Free Mortgage Payment Calculator
Estimate your monthly mortgage payments including principal, interest, taxes, and insurance (PITI). Compare different loan terms and see how much you'll pay over the life of the loan.
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16.7% down • Loan amount: $200,000
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Loan Summary
💡Tip: A 15-year mortgage has higher monthly payments but you'll pay significantly less interest over the life of the loan.
Understanding Your Mortgage Payments
This mortgage calculator helps you estimate your monthly payments including principal, interest, taxes, and insurance (PITI). Understanding these components is crucial for financial planning.
Key Mortgage Terms Explained
- Principal: The total amount of money you borrow from a lender. Your monthly payments will gradually pay this down over the life of the loan.
- Interest Rate: The percentage the lender charges you for borrowing the money. This is a key factor in determining the overall cost of your loan.
- Loan Term: The length of time you have to repay the loan. Common terms are 15 or 30 years. A shorter term means higher monthly payments but less total interest paid.
- PMI (Private Mortgage Insurance): Required if your down payment is less than 20%. This protects the lender if you default on the loan.
- PITI: Principal, Interest, Taxes, and Insurance - the four components of a complete mortgage payment.
15-Year vs 30-Year Mortgage
A 15-year mortgage typically has a lower interest rate and you'll pay significantly less interest over the life of the loan. However, monthly payments are higher. A 30-year mortgage offers lower monthly payments, making it easier to afford, but you'll pay more interest overall.