See your full monthly mortgage payment in the US, not just principal and interest. This calculator adds property tax, homeowners insurance, PMI and HOA dues, and shows the income lenders typically look for.
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What’s in a monthly mortgage payment (PITI)
- Principal and interest: the loan repayment itself, fixed for the life of a fixed-rate mortgage.
- Taxes: property tax, often collected monthly into an escrow account. Rates range from under 0.5% of value a year in some states to over 2% in others.
- Insurance: homeowners insurance, also usually paid through escrow.
- PMI: private mortgage insurance on conventional loans with less than 20% down, often 0.3% to 1.5% of the loan a year.
- HOA dues: paid to a homeowners association, separately from the mortgage.
Worked examples
1. A $400,000 home with 10% down
Borrowing $360,000 at 6.5% over 30 years costs $2,275.44 a month in principal and interest. Adding 1.1% property tax ($366.67), $1,800 a year of insurance ($150) and PMI at 0.5% ($150) gives $2,942.11 a month.
2. The same home with 20% down
Borrowing $320,000 drops principal and interest to about $2,022 and removes PMI, so the payment falls to about $2,539, roughly $400 a month less.
3. 15 years versus 30 years
On a $320,000 loan at 6.5%, a 15-year term costs about $2,788 a month in principal and interest against $2,022 for 30 years. But total interest is about $182,000 instead of $408,000.
How much house can I afford?
Many lenders use the 28/36 guideline: housing costs of no more than 28% of gross monthly income, and total debt payments of no more than 36%. The calculator shows the yearly income needed for your payment to be 28%. Lenders’ actual limits vary by loan type.
Frequently asked questions
What is PITI?
Principal, interest, taxes and insurance: the four parts of a typical monthly mortgage payment.
When does PMI stop?
On conventional loans you can ask to cancel PMI when your balance reaches 80% of the original home value, and it ends automatically at 78%.
Is a 15-year mortgage better than a 30-year?
It costs far less interest overall and often has a lower rate, but the monthly payment is much higher. A 30-year loan with extra payments gives some of both.
Does this include closing costs?
No. Closing costs, often 2% to 5% of the loan, are paid upfront and aren’t part of the monthly payment.
Sources
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