Free Mortgage Calculator
Estimate your monthly mortgage payments accurately. Breakdown costs for Principal & Interest, Property Taxes, Home Insurance, and HOA fees to budget your dream home.
Last Updated: 15 Jan 2026
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What is a Mortgage Calculator?
A mortgage calculator is a specialized financial tool that estimates your monthly home loan payments, including principal, interest, property taxes, home insurance, and HOA fees. It provides a comprehensive breakdown of all costs associated with homeownership, helping you understand the true monthly cost of buying a home.
Buying a home is one of the biggest financial decisions you'll make. A mortgage calculator helps you determine how much house you can afford, compare different loan scenarios, and plan your budget effectively. Understanding all components of your mortgage payment (PITI) prevents surprises and ensures you're financially prepared for homeownership.
Why Use Our Free Mortgage Calculator?
Complete PITI Breakdown
Get a full breakdown of Principal, Interest, Taxes, and Insurance. See exactly how much you'll pay monthly, not just the loan payment.
Affordability Planning
Determine how much house you can afford based on your income and budget. Compare different home prices, down payments, and loan terms.
Loan Comparison
Compare different mortgage scenarios by adjusting interest rates, loan terms (15 vs 30 years), and down payment amounts to find the best option.
Common Use Cases for Mortgage Calculator
Home Buying
Affordability Assessment
Determine how much house you can afford based on your income, down payment, and monthly budget. Avoid overextending yourself financially.
Down Payment Planning
See how different down payment amounts affect your monthly payment. Calculate if a larger down payment saves money long-term.
Loan Term Comparison
Compare 15-year vs 30-year mortgages. See how shorter terms increase monthly payments but save thousands in interest.
Refinancing
Refinance Analysis
Calculate potential savings from refinancing at a lower interest rate. Determine if refinancing costs are worth the monthly savings.
Rate Comparison
Compare current mortgage rates with new offers. See how rate changes affect your monthly payment and total interest paid.
Budget Planning
Plan your monthly housing budget including all costs. Ensure you can comfortably afford mortgage payments plus maintenance and utilities.
Understanding PITI: Your Complete Mortgage Payment
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance—the four components that make up your total monthly mortgage payment:
- Principal: The amount that reduces your loan balance and builds equity
- Interest: The cost of borrowing money, highest in early years
- Taxes: Property taxes paid to local government, often escrowed
- Insurance: Homeowners insurance protecting against damage
Principal & Interest
The core loan payment. Principal reduces your balance; interest is the lender's fee. Early payments are mostly interest, later payments mostly principal.
Property Taxes
Annual taxes based on your home's assessed value, divided into monthly payments. Often collected in an escrow account and paid by the lender.
Home Insurance
Protects your home against damage from fire, storms, theft, and other perils. Required by lenders and typically bundled into monthly payments via escrow.
Mortgage Payment Components Explained
Principal
The portion of your payment that goes toward paying down the loan balance. This builds your equity in the home over time.
Tip: Making extra principal payments can significantly reduce total interest and shorten your loan term.
Interest
The fee paid to the lender for borrowing money. In early years, interest makes up the majority of your payment.
Tip: Lower interest rates save thousands over the life of the loan. Even 0.5% can make a big difference.
Property Taxes
Annual taxes based on your home's assessed value. Varies by location and is often collected monthly via escrow.
Tip: Research local property tax rates before buying. They can vary significantly between areas.
Home Insurance
Protects your home against damage. Required by lenders and typically costs 0.25-0.5% of home value annually.
Tip: Shop around for insurance quotes. Rates vary significantly between providers.
Frequently Asked Questions
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required if your down payment is less than 20%. It protects the lender if you default. PMI typically costs 0.5-1% of the loan amount annually and can be removed once you reach 20% equity.
How does down payment affect my payment?
A larger down payment reduces the loan amount, which lowers monthly principal and interest payments. It may also eliminate PMI if you put down 20% or more, saving hundreds per month.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but save tens of thousands in interest. 30-year mortgages offer lower payments and more flexibility. Choose based on your budget and financial goals.
What's included in the escrow account?
Escrow accounts hold funds for property taxes and homeowners insurance. Your lender collects 1/12 of annual costs each month and pays these bills when due, ensuring they're always paid on time.
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. It represents the total monthly cost of your mortgage, not just the loan repayment.
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