finance
Mortgage Payment Calculator
Free mortgage payment calculator for PITI: principal & interest, property tax, homeowners insurance, PMI, HOA, and other costs—with monthly vs lifetime totals, total interest, and payoff date.
Loan details
Annual tax & costs
Estimated payment
Total monthly (first year)
$2,219.79
Monthly vs lifetime
| Category | Monthly | Lifetime total |
|---|---|---|
| Mortgage (P&I) | $1,769.79 | $637,125 |
| Property tax | $350.00 | $126,000 |
| Insurance | $100.00 | $36,000 |
| PMI | $0.00 | $0 |
| HOA | $0.00 | $0 |
| Other | $0.00 | $0 |
| Total | $2,219.79 | $799,125 |
Summary
Share of monthly payment
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What this tool does
Use this mortgage payment calculator to estimate your full monthly housing cost (often called PITI): principal and interest on your home loan, plus property taxes, homeowners insurance, PMI, HOA fees, and other annual costs you enter. You get a monthly vs lifetime cost table, total interest on the mortgage, an estimated payoff date, and a visual breakdown of where your payment goes. Figures are for planning and education only—not a loan offer, rate lock, or commitment from a lender.
How to use
- Enter home price, down payment percent, loan term, and annual interest rate.
- Set the month and year you want the schedule to start from (used for the payoff date).
- Add property tax as a percent of home value per year, annual insurance, and monthly PMI and HOA if they apply.
- Optionally set an annual percentage increase (under More options) that applies once per year to property tax, insurance, and other annual-cost portions—PMI, HOA, and principal & interest are not escalated in this version.
- Review the monthly vs lifetime table, summary, and chart to see how costs break down.
Example
A $350,000 home with 20% down, 30 years at 6.5%, roughly 1.2% property tax and $1,200/year insurance, yields a detailed monthly total and shows how much goes to P&I versus taxes and insurance.
FAQ
How do I calculate my monthly mortgage payment?
Enter your home price, down payment percentage, loan term in years, and interest rate. The calculator computes principal and interest using a standard fixed-rate amortization formula, then adds monthly amounts for property taxes, insurance, PMI, HOA, and other costs you provide to show a total estimated monthly payment.
What is PITI on a mortgage?
PITI usually means Principal, Interest, Taxes, and Insurance—the core parts of many homeowners’ monthly housing payments. This tool also supports PMI, HOA fees, and other annual costs so you can see a fuller picture than principal and interest alone.
Is this a formal loan offer?
No. All figures are estimates for educational and planning purposes. Actual payments, taxes, insurance, and PMI depend on your lender, location, credit, and loan product.
What does “annual cost increase” do?
If you enter a value greater than zero, each year the model increases the monthly amounts derived from property tax, home insurance, and other annual costs by that percentage (compounded once per year). It does not increase PMI, HOA, or principal & interest in this version.
How is property tax calculated?
We use your annual property tax rate as a percent of the initial home value, spread evenly across 12 months. Local assessments and rates change; this is a simplified estimate.
Does PMI update automatically when LTV drops below 80%?
Not in this version. Enter PMI as a monthly dollar amount, or zero if you expect no PMI. Automatic PMI removal would need loan-specific rules.
Can I use this for non-mortgage loans?
For simple installment loans without taxes and insurance, other tools on this site may fit better. This page is optimized for home purchase scenarios.
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