Monthly Payment CalculatorPITI Breakdown
Calculate your complete monthly mortgage payment including Principal, Interest, Taxes, Insurance, PMI, and HOA fees. Get detailed amortization schedules and total cost analysis.
Payment Calculator
Click "Show Advanced" to customize property taxes, insurance, PMI, and HOA fees
Payment Breakdown
Important 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.
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.
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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