Mortgage Payment Calculator (PITI)
A mortgage payment calculator estimates the monthly cost of financing a home. Enter the home price, down payment, loan term, interest rate, property taxes, insurance, and HOA fees to see a practical monthly estimate.
Quick answer
Your mortgage payment is mainly determined by the amount borrowed, interest rate, and loan term. Property taxes, homeowners insurance, and HOA fees can materially increase the total monthly housing cost.
At a glance
- What it calculates
- Estimate a monthly mortgage payment with principal, interest, taxes, insurance, and HOA fees.
- Who it is for
- US buyers and owners estimating a full monthly housing payment, not just principal and interest.
- Coverage
- United States (federal rules; state and local rules vary)
- Data and assumptions
- A fixed-rate, fully amortising loan with taxes, insurance, HOA and mortgage insurance entered as monthly amounts.
- Cost
- Free, no signup, calculations run in your browser
- Last reviewed
- 2026-07-09
Calculator
How to use this calculator
- Enter the home price and down payment.
- Add the expected mortgage rate and loan term.
- Enter annual property taxes, insurance, and any monthly HOA fee.
- Review the estimated payment and the cost breakdown.
Explanation
What it is
A mortgage payment calculator estimates the monthly cost of financing a home. Enter the home price, down payment, loan term, interest rate, property taxes, insurance, and HOA fees to see a practical monthly estimate.
How it works
For principal and interest, the calculator uses M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate, and n is the number of monthly payments.
When to use it
Use it when you have a price, rate and down payment in mind and need the full monthly cost including taxes and insurance.
Limitations
- Property tax and insurance are entered as monthly amounts, not looked up by address.
- Escrow adjustments, PMI removal and ARM resets are not modelled.
- Closing costs and prepaid items are excluded from the payment.
Key terms
- Principal
- The amount borrowed after subtracting the down payment.
- Interest
- The cost charged by the lender for borrowing money.
- Amortization
- The process of paying down a loan through scheduled payments.
- Property tax
- A local tax generally based on the assessed value of the property.
- HOA fee
- A recurring charge paid to a homeowners association when applicable.
Formula
For principal and interest, the calculator uses M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate, and n is the number of monthly payments.
Worked example
For a $450,000 home with a $90,000 down payment, a 30-year term, a 6.5% rate, $5,400 in annual property tax, and $1,800 in annual insurance, the calculator estimates the principal-and-interest payment and then adds monthly taxes, insurance, and HOA dues.
FAQ
How much house can I afford on an $80,000 salary?
A common starting point is to keep total monthly housing costs near 28% of gross monthly income, but lenders also review debts, credit, down payment, taxes, insurance, and current rates. Use an affordability analysis rather than relying on salary alone.
What is included in a monthly mortgage payment?
A full housing payment may include principal, interest, property taxes, homeowners insurance, mortgage insurance, and HOA dues. This calculator includes the most common recurring items but does not include every possible fee.
How does a larger down payment change my payment?
A larger down payment reduces the loan principal, which generally lowers monthly principal and interest. It may also reduce or eliminate private mortgage insurance on some loans.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage usually has a higher monthly payment but less total interest. A 30-year mortgage usually has a lower payment but more interest over the life of the loan.
Does this calculator include closing costs?
No. Closing costs are usually paid upfront or financed separately and can include lender fees, title services, appraisal costs, prepaid taxes, and insurance.
Why is my lender quote different from this estimate?
A lender may use a different rate, tax estimate, insurance premium, mortgage insurance charge, fee structure, or escrow calculation. Treat this result as planning guidance, not a loan offer.
How do I calculate a mortgage payment with taxes and insurance?
Calculate principal and interest from the loan amount, rate and term, then add monthly property tax, homeowners insurance, HOA dues and mortgage insurance. The combined figure is often called PITI and is what a lender uses for qualifying.
How much does a 1% higher mortgage rate cost?
On a $400,000 30-year loan, moving from 6% to 7% raises the monthly principal and interest from about $2,398 to about $2,661, roughly $263 a month or $95,000 over the life of the loan.
Common mistakes
- Using only principal and interest instead of the full housing cost.
- Ignoring closing costs and cash reserves.
- Assuming the advertised rate is guaranteed.
- Choosing a payment that leaves no room for maintenance.
Tips
- Test several rates and down payments.
- Keep a separate closing-cost estimate.
- Compare the result with your full monthly budget.
- Request a formal Loan Estimate before deciding.
Sources and editorial review
Educational estimates only; not personalized financial, tax, legal, lending, investment, or insurance advice.