See exactly what your monthly payment looks like — including taxes, insurance, PMI, and HOA. Plain numbers, no surprises.
PITI stands for Principal, Interest, Taxes, and Insurance — the four parts of a typical monthly mortgage payment. Our calculator includes all four, plus optional HOA dues and PMI.
Private Mortgage Insurance is typically required by lenders when your down payment is less than 20% of the home price on a conventional loan. We auto-calculate it at roughly 0.5% of the loan amount per year — a reasonable estimate, though real PMI varies.
A common rule of thumb is that your total monthly housing cost (PITI) shouldn't exceed 28% of your gross monthly income. So someone earning $100k a year (about $8,333/month) should aim to keep housing under $2,333/month.
15-year loans have higher payments but cost dramatically less in total interest. A $400k loan at 6.85% costs about $544k in interest over 30 years, but only $230k over 15 years. The tradeoff: less monthly cash flow flexibility.