Mortgage Payment Calculator
Monthly Payment Breakdown
How to Use This Calculator
Enter the home price, your down payment percentage, and select a loan type. The calculator uses current mortgage rates from Freddie Mac's Primary Mortgage Market Survey. You can adjust the interest rate manually if you have a specific rate quote.
The calculator shows a full PITI estimate (Principal, Interest, Taxes, Insurance) including PMI if your down payment is less than 20%.
Current Mortgage Rates (Freddie Mac PMMS)
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Frequently Asked Questions
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Most lenders use PITI to determine how much home you can afford.
Private Mortgage Insurance (PMI) protects the lender if you default. It's typically required when your down payment is less than 20% of the home price. PMI can be removed once you reach 20% equity.
A 30-year fixed mortgage offers lower monthly payments but you pay more interest over time. A 15-year mortgage has higher monthly payments but a lower rate and significantly less total interest. Use this calculator to compare both options.
We use the standard 28% front-end debt-to-income ratio. Your total monthly housing payment (PITI) should not exceed 28% of your gross monthly income. The income needed is the minimum annual income required to meet this threshold.