Calculate your monthly mortgage payment with a full PITI breakdown. Principal, interest, property taxes, homeowners insurance, and PMI if applicable. Enter your home price, down payment, interest rate, and loan term to see your monthly payment, total interest paid, and a complete amortization schedule. Use the comparison tab to see how 15 years stacks up against 30.
Full PITI breakdown plus amortization. Two modes: calculate payment or find what you can afford.
Reverse calculator. Enter your max monthly payment, see what home price you can afford.
A mortgage payment has two core components: principal and interest. Every month, part of your payment reduces the loan balance (principal) and part is the cost of borrowing (interest). In the early years, most of your payment goes toward interest, not principal. This is amortization.
M = P × [r(1+r)^n] / [(1+r)^n − 1]
M = Monthly payment. P = Principal (loan amount). r = Monthly interest rate (annual / 12 / 100). n = Number of monthly payments (years × 12).
Example: $350,000 loan at 7% for 30 years. r = 0.005833. n = 360. M = $2,328.56/month (P&I only). Total over 30 years: $838,281. Total interest: $488,281 on a $350,000 loan.
PITI stands for Principal, Interest, Taxes, and Insurance. The four components of a complete mortgage payment. Most lenders collect taxes and insurance as part of your monthly payment and hold them in escrow.
Each payment covers the interest owed that month plus some principal. Because interest is based on the remaining balance, the interest portion decreases over time and the principal portion increases. In the first year, ~88% of your payment is interest. By year 25, ~65% of your payment goes toward principal.
The 15-year saves enormous interest but requires higher monthly payments. 15-year rates are typically 0.5 to 0.75% lower than 30-year rates due to lower lender risk.
| Loan | 30-yr (7.0%) | 30-yr Total Int | 15-yr (6.4%) | 15-yr Total Int | Interest Saved |
|---|---|---|---|---|---|
| $200,000 | $1,331/mo | $279,018 | $1,731/mo | $111,623 | $167,395 |
| $250,000 | $1,663/mo | $348,772 | $2,164/mo | $139,529 | $209,244 |
| $300,000 | $1,996/mo | $418,527 | $2,597/mo | $167,434 | $251,092 |
| $350,000 | $2,329/mo | $488,281 | $3,030/mo | $195,340 | $292,941 |
| $400,000 | $2,661/mo | $558,036 | $3,462/mo | $223,246 | $334,790 |
| $450,000 | $2,994/mo | $627,790 | $3,895/mo | $251,152 | $376,638 |
| $500,000 | $3,327/mo | $697,544 | $4,328/mo | $279,057 | $418,487 |
| $600,000 | $3,992/mo | $837,053 | $5,194/mo | $334,869 | $502,184 |
| $750,000 | $4,990/mo | $1,046,317 | $6,492/mo | $418,586 | $627,731 |
Principal and interest only. 20% down assumed. Add ~$200 to $800/month for taxes and ~$100 to $300/month for insurance.
| Home Price | Loan (80%) | 5.5% | 6.0% | 6.5% | 7.0% | 7.5% | 8.0% |
|---|---|---|---|---|---|---|---|
| $200,000 | $160,000 | $908 | $959 | $1,011 | $1,064 | $1,119 | $1,174 |
| $250,000 | $200,000 | $1,136 | $1,199 | $1,264 | $1,331 | $1,398 | $1,468 |
| $300,000 | $240,000 | $1,363 | $1,439 | $1,517 | $1,597 | $1,678 | $1,761 |
| $350,000 | $280,000 | $1,590 | $1,679 | $1,770 | $1,863 | $1,958 | $2,055 |
| $400,000 | $320,000 | $1,817 | $1,919 | $2,023 | $2,129 | $2,237 | $2,348 |
| $450,000 | $360,000 | $2,044 | $2,158 | $2,275 | $2,395 | $2,517 | $2,642 |
| $500,000 | $400,000 | $2,271 | $2,398 | $2,528 | $2,661 | $2,797 | $2,935 |
| $600,000 | $480,000 | $2,725 | $2,878 | $3,034 | $3,193 | $3,356 | $3,522 |
| $700,000 | $560,000 | $3,180 | $3,357 | $3,540 | $3,726 | $3,916 | $4,109 |
| $800,000 | $640,000 | $3,634 | $3,837 | $4,045 | $4,258 | $4,475 | $4,696 |
| $1,000,000 | $800,000 | $4,542 | $4,796 | $5,057 | $5,322 | $5,594 | $5,870 |
Private mortgage insurance (PMI) protects the lender, not you, if you default. Required when down payment is under 20%. Costs 0.46 to 1.5% of original loan amount per year. On $300,000, that's $115 to $375/month.
