Mortgage
Mortgage Calculator
Estimate monthly mortgage payments including principal, interest, taxes, and insurance.
Calculator
$
$
%
years
$
$
Monthly payment (PITI)
$1,916.96
Principal & interest
$1,516.96
Property taxes (monthly)
$300
Insurance (monthly)
$100
Loan amount
$240,000
Projection
What is mortgage?
A mortgage is a loan used to buy a home. This calculator estimates your monthly payment including principal, interest, property taxes, and insurance (PITI).
Example
A $300,000 loan at 6.5% for 30 years costs $1,896/month in principal and interest. With $3,600/year taxes and $1,200/year insurance, total is $2,096/month.
Money-saving tips
- •A 20% down payment avoids private mortgage insurance (PMI).
- •Get pre-approved before house hunting to know your budget.
- •Compare offers from multiple lenders — rates and fees vary.
Common mistakes
- •Forgetting property taxes and insurance when budgeting.
- •Choosing a 30-year term without considering the higher total interest.
Financial definitions
- PMI
- Private Mortgage Insurance — required when down payment is under 20%.
- Amortization
- Paying off a loan through regular installments of principal and interest.
Frequently asked questions
Related calculators
Estimated reading time: 6 min