Mortgage Calculator — Calculate Monthly Payments Free Online

PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Principal reduces your loan balance, interest is the lender's charge, taxes are property taxes collected monthly and paid to your local government, and insurance is your homeowner's insurance premium.

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's purchase price. It protects the lender if you default. PMI typically costs 0.5%—1.5% of the loan amount annually. Once you reach 20% equity, you can request to have PMI removed.

A 30-year mortgage has lower monthly payments but you pay significantly more in total interest. A 15-year mortgage has higher monthly payments but you build equity faster and pay much less interest overall. For a $400,000 loan at 7%, a 30-year mortgage costs about $536,000 in total interest; a 15-year costs about $232,000.

Conventional loans typically require 3%—20% down. Putting down less than 20% means you'll pay PMI. FHA loans allow as little as 3.5% down. VA and USDA loans may require 0% down for eligible buyers. A larger down payment reduces your loan amount, monthly payment, and total interest.

No. All calculations happen entirely in your browser. No data is sent anywhere.

No. This calculator shows principal and interest only. Add property taxes, insurance, and HOA fees for a complete monthly cost estimate.