Mortgage Calculator

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

Mortgage Calculator
$
$
%
years
$
$
$
Live 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.

Frequently asked questions

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