⚡ Free Online Tool
Mortgage Calculator
Calculate monthly mortgage payments with full PITI breakdown — principal, interest, taxes, and insurance. See your complete amortization schedule.
❓ Frequently Asked Questions
What is PITI? +
PITI = Principal + Interest + Taxes + Insurance. It's the total monthly mortgage cost. Lenders use PITI to determine how much you can borrow — typically ≤28% of gross monthly income.
How much down payment do I need? +
Most lenders require 10-20%. Less than 20% usually requires Private Mortgage Insurance (PMI). A higher down payment reduces monthly payments and total interest paid.
Fixed vs adjustable rate mortgage? +
Fixed rate: same interest rate for the loan term — predictable and stable. ARM: starts lower but can rise. Good for short-term ownership (5-7 years), risky for long-term.
Does extra payment reduce mortgage significantly? +
Yes! Paying just $100 extra monthly on a $300,000 mortgage at 7% for 30 years can save over $40,000 in interest and pay off the loan 4 years earlier.