for Lower Payments
- Increase your down payment to reduce loan amount
- Shop around for the best interest rate
- Consider buying points to lower your rate
- Look for homes with lower property taxes