Welcome! I’ve created this free Mortgage Payment Calculator to help you Calculate monthly mortgage payments including taxes and insurance. Whether you’re planning your finances, making important decisions, or just exploring your options, this calculator will give you instant, accurate results. I’ve designed it to be simple and straightforward – just enter your information and get the answers you need right away. No registration required, completely free to use.
Mortgage Payment Calculator
Calculate your total monthly mortgage payment including principal, interest, taxes, and insurance (PITI). Essential for home buyers planning their budget.
Understanding PITI
Your total monthly mortgage payment typically includes four components:
- Principal: Payment toward the loan balance
- Interest: Cost of borrowing the money
- Taxes: Property taxes collected by your lender
- Insurance: Homeowner's insurance premium
Additional Costs to Consider
- PMI: Private Mortgage Insurance if down payment is less than 20%
- HOA Fees: Homeowners Association dues (if applicable)
- Maintenance: Budget 1-3% of home value annually
- Utilities: Electric, gas, water, internet, etc.
Mortgage Tips
- Aim for 20% down payment to avoid PMI
- Shop around with multiple lenders for the best rate
- Consider 15-year mortgages for faster payoff and less interest
- Factor in closing costs (2-5% of purchase price)
- Get pre-approved before house hunting
Mortgage Types
- Conventional: Not government-backed, typically requires 5-20% down
- FHA: Government-backed, allows 3.5% down payment
- VA: For veterans, often requires no down payment
- USDA: For rural properties, may require no down payment
- Jumbo: For high-value homes exceeding conforming loan limits
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