Mortgage Payment CalculatorEstimate Your Monthly PITI Payment
Estimate principal, interest, taxes, insurance, PMI, and HOA fees, then use the payment breakdown to decide whether the number may fit your budget before speaking with a mortgage expert.
Payment Calculator
Click "Show Advanced" to customize property taxes, insurance, PMI, and HOA fees
Payment Breakdown
What this payment means
One common planning benchmark is comparing your housing payment to gross monthly income. At a 28% housing-payment benchmark, this estimate would suggest about $0/mo in gross income. Your full budget, debts, loan program, and reserves still matter.
Check affordability nextImportant Disclaimer:
This calculator provides estimates only. Actual payments may vary based on credit score, loan type, and lender requirements. All loans subject to credit approval.
Understanding Your Monthly Payment
Learn what makes up your monthly mortgage payment and how to optimize it for your budget.
Principal & Interest
The core of your payment - principal reduces your loan balance while interest is the cost of borrowing.
Property Taxes
Annual taxes assessed by your local government, typically 1-3% of your home's assessed value.
Home Insurance
Protects your home and belongings from damage, theft, and liability claims.
PMI
Private Mortgage Insurance required when your down payment is less than 20% of the home price.
Payment planning
Is This Monthly Mortgage Payment Comfortable?
A mortgage payment estimate is only useful if you understand how it fits the rest of your budget. Review the full PITI number, your other debts, savings goals, cash reserves, and how much payment flexibility you want before choosing a loan scenario.
Quick budget questions
- Does the payment leave room for emergency savings and maintenance?
- Have you included taxes, insurance, PMI, and HOA fees where applicable?
- Would the payment still feel manageable if taxes or insurance change?
Ways to Potentially Lower the Payment
If the payment feels higher than expected, these levers may help you compare more comfortable scenarios.
Increase the down payment
A larger down payment can reduce loan amount and may reduce or remove PMI.
Compare loan terms
A longer term may lower the monthly payment, while a shorter term may reduce total interest.
Review loan programs
Conventional, FHA, VA, USDA, and specialty programs can price differently by borrower profile.
Shop taxes and insurance assumptions
Property taxes and insurance can materially change the total PITI payment estimate.
Frequently Asked Questions
Get answers to common questions about monthly mortgage payments.
What is included in a monthly mortgage payment?
A monthly mortgage payment typically includes Principal, Interest, Property Taxes, and Insurance (PITI). It may also include Private Mortgage Insurance (PMI) if your down payment is less than 20%, and Homeowners Association (HOA) fees if your property is in an HOA community.
How is PMI calculated and when can I remove it?
PMI is typically calculated as 0.5% to 2% of your loan amount annually, divided by 12 for monthly payments. You can usually remove PMI when you reach 20% equity in your home, either through payments or home value appreciation, or when you've paid down your loan to 78% of the original value.
How can I tell if a monthly mortgage payment may fit my budget?
Start by comparing the estimated PITI payment to your gross monthly income, existing debts, savings goals, and emergency reserves. Calculator results are helpful for planning, but a mortgage expert can help review loan program fit, debt-to-income considerations, and payment comfort.
What's the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal loan amount. APR (Annual Percentage Rate) includes the interest rate plus other loan costs like origination fees, discount points, and certain closing costs. APR gives you a more complete picture of the true cost of your loan.
How can I reduce my monthly mortgage payment?
You can reduce your monthly payment by making a larger down payment, choosing a longer loan term, improving your credit score to get a better interest rate, or refinancing when rates drop. You can also reduce or eliminate PMI by reaching 20% equity in your home.
Should I pay extra toward principal each month?
Making extra principal payments can save you thousands in interest over the life of your loan and help you pay off your mortgage faster. However, consider your overall financial goals - it might be better to invest extra money if you can earn a higher return than your mortgage interest rate.
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Want a Mortgage Expert to Review Your Payment?
Share your estimated payment and goals so we can help you compare loan options, payment scenarios, and next steps.