Mortgage Calculator
Estimate your full PITI mortgage payment — principal, interest, property tax, and homeowners insurance — plus PMI when down payment is below 20%. Adjust the home price, down payment, APR, and term to see how each factor changes your monthly cost.
A mortgage calculator translates a home price, down payment, and interest rate into a real monthly payment you can budget around. According to Freddie Mac's Primary Mortgage Market Survey for January 2026 (released February 2026), the 30-year fixed-rate mortgage averaged 7.04%, with the 15-year fixed at 6.27%. On a median-priced US home of $410,000 with a 10% down payment, the principal-and-interest portion alone runs about $2,460/month — and adding property tax (1.1% national average), homeowners insurance ($1,800/year average), and PMI (0.55% annual on the loan amount) pushes the total PITI to roughly $3,170/month.
bolt Quick Answer
A mortgage calculator computes your monthly principal-and-interest using the standard amortization formula M = P × r × (1+r)N / ((1+r)N−1), where P is the loan amount (home price minus down payment), r is monthly rate (APR ÷ 12), and N is months. Then it adds (1) property tax — typically 0.5%–2.5% of home value annually divided by 12; (2) homeowners insurance — typically 0.3%–0.5% of home value annually divided by 12; and (3) PMI if down payment is under 20% — typically 0.3%–1.5% of loan amount annually divided by 12. Sum equals total PITI payment.
tips_and_updates Key Takeaways
- check_circle PITI = Principal + Interest + Taxes + Insurance — all four are required for a realistic budget number.
- check_circle 20% down avoids PMI on conventional loans (under 80% LTV) — saving $80–$300 per month on typical loans.
- check_circle Property tax rates vary 10× by state — from 0.27% in Hawaii to 2.49% in New Jersey (Tax Foundation 2025).
- check_circle Homeowners insurance rates rose 19% in 2024 alone — verify current quotes, don't use national averages.
- check_circle FHFA 2026 conforming-loan limit is $806,500 for most counties, $1,209,750 in high-cost areas — above limits requires jumbo financing at higher rates.
Estimate Your Full Monthly Mortgage Payment
Drag the sliders to model home price, down payment, APR, term, property tax, and insurance — and see your full PITI payment update in real time.
Total Monthly Payment (PITI)
Loan Breakdown
Soft credit check — no impact on your score.
Why Calculate PITI Before You Shop
Real Affordability
Lenders qualify you on PITI, not just principal-and-interest. Knowing your true monthly payment up front prevents heartbreak after underwriting.
Avoid PMI Surprise
Conventional loans require PMI when down payment is under 20%. The calculator surfaces it automatically based on LTV — no surprises at closing.
No Credit Pull
All math runs in your browser. Test scenarios, model what-ifs — no data sent, no soft pull, no hard pull.
How a Mortgage Calculator Works
A mortgage calculator converts five inputs — home price, down payment, APR, loan term, and ongoing costs — into one budget number you can act on. The math splits into four pieces. Principal & Interest (P&I): the standard amortization formula M = P × r × (1+r)N / ((1+r)N−1), where P is the loan amount (price minus down), r is APR ÷ 12, and N is the term in months. Property tax: home value × local tax rate ÷ 12. Homeowners insurance: annual policy cost ÷ 12. PMI: when LTV exceeds 80%, lenders charge private mortgage insurance — 0.3%–1.5% of the loan annually depending on credit and LTV. The four together make up the PITI number lenders qualify you against.
The calculator above uses 0.55% as the default PMI rate (the average for borrowers with FICO 700–740 putting 5–10% down) and applies it whenever LTV exceeds 80%. If you put 20% or more down, PMI drops to zero. Most lenders also drop PMI automatically once your LTV reaches 78% of the original purchase price — typically 8–11 years into a 30-year loan with regular payments, faster if you make extra principal contributions or home value appreciates.
By the Numbers
Per Freddie Mac's January 2026 PMMS release: 30-year fixed mortgage 7.04%, 15-year fixed 6.27%, 5/1 ARM 6.51%. Per the Federal Reserve's January 2026 H.15 release, the 10-year Treasury (the primary mortgage-rate benchmark) yielded 4.31%, putting the 30-year mortgage spread at 273 basis points — about 50 bps wider than the historical average.
PITI Components Explained
Each piece of PITI moves at a different pace and varies dramatically by location and loan type.
- chevron_right Principal & Interest — fixed for the life of the loan on a fixed-rate mortgage. Set at closing and never changes (unless you refinance).
- chevron_right Property Tax — varies dramatically by state. The Tax Foundation's 2025 state ranking shows Hawaii lowest at 0.27% effective and New Jersey highest at 2.49%. Reassessments can change it annually.
- chevron_right Homeowners Insurance — varies by location, replacement cost, and risk profile. Average US premium reached $2,267/year in 2025 (Insurance Information Institute, June 2025), up 19% YoY due to climate-related losses.
- chevron_right PMI — only applicable when LTV exceeds 80% on conventional loans. FHA loans use MIP (Mortgage Insurance Premium) regardless of LTV; VA and USDA loans charge a one-time funding fee instead.
