How to Use the Mortgage Calculator
- Enter the home price and your down payment.
- Add the annual interest rate and loan term (commonly 15 or 30 years).
- Optionally include annual property tax and home insurance.
- See your monthly payment broken down by principal, interest, tax and insurance.
Frequently Asked Questions
What does PITI mean?
PITI stands for Principal, Interest, Taxes and Insurance — the four parts that typically make up a monthly mortgage payment.
How much down payment should I make?
A 20% down payment usually lets you avoid private mortgage insurance (PMI). A larger down payment lowers both your monthly payment and total interest.
Does this include property tax and insurance?
Yes — you can enter annual property tax and homeowners insurance and the calculator folds them into your monthly estimate.
Is 15 or 30 years better?
A 15-year term has higher monthly payments but far less total interest. A 30-year term is cheaper monthly but costs much more over time.
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