Mortgage Calculator — Free Online Tool
A mortgage payment is more than principal and interest — property tax and insurance (PITI) ride along every month. Enter your numbers to see the full monthly picture before you house-hunt.
What is the Mortgage Calculator?
Most buyers focus on the home price, but the monthly payment is what determines affordability. Lenders use the 28/36 rule of thumb: housing costs under ~28% of gross monthly income, total debt under ~36%. This calculator shows the complete PITI payment so you can test-drive a price against your budget.
The down payment does double duty: it shrinks the loan (and thus the payment), and reaching 20% usually avoids PMI — private mortgage insurance that protects the lender, not you. Also note how much of early payments goes to interest: on a 30-year loan, you'll pay more in interest than many buyers expect, which is why extra principal payments early on save so much.
How to use this calculator
- Enter the home price and your down payment %.
- Enter the interest rate and loan term in years.
- Optionally add annual property tax and homeowner's insurance.
- Click Calculate Mortgage for the monthly PITI breakdown.
Formula
Frequently asked questions
What does PITI stand for?
Principal, Interest, Taxes, and Insurance — the four parts of a typical monthly mortgage payment.
How much house can I afford?
A common guideline: keep PITI under 28% of gross monthly income. Lenders also weigh your total debts.
What is PMI and how do I avoid it?
Private Mortgage Insurance protects the lender on low-down-payment loans. A 20% down payment usually avoids it.
Is a 15-year or 30-year mortgage better?
15-year loans have higher payments but far less total interest and usually lower rates. 30-year loans maximize monthly flexibility.