See the whole monthly housing payment, not just principal and interest. Enter a price, down payment, rate, and term, then add property tax, insurance, HOA dues, and PMI to get the full PITI figure lenders use. The schedule is built month by month in whole cents, PMI drops off at 78% loan-to-value, and extra payments show exactly how much interest and time they save.
Everything runs in your browser and nothing is sent anywhere. For a car or personal loan use the auto loan calculator or the loan calculator, which can also solve for a rate or term; to see what your down-payment savings could grow to first, try the compound interest calculator.
Frequently asked questions
What is PITI and why is it higher than my principal and interest?
PITI stands for principal, interest, taxes, and insurance — the four parts of a typical monthly mortgage payment. Principal and interest (P&I) come from the loan itself and stay fixed on a fixed-rate mortgage. Property tax and homeowners insurance are usually collected monthly into an escrow account and paid by your lender when due, so they are added on top. HOA dues and private mortgage insurance (PMI) can add more. Lenders look at the full PITI figure when judging affordability, so it is the number to plan your budget around, not the P&I alone. Taxes and insurance also tend to rise over time even when your rate is locked.
When do I have to pay PMI, and when does it go away?
Conventional lenders usually require private mortgage insurance when your down payment is under 20%, meaning the loan-to-value (LTV) ratio is above 80%. It commonly costs about 0.5% to 1% of the loan per year, depending on your credit score and down payment. Under the federal Homeowners Protection Act, PMI must end automatically once your balance is scheduled to reach 78% of the home's original value, and you can ask to cancel it at 80% if you are current on payments. This calculator drops PMI at 78% of the price on the original amortization schedule — the automatic date the law sets — so extra payments do not move it; it separately shows the payment after which your actual balance is at 80%, when you can ask to cancel. FHA loans use a different mortgage insurance premium with its own rules.
How much do extra payments really save?
More than most people expect, because every extra dollar goes straight to principal and stops accruing interest for the rest of the loan. On a $200,000 loan at 6.5% over 30 years, adding $100 a month saves roughly $56,000 in interest and pays the loan off about five and a half years early. Enter a monthly, yearly, or one-time extra amount and the calculator compares the result with the same loan without extras, showing interest saved and months cut. Before you prepay, confirm your lender applies extra money to principal and does not charge a prepayment penalty, and weigh it against paying down higher-rate debt first.
Why does my lender quote a slightly different payment?
Small differences usually come from rounding, the exact tax and insurance figures, or fees. This calculator rounds each month's interest to the cent and lets the final payment absorb the leftover, as servicers do, so totals can differ from a pure formula by a few cents. Lenders also escrow actual tax bills and insurance premiums rather than a percentage estimate, may add an escrow cushion, and quote APR, which folds in points and fees, alongside the note rate. Use the interest rate from your Loan Estimate here, not the APR, and plug in real tax and insurance quotes for the closest match.
Is a 15-year or 30-year mortgage better?
A 15-year loan has a noticeably higher monthly payment but usually a lower rate, and you pay far less total interest because the balance shrinks faster. A 30-year loan keeps the required payment low, which gives flexibility, and you can still prepay it as if it were shorter. Try both in the term chips and compare the total interest and payoff date. Many borrowers take the 30-year payment for safety and add a voluntary extra amount each month, getting part of the savings without committing to the higher required payment. The right choice depends on your cash reserves, other debts, and how long you plan to stay.