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Mortgage Calculator

Calculate monthly PITI payment, total interest, amortization schedule, and PMI impact for home loans worldwide.

Formula verified by CalcPro.pro Editorial TeamLast updated May 2025

Home Loan Details

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+ Add Property Tax, Insurance & HOA (for full PITI payment)

About This Calculator

This mortgage calculator computes your complete monthly housing payment including principal, interest, property taxes, homeowner's insurance, PMI, and HOA fees — giving you the true PITI cost. It also generates a full amortization schedule so you can see exactly how your loan balance decreases over time. Use it to compare loan terms, evaluate down payment scenarios, and plan your home purchase budget.

How to Use This Calculator

  1. 1Select your currency
  2. 2Enter the home purchase price
  3. 3Set your down payment percentage (20% avoids PMI in the US)
  4. 4Enter the annual mortgage interest rate
  5. 5Choose a loan term (15 or 30 years are most common)
  6. 6Optionally add property tax, insurance, PMI, and HOA for a complete PITI payment
  7. 7Click Calculate — then view the amortization schedule

Formula Used

Monthly P&I = Loan × [r(1+r)^n] / [(1+r)^n − 1] | Total PITI = P&I + Tax/12 + Insurance/12 + PMI + HOA

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FAQ

Frequently Asked Questions

Common questions about the mortgage calculator answered.

What is PITI in a mortgage?+
PITI stands for Principal, Interest, Taxes, and Insurance. These are the four components of a complete monthly mortgage payment. Many first-time buyers only consider the P&I (principal and interest) payment, which is what this calculator computes for the base payment. However, your actual monthly obligation will include property taxes (typically 0.5–2% of home value annually), homeowner's insurance (~0.5–1% of value), and PMI if you put less than 20% down.
What is PMI and how can I avoid it?+
PMI (Private Mortgage Insurance) is required by most lenders when your down payment is less than 20%. It protects the lender — not you — if you default. PMI typically costs 0.5–1.5% of the loan amount annually. You can avoid PMI by making a 20% down payment, using a piggyback loan (80/10/10), or choosing a VA loan (for US veterans) which requires no down payment and no PMI.
Is a 15-year or 30-year mortgage better?+
A 30-year mortgage has lower monthly payments, giving you more cash flow. A 15-year mortgage carries a lower interest rate and saves significantly on total interest. On a $400,000 loan at 7.5%, a 30-year term costs approximately $398,000 in total interest. The same loan at 7.0% over 15 years costs only $185,000 — saving $213,000. The right choice depends on your cash flow needs and financial goals.
How much house can I afford?+
Most financial advisors recommend keeping your total housing costs (PITI) below 28% of gross monthly income. On a $100,000 annual salary, that means a housing budget of around $2,333/month. Use our affordability calculator alongside this mortgage calculator to determine your maximum purchase price given your income, down payment, and debts.
How do extra payments affect my mortgage?+
Making just one extra monthly payment per year on a 30-year mortgage at 7% typically shortens the loan by 4–5 years and saves tens of thousands in interest. Even small additional principal payments early in the loan have a large impact because interest is highest at the start of the amortization schedule.

Mortgage Rates and Payments by Country (2024)

In the United States, 30-year fixed mortgage rates ranged from 6.5% to 7.8% in 2024. A $400,000 home with 20% down at 7% carries a monthly P&I payment of approximately $2,129, with a total PITI of $2,600–$2,900 when taxes and insurance are included. In the UK, the typical 2-year fixed rate was 4.5–5.5%. Canadian 5-year fixed rates ranged from 5–6%. Australian variable rates sat between 5.7–6.5%.

  • Compare 15-year vs 30-year total costs
  • See how down payment size affects monthly payments and PMI
  • Plan for the full PITI payment, not just P&I
  • Use the amortization schedule to track equity growth

Understanding Your Amortization Schedule

In the early years of a 30-year mortgage, the vast majority of each payment goes toward interest, not principal. On a $300,000 loan at 7%, your first payment of $1,996 splits roughly $1,750 interest and only $246 principal. By year 20, that ratio has flipped — helping you understand why extra payments early in a mortgage have such a dramatic impact on total interest paid.

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