Mortgage Calculator
Thinking of buying a house? Estimate your monthly loan payment including principal, interest, taxes, and insurance (PITI).
Estimated Monthly Payment
$0.00
Payment Breakdown
Total Principal:
Total Interest:
How It Works
This calculator helps you estimate your monthly mortgage payment, commonly known as PITI, which stands for Principal, Interest, Taxes, and Insurance. Here’s a breakdown of each component:
- Principal: The amount you borrow from the lender. Each payment reduces the principal balance of your loan.
- Interest: The cost of borrowing the money, expressed as a percentage rate. In the early years of your loan, a larger portion of your payment goes toward interest.
- Taxes: Property taxes are paid to your local government. They are typically collected by the lender and held in an escrow account, then paid on your behalf.
- Insurance: Homeowners insurance protects your property against damage. Like taxes, these premiums are usually included in your monthly payment and paid from escrow.
Understanding PITI is crucial for budgeting accurately for homeownership, as it represents your total monthly housing cost.