Mortgage calculator
The real monthly number: principal and interest plus taxes, insurance, and HOA, not just the loan math.
The numbers under the payment
The lifetime-interest figure above surprises most first-time buyers: on a typical 30-year loan it exceeds the amount borrowed. That is not a scam, it is compounding working against you across 360 payments, and it is why the 15-versus-30-year decision is worth real thought. A 15-year term roughly halves lifetime interest twice over: the term is half, and 15-year rates typically run about half a point lower.
What lenders check that this calculator can preview: the 28/36 rule. Housing costs (the PITI number above) should stay under about 28% of gross monthly income, and all debt payments combined under 36%. If the total monthly figure here is more than 28% of your gross monthly pay, expect the loan officer to squint.
Costs this calculator deliberately leaves out, so budget for them separately: closing costs (typically 2-5% of the loan, due at signing), PMI if you put down less than 20% (the warning appears above when that applies), HOA increases, and maintenance, for which the standing rule of thumb is 1% of the home's value per year.
Frequently asked questions
What does PITI mean?
Principal, Interest, Taxes, Insurance: the four parts of a real monthly housing payment. Lenders qualify you on PITI, not just the loan payment, which is why this calculator includes tax and insurance fields.
How much down payment do I need?
Conventional loans allow as little as 3% down, but below 20% most lenders add private mortgage insurance (PMI), commonly 0.3% to 1.5% of the loan per year. This calculator flags when your down payment is under 20%.
How do I estimate property tax?
US property tax averages around 1% of home value per year but ranges from about 0.3% (Hawaii) to over 2% (New Jersey, Illinois). Your county assessor website lists the actual rate; enter the yearly dollar amount here.
Does a 15-year loan really save that much?
Yes: the rate is usually lower and interest accrues for half as long. On a $300,000 loan, moving from 30 years at 7% to 15 years at 6.4% roughly halves the total interest, in exchange for a higher monthly payment.