Mortgage Calculator - Calculate Monthly Payments & Total Cost

A full mortgage payment (often called PITI) includes: Principal — the portion reducing your loan balance; Interest — the cost of borrowing; Property Tax — collected monthly and paid to your local government; Home Insurance — protects your property; and PMI (Private Mortgage Insurance) — required when your down payment is less than 20%. This calculator lets you include all these components for a realistic monthly estimate.

The minimum down payment varies by loan type. Conventional loans typically require 3–20%, FHA loans allow as little as 3.5%, while VA and USDA loans may require no down payment at all. A down payment of at least 20% lets you avoid PMI, which can save $50–200+ per month. A larger down payment also means a smaller loan, lower monthly payments, and less total interest paid over the life of the loan.

PMI (Private Mortgage Insurance) protects the lender if you default on your loan. It is required on conventional loans when your down payment is less than 20%. PMI typically costs 0.5–1.5% of the loan amount per year. You can request PMI removal once your equity reaches 20% of the home's original value, and lenders are required by law to cancel it automatically when your equity reaches 22%.

A 15-year mortgage has higher monthly payments but significantly lower total interest — you can save tens of thousands of dollars compared to a 30-year loan. A 30-year mortgage offers lower monthly payments and more cash flow flexibility, making it easier to afford a more expensive home. Use this calculator to compare both options: enter the same loan amount and interest rate with 15 vs 30 years to see the difference in total interest paid.