Mortgage Calculator
Calculate your complete monthly mortgage payment including principal, interest, property tax, and homeowner's insurance (PITI).
Understanding Your Mortgage Payment
A mortgage payment consists of four components (PITI):
- Principal — The portion that reduces what you owe.
- Interest — The lender's charge for borrowing money.
- Taxes — Property taxes collected and held in escrow.
- Insurance — Homeowner's insurance (and PMI if applicable).
30-Year vs 15-Year Mortgage
A 15-year mortgage typically has a lower interest rate and you'll pay far less total interest — but monthly payments are higher. A 30-year mortgage has lower monthly payments and more flexibility, but you'll pay significantly more interest over the life of the loan.