Mortgage Calculator 🏡
Calculate your complete monthly mortgage payment — including P&I, property tax, homeowner's insurance, PMI, and HOA. Plus full amortization schedule.
Loan Details
🏡
Fill in your loan details to see your complete monthly payment
What's Included in a Mortgage Payment (PITI)?
- Principal (P): The portion reducing your loan balance
- Interest (I): Cost of borrowing — higher in early years
- Taxes (T): Property tax, typically 0.5%–2.5% of home value per year
- Insurance (I): Homeowner's insurance, average $1,200–$2,000/year
- PMI: Private Mortgage Insurance — required when down payment is <20%
What Is PMI and When Can You Remove It?
PMI protects the lender if you default. It costs 0.5%–1.5% of the loan amount annually. Once you reach 20% equity (80% LTV), you can request PMI removal. It automatically cancels at 78% LTV under the Homeowners Protection Act.
30-Year vs 15-Year Mortgage
- 30-Year: Lower monthly payment, more total interest paid, more flexibility
- 15-Year: Higher payment, significantly less total interest, build equity faster
- Rule of thumb: If you can afford 15-year payments, you'll save tens of thousands in interest
Current Mortgage Rate Trends (2024)
As of 2024, 30-year fixed mortgage rates are approximately 6.5%–7.5%, significantly higher than the 2020–2021 historic lows of 2.7%–3.1%. Always shop multiple lenders — even 0.25% difference can save $10,000+ over the loan lifetime.