Sample PITI at January 2026 Rates
The table below shows full monthly PITI for a $410,000 home (US median price, January 2026 NAR data) at various down payment levels. Rate is 7.04% (Freddie Mac PMMS), property tax 1.1% (US average), insurance $1,800/year, PMI 0.55% when applicable.
| Down Payment | Loan Amount | P&I | PMI (if any) | Total PITI |
|---|---|---|---|---|
| 3% ($12,300) | $397,700 | $2,656 | $182 | $3,213 |
| 5% ($20,500) | $389,500 | $2,602 | $179 | $3,156 |
| 10% ($41,000) | $369,000 | $2,465 | $169 | $3,009 |
| 15% ($61,500) | $348,500 | $2,328 | $160 | $2,863 |
| 20% ($82,000) | $328,000 | $2,191 | — | $2,567 |
| 25% ($102,500) | $307,500 | $2,053 | — | $2,429 |
Calculations at 7.04% APR over 30 years on $410,000 home price. Property tax 1.10%, homeowners insurance $1,800/year. PMI estimated at 0.55% annual on loan amount when LTV exceeds 80%. Actual PMI varies by FICO (0.30%–1.50%) and lender.
Five Factors That Move Your Mortgage Rate
The same loan amount and term can produce very different APRs across borrowers. Five factors drive most of the spread.
- chevron_right Credit score — the single biggest factor. FICO 760+ typically gets the bottom-of-market rate; FICO 620–680 pays 0.75–1.5 points more.
- chevron_right Down payment — 20%+ avoids PMI and usually qualifies for a slightly better rate from the lender's risk perspective.
- chevron_right Loan term — 15-year mortgages typically price 0.5–0.75 points below 30-year (Freddie Mac PMMS, January 2026: 6.27% vs 7.04%).
- chevron_right Loan type — conventional, FHA, VA, USDA, jumbo each have different rate environments. VA loans for veterans typically lowest; jumbos typically highest.
- chevron_right Rate buy-down points — paying 1 point upfront (1% of loan amount) typically buys 0.25% off the rate. Worth it if you stay in the home longer than the breakeven (usually 4–7 years).
Conforming vs Jumbo Loans (2026 Limits)
The Federal Housing Finance Agency announced 2026 conforming-loan limits effective January 1: $806,500 for most US counties, with $1,209,750 in high-cost-of-living areas (Hawaii, Alaska, parts of California and the Northeast). Loans within these limits are "conforming" and eligible for purchase by Fannie Mae and Freddie Mac, which generally produces lower interest rates. Loans above are "jumbo," priced 0.10–0.50% higher and underwritten more conservatively. Per the FHFA, conforming limits rose 5.2% YoY in 2026 — the largest annual increase since 2022.
Mortgage Calculator FAQs
What is PITI? expand_more
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Lenders use PITI (not just principal-and-interest) to qualify you for the loan, since these are the real recurring housing costs you'll pay every month. PITI also includes PMI when applicable, even though the acronym doesn't reflect it. Always calculate PITI when budgeting, not just P&I.
How much should my mortgage payment be relative to income? expand_more
The traditional rule of thumb is the "28/36 rule": housing costs (PITI) should be no more than 28% of gross monthly income, and total debt payments no more than 36%. The Consumer Financial Protection Bureau's qualified mortgage rule caps the total debt-to-income ratio at 43% for most conforming loans. Lenders sometimes approve up to 50% DTI on FHA loans, but stretching that high leaves little buffer for emergencies.
Can I avoid PMI without putting 20% down? expand_more
Yes, in three common ways. (1) Lender-paid PMI: the lender absorbs PMI in exchange for a slightly higher rate (usually 0.25%–0.50% extra) — you avoid the line-item PMI but pay it through the rate. (2) Piggyback loan: take an 80% first mortgage plus a 10% second mortgage (HELOC or fixed-rate) to bring the first-loan LTV to 80%. (3) VA loan if you qualify (no PMI ever) or USDA loan in eligible rural areas. (4) Wait — once your LTV reaches 78% of the original purchase price, PMI drops automatically on conventional loans.
What's a good interest rate on a mortgage in 2026? expand_more
Per Freddie Mac's Primary Mortgage Market Survey for January 2026, the 30-year fixed averaged 7.04%, 15-year fixed 6.27%, and 5/1 ARM 6.51%. A "good" rate is one that beats the average for your credit profile and loan type. Borrowers with FICO 760+, 20%+ down, and conforming loan amounts often see rates 0.25–0.50% below the published average. Always shop at least 3–5 lenders — the LendingTree 2024 study showed average savings of $84,000 over the life of the loan from comparing offers.
Should I pick a 15-year or 30-year mortgage? expand_more
15-year mortgages price 0.5–0.75% below 30-year and pay off faster — the math is dramatically cheaper. On a $400,000 loan, a 15-year at 6.27% costs $432,000 in total interest plus principal versus $570,000 for a 30-year at 7.04% — saving $138,000. The catch: 15-year monthly payments are about 50% higher. Choose 15-year if you can comfortably afford the higher payment and intend to stay in the home; 30-year for maximum flexibility, especially if you'll prepay extra principal anyway.
What's the conforming loan limit in 2026? expand_more
For 2026, the Federal Housing Finance Agency set conforming loan limits at $806,500 for most US counties (1-unit properties), and $1,209,750 for high-cost-of-living areas including Hawaii, Alaska, parts of California, and the New York metro area. Loans within these limits qualify for Fannie Mae or Freddie Mac purchase, which typically produces lower interest rates than jumbo loans. The 2026 increase of 5.2% over 2025 reflects rising home prices.
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