🏠 Mortgage Calculator

Calculate your total monthly mortgage payment.

About This Mortgage Calculator

This mortgage calculator provides a comprehensive estimate of your total monthly housing payment, including principal, interest, property taxes, and homeowners insurance (commonly referred to as PITI). Understanding your complete monthly obligation is crucial for determining how much home you can truly afford.

How to Use This Calculator

  1. Home Price: Enter the purchase price of the home you're considering.
  2. Down Payment: Input your planned down payment amount. A larger down payment reduces your loan amount and may help you avoid private mortgage insurance (PMI).
  3. Interest Rate: Enter the annual interest rate on your mortgage. Rates vary based on credit score, loan type, and market conditions. Check current rates from multiple lenders.
  4. Loan Term: Most mortgages are 30-year or 15-year terms. Shorter terms have higher monthly payments but significantly less total interest.
  5. Property Tax: Enter your estimated annual property tax. This varies by location and is typically 0.5-2.5% of home value annually.
  6. Homeowners Insurance: Input your estimated annual insurance premium. This protects your investment and is required by lenders.

The Mortgage Payment Formula

P&I = P × [r(1+r)^n] / [(1+r)^n - 1]
Total Monthly = P&I + (Tax/12) + (Insurance/12)

Affordability Guidelines

Financial experts recommend keeping your total housing payment (PITI) below 28% of your gross monthly income. Your total debt payments (including car loans, student loans, credit cards) should not exceed 36-43% of gross income. Use this calculator to find a comfortable payment that fits your budget while accounting for all homeownership costs.