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Mortgage Calculator Guide
Estimate your full monthly mortgage payment — not just principal and interest, but also property taxes, home insurance, PMI, and HOA dues. This "PITI" total is what actually leaves your account each month.
PITI = Principal + Interest + Taxes + Insurance, plus PMI if your down payment is under 20%, plus any HOA dues. Principal and interest come from the loan amount, rate, and term.
How Is a Mortgage Payment Calculated?
The loan (price minus down payment) is amortized over the term at the given rate to get principal and interest. Then monthly taxes, insurance, PMI, and HOA are added. For example, a $400,000 home with 20% down at 6.5% over 30 years runs about $2,489 a month all in.
About PMI and Down Payments
If your down payment is less than 20%, lenders usually require private mortgage insurance (PMI), estimated here at about 0.5% of the loan per year. Reaching 20% equity typically lets you drop PMI, lowering your payment.
These results are estimates for education and planning, not financial advice. Actual returns, rates, and terms vary — check with a qualified professional before making decisions.
Related: Mortgage Payoff, Down Payment, and Amortization.
Frequently Asked Questions
What is PITI?
Principal, Interest, Taxes, and Insurance — the four main parts of a monthly mortgage payment.
How much is a mortgage on a $400,000 house?
With 20% down at 6.5% over 30 years, the all-in payment is roughly $2,489 a month including taxes and insurance, though rates and local taxes vary.
What is PMI?
Private mortgage insurance, usually required when your down payment is under 20%, which adds to the monthly payment until you build enough equity.
Does this include taxes and insurance?
Yes — enter your annual property tax and insurance and they are added to the monthly total.
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