Mortgage Calculator
Estimate your monthly mortgage payments with taxes and insurance included.
Loan Details
Enter your loan details to see your monthly payment breakdown
About Mortgage Calculations
Principal & Interest: Calculated using the standard mortgage amortization formula. Your monthly payment remains constant, but the proportion going to principal vs. interest changes over time.
Property Tax & Insurance: These are typically escrowed and paid monthly. Actual amounts may vary by location and insurance provider.
HOA Fees: Monthly homeowners association fees (if applicable). These are separate from your mortgage payment.
Note: This calculator provides estimates only. Actual payments may vary based on lender terms, PMI requirements, and other factors. Always consult with a qualified mortgage professional.
The "True" Cost of Homeownership
Many first-time homebuyers focus solely on the principal and interest payment, overlooking the significant impact of PITI (Principal, Interest, Taxes, and Insurance). Property taxes and home insurance premiums can fluctuate annually, potentially raising your monthly obligation even with a fixed-rate loan. In some high-tax areas, these escrowed items can make up nearly 40% of the total monthly payment.
Understanding your amortization schedule is also key to long-term savings. In the early years of a 30-year mortgage, the vast majority of your payment goes toward interest rather than equity. Making even small additional principal payments early in the loan term can shave years off the mortgage and save tens of thousands of dollars in interest costs over the life of the loan.