Mortgage Calculator

How to use the mortgage calculator

Enter the home price, your down payment amount, loan term, and interest rate. The calculator adds estimated property tax and homeowners insurance to give you a full monthly payment estimate (often called PITI: Principal, Interest, Taxes, Insurance) — a more realistic picture than principal and interest alone.

What affects your monthly mortgage payment?

Four main factors determine your payment: the loan amount (home price minus down payment), the interest rate, the loan term, and ongoing costs like property tax and insurance. A larger down payment reduces your loan amount and can also help you avoid private mortgage insurance (PMI) if it reaches 20% of the home price. A longer loan term lowers your monthly payment but increases total interest paid over the life of the loan.

Frequently asked questions

What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components that typically make up a monthly mortgage payment. This calculator estimates all four so you get a realistic total, not just the loan payment.

Does this include PMI (private mortgage insurance)?
No. PMI usually applies when your down payment is less than 20% of the home price and varies by lender, so it isn't included here. If your down payment is under 20%, expect an additional 0.5%–1.5% of the loan amount per year.

Are property tax rates the same everywhere?
No, property tax rates vary significantly by state and county — from under 0.5% to over 2% of home value annually. The default of 1.1% is a rough US average; check your local county assessor's site for an accurate rate.

Is my data stored anywhere?
No. This tool is part of the Toolyard collection of free, browser-based utilities. All calculations run locally in your browser — nothing you enter is uploaded to a server or stored anywhere.