🏡 Free Tool
Mortgage Calculator
Calculate your complete monthly payment including principal, interest, taxes, insurance, PMI & HOA. Live results as you type.
Loan Details
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Taxes, Insurance & Fees
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Amortization Schedule
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Mortgage Calculator FAQ
What does PITI mean?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a complete monthly mortgage payment. Principal and interest go to repaying your loan; taxes and insurance are collected monthly in an escrow account.
When is PMI required?
PMI (Private Mortgage Insurance) is required on conventional loans when your down payment is less than 20% of the purchase price. It protects the lender if you default and can be removed once you reach 20% equity in your home.
Does a higher down payment always save money?
Generally yes — a larger down payment reduces your loan balance, monthly payment, and total interest paid. It also eliminates PMI if you reach 20%. However, you should also consider keeping cash reserves for emergencies and repairs.
How accurate is this calculator?
Our calculator uses the standard amortization formula and includes all major payment components. For the most accurate estimate, use your actual expected tax and insurance figures. Your final payment may vary slightly based on your lender's escrow calculation method.
Monthly Payment
$2,959
Principal + Interest + Escrow