MORTGAGE
MORTGAGE PAYMENT
M = P·r(1+r)ⁿ / ((1+r)ⁿ-1)
$
%
yrs
RESULT
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FILL IN ABOVE
Principal & interest only. PITI (with tax/insurance) typically runs 25–35% higher.
Not financial advice. This calculator provides estimates using industry-standard formulas for educational purposes only. Real loan terms vary based on your credit, lender fees, and program-specific rates. For any major financial decision (home purchase, large loan, refinance), consult a licensed loan officer or financial advisor before signing anything.
About this calculator
This mortgage calculator computes the monthly principal and interest payment on a fixed-rate home loan. Enter the loan amount, interest rate, and term in years. The calculator does not include property tax, homeowner's insurance, PMI, or HOA — those are typically escrowed and added on top. To estimate total housing cost, add roughly 1.5–3% of home value annually for those items, divided by 12.
Common questions
What does PITI mean?
Principal, Interest, Taxes, Insurance — the four parts of your monthly housing cost. This calculator only shows P&I (principal and interest). T&I (property tax + homeowners insurance) typically adds 25–35% on top, escrowed by your lender.
How much house can I afford?
Lenders typically allow up to 28% of gross income for PITI ("front-end ratio") and up to 36–43% for total debt ("back-end ratio"). On $100K gross income, that's ~$2,300/mo PITI max. Aim lower for actual comfort.
Should I pay points to lower my rate?
Each point costs 1% of the loan and typically reduces rate by 0.25%. Break-even is usually 4–6 years. If you'll stay in the home longer than that, points save money. If you might move or refinance sooner, skip them.