You can request PMI removal once your loan balance reaches 80% of the home's original value, either through payments or appreciation. The Homeowners Protection Act requires automatic cancellation at 78%.
A fixed-rate mortgage locks your interest rate for the life of the loan. P&I payment never changes. An ARM starts with a fixed rate for an initial period (5, 7, or 10 years) then adjusts periodically based on a market index. ARMs usually start lower but carry risk of payment increases.
| Credit Score | Rating | Mortgage Impact |
|---|---|---|
| 760+ | Excellent | Best rates available, typically 0.5 to 1% lower than average |
| 700-759 | Good | Near-best rates, minimal rate penalty |
| 680-699 | Fair | May qualify for conventional loan, slight rate increase |
| 620-679 | Acceptable | Conventional loan possible, noticeably higher rates. FHA may offer better terms. |
| 580-619 | Poor | FHA loan minimum with 3.5% down. Conventional loan difficult. |
| Below 580 | Very Poor | FHA possible with 10% down. Limited options. |
Lenders use DTI to determine how much mortgage you can afford. DTI = total monthly debt payments / gross monthly income. Most conventional lenders prefer:
Example: $80,000 annual salary = $6,667/month gross. Front-end limit (28%) = $1,867/month max housing. Back-end limit (43%) = $2,867/month max total debt.
At a 7% interest rate on a 30-year fixed mortgage with 20% down (a $240,000 loan), monthly P&I is approximately $1,597.
Add estimated property taxes ($250-600/month depending on location) and homeowners insurance ($100-200/month) for a total PITI of roughly $1,950-2,400.
At 7% on a 30-year fixed mortgage, a $400,000 loan has a monthly P&I payment of approximately $2,661.
A $400,000 home with 20% down ($80,000) leaves a $320,000 loan, roughly $2,129/month P&I. Total payment with taxes and insurance typically runs $2,500-3,000/month.
Using the 28% front-end DTI guideline, a $400,000 home with 20% down ($320,000 loan at 7%) has a P&I of about $2,129/month. With taxes and insurance, total PITI is ~$2,600-2,900/month.
At 28% of gross income, you'd need approximately $9,300-10,350/month gross, or $112,000-124,000/year.
15-year has higher payments but significantly lower total interest, typically saving $100,000-200,000+ on a standard loan. 30-year has lower payments, freeing cash for other investments.
If you can comfortably afford the 15-year payment and plan to stay long-term, the 15-year usually wins mathematically. If cash flow is a concern, the 30-year offers more flexibility.
You pay half your monthly payment every two weeks instead of one full payment monthly. Since there are 26 biweekly periods per year (not 24), you effectively make 13 full monthly payments per year instead of 12.
This extra payment goes entirely to principal and can shave 4-6 years off a 30-year mortgage and save tens of thousands in interest.
Private mortgage insurance is required when your down payment is less than 20%. It protects the lender, not you. Costs approximately 0.46 to 1.5% of the original loan amount per year.
On a $300,000 loan, that's $115-375 per month. PMI can be removed once your loan balance reaches 80% of the original home value. Lenders must auto-cancel at 78%.
On a $300,000 30-year mortgage, the difference between 6% and 7% is approximately $185/month and over $66,000 in total interest paid.
On a $500,000 loan, the same 1% rate difference is roughly $308/month and $110,000 in interest. Shopping multiple lenders and improving your credit before applying can have enormous financial impact.
20% is the traditional target that avoids PMI and gets you favorable terms. Many buyers put down 3 to 10%. FHA requires just 3.5%. Conventional loans allow 3% for qualified buyers.
Larger down payment = smaller loan, lower payment, no PMI. Smaller down = more cash preserved but higher monthly costs and PMI.
Typically 2 to 5% of the loan amount, paid at closing in addition to your down payment. On a $300,000 loan, expect $6,000-15,000.
Common items: loan origination fee (0.5-1%), appraisal ($300-700), title insurance ($500-1,500), property taxes and insurance prepaid into escrow, and various lender/attorney fees.
Most lenders collect property taxes as part of your monthly payment and hold them in an escrow account. Each month, 1/12 of your estimated annual property tax is collected.
When taxes are due, the lender pays them from your escrow account. Property tax rates vary from under 0.3% (Hawaii) to over 2% (NJ, IL, TX).
We built this because the existing mortgage calculators either bury the amortization schedule or use it as a lead-capture funnel for mortgage brokers. This one shows the first year of amortization right in the result, has a true 30-vs-15 comparison, and includes a 'how much can I afford' reverse mode. This site is a part of the ads4good Network.
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