Mortgage calculator.
See exactly what your monthly payment looks like, including taxes, insurance, PMI, and HOA. Plain numbers, no surprises.
Read the math
Every formula on this page is explained in plain English, with the worked examples that produced it.
How Much Down Payment Do You Really Need? The 20% Myth Decoded
Conventional wisdom says you need 20% down to buy a home. The truth is more flexible, and waiting to save 20% might be costing you more than you realize. Here's the honest breakdown of every down payment option.
30-Year vs 15-Year Mortgage: The Real Math on Which One Saves You More
A 15-year mortgage feels disciplined. A 30-year mortgage feels flexible. The honest math is more complicated, and the right answer depends on factors most articles ignore.
PMI Explained: When You Pay It, How Much It Costs, and How to Get Rid of It
Private Mortgage Insurance can add hundreds to your monthly payment. Here's exactly when you have to pay it, how it's calculated, and the legal way to make it disappear faster.
Common questions
What does PITI mean?
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.
When do I need 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.
How much house can I afford?
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.
Should I choose a 15 or 30 year mortgage?
15-year loans have higher payments but cost dramatically less in total interest. At 6.85%, a $400,000 loan costs about $543,600 in interest over 30 years but about $241,100 over 15 years, a difference of roughly $302,500. The monthly payment goes from about $2,621 to about $3,562. The tradeoff: less monthly cash flow flexibility.