Calculate Mortgage Payment & Total Interest Instantly (PITI)
Calculate monthly mortgage payment with principal, interest, property taxes, insurance (PITI), and HOA fees. Shows amortization schedule, total interest paid, and payoff date with extra payment scenarios.
How to Use Mortgage Calculator
How to Use Mortgage Calculator
Try Example Presets: Click on presets like "Starter Home", "Mid-Range Home", "Luxury Home", or "15-Year Mortgage" to see sample calculations for different scenarios.
Enter Home Price: Input the total purchase price of the home you want to buy. This is the listing price or agreed purchase price.
Enter Down Payment: Input how much you plan to pay upfront. Typically 20% to avoid PMI, but can be as low as 3-5% for some loan types.
Set Interest Rate: Enter the annual interest rate (APR) for your mortgage. Check current rates from lenders - typically 5-7% depending on market conditions.
Select Loan Term: Choose between 15, 20, or 30 years. Shorter terms have higher monthly payments but lower total interest.
Add Annual Property Tax: Enter the yearly property tax amount. Typically 1-2% of home value annually, varies by location.
Add Annual Home Insurance: Enter yearly homeowners insurance cost. Usually $800-$2,000 annually depending on home value and location.
Add Monthly HOA Fees (Optional): If the property has a homeowners association, enter the monthly HOA fee. Leave at 0 if not applicable.
Add Extra Monthly Payment (Optional): Enter any additional amount you plan to pay each month to pay off the loan faster and save on interest.
Click Calculate: Press Calculate to see your monthly payment breakdown, total interest paid, payoff date, and loan summary.
Review Payment Breakdown: See PITI breakdown (Principal, Interest, Taxes, Insurance) plus HOA fees for your total monthly payment.
Check Loan Summary: View total interest paid over the life of the loan, total amount paid, and exact payoff date.
View Amortization Schedule: Click "Show Schedule" to see month-by-month breakdown of principal, interest, and remaining balance for the first year.
Reset Anytime: Click Reset to clear all inputs and start a new calculation.
Common Use Cases
- Home Affordability: Determine if you can afford a specific home based on monthly payment calculations.
- Budget Planning: Calculate total monthly housing costs including taxes, insurance, and HOA fees.
- Loan Comparison: Compare different loan terms (15 vs 30 years) to see impact on monthly payments and total interest.
- Down Payment Planning: See how different down payment amounts affect monthly payments and loan terms.
- Extra Payment Strategy: Calculate how extra payments can reduce loan term and save thousands in interest.
- Refinancing Analysis: Evaluate potential savings from refinancing to a lower interest rate.
- First-Time Homebuyers: Understand the full cost of homeownership beyond just the purchase price.
- Investment Property: Calculate cash flow for rental properties by understanding total monthly obligations.
Tips for Best Results
- Include all costs: property taxes, insurance, and HOA fees for accurate monthly payment
- 20% down payment typically eliminates PMI (Private Mortgage Insurance) requirement
- Lower interest rates significantly reduce total interest paid over loan lifetime
- 15-year mortgages have higher monthly payments but save substantially on interest
- Extra payments toward principal can shave years off loan and save thousands
- Property taxes and insurance typically increase over time - budget accordingly
- Consider total monthly payment (PITI + HOA) should not exceed 28% of gross income
- Check current mortgage rates from multiple lenders before committing
- Pre-approval helps determine realistic home price range before house hunting
- Factor in closing costs (2-5% of home price) and moving expenses when budgeting
Frequently Asked Questions
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