Should I pay points to lower the rate?

Only if you'll stay in the home past the break-even on the points cost — usually 5+ years.

Principal, Interest, Taxes, Insurance — the four parts of a typical mortgage payment escrowed by your lender.

Is a 15- or 30-year loan better?

15-year saves a lot of interest but raises the monthly payment ~40%. 30-year gives flexibility — you can always pay extra.

Mortgage Calculator

Estimate your monthly mortgage payment including taxes, insurance, and HOA.

Interactive calculator

Home price

Down payment

Interest rate

Loan term

years

Property tax (annual)

Home insurance (annual)

HOA fees (monthly)

Result

Monthly payment

PITI + HOA

$2,654

Principal & interest

$2,129

Loan amount

$320,000

Total interest paid

$446,428

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Compare mortgage rates

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What it is

A mortgage calculator estimates your monthly payment based on home price, down payment, interest rate, and loan term. Most lenders also bundle in property tax, insurance, and HOA — called PITI.

The formula

M = P × r × (1 + r)^n / ((1 + r)^n − 1) P = loan amount, r = monthly rate, n = months

Why it matters

Knowing your monthly PITI before house shopping prevents surprises at closing. A rule of thumb: keep PITI under 28% of gross monthly income.

Worked examples

First-time buyer

$300k home, 5% down, 7% APR, 30-year fixed → roughly $1,895/mo P&I.

Big down payment

Same home with 20% down → P&I drops to about $1,597/mo.

Common pitfalls

Forgetting PMI when down payment is under 20% — typically 0.5–1% of the loan yearly.
Comparing only P&I — taxes and insurance can add $300–$800/mo.
Using a teaser rate instead of the rate you actually qualify for.