Estimate your potential monthly mortgage payment with Chase. This calculator helps you understand how different loan amounts, interest rates, and terms can affect your payments.
15 Years
30 Years
20 Years
25 Years
Estimated Monthly Payment (PITI)
$0.00
Includes Principal, Interest, Taxes, and Insurance.
Understanding Your Chase Home Loan Payment
When you take out a home loan, your monthly mortgage payment typically consists of more than just the principal and interest. For a comprehensive picture, Chase, like most lenders, considers the "PITI" components: Principal, Interest, Taxes, and Insurance.
The Math Behind the Payment
Our calculator uses standard financial formulas to estimate your monthly PITI payment. Here's a breakdown:
1. Principal and Interest (P&I)
This is the core part of your mortgage payment that goes towards paying down your loan balance and covering the lender's interest. The formula for calculating the monthly P&I payment (M) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal Loan Amount
i = Monthly Interest Rate (Annual Rate / 12)
n = Total Number of Payments (Loan Term in Years * 12)
For example, if you borrow $300,000 at an annual interest rate of 3.5% for 30 years:
P = $300,000
i = 0.035 / 12 = 0.00291667
n = 30 * 12 = 360
Plugging these into the formula results in a monthly P&I payment of approximately $1,347.09.
2. Property Taxes
These are taxes levied by your local government on your property value. Lenders often collect these funds monthly as part of your mortgage payment and hold them in an escrow account, paying them on your behalf when due. The monthly tax amount is your total annual property tax divided by 12.
Example: If your annual property tax is $3,600, your monthly tax portion is $3,600 / 12 = $300.
3. Homeowner's Insurance
This insurance protects your home against damage from events like fire, storms, or theft. Like property taxes, lenders typically require you to pay for this monthly via escrow. The monthly insurance amount is your total annual premium divided by 12.
Example: If your annual homeowner's insurance premium is $1,200, your monthly insurance portion is $1,200 / 12 = $100.
4. Private Mortgage Insurance (PMI)
If your down payment is less than 20% of the home's purchase price, lenders like Chase will usually require you to pay for PMI. This protects the lender in case you default on the loan. PMI costs vary but are typically between 0.5% and 1% of the original loan amount annually, paid monthly. This calculator includes an input for annual PMI. If your down payment is 20% or more, you may not have PMI.
Example: If your annual PMI is $600, your monthly PMI portion is $600 / 12 = $50.
Total Estimated Monthly Payment (PITI)
The calculator sums up the estimated monthly P&I, monthly property taxes, monthly homeowner's insurance, and monthly PMI (if applicable) to give you the total PITI payment. This figure represents the amount you can expect to pay each month to service your mortgage and cover related property expenses.
Using This Calculator
Enter the loan amount you're considering, the estimated annual interest rate you might qualify for, your loan term preference, and estimates for annual property taxes, homeowner's insurance, and PMI. Click "Calculate Payment" to see your estimated total monthly cost.
Disclaimer: This calculator provides an estimate only. Actual loan terms, interest rates, and required payments may vary. Consult with a Chase Home Lending Advisor for personalized quotes and official information.
function calculateMortgage() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var propertyTax = parseFloat(document.getElementById("propertyTax").value);
var homeInsurance = parseFloat(document.getElementById("homeInsurance").value);
var pmi = parseFloat(document.getElementById("pmi").value);
var resultValueElement = document.getElementById("result-value");
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(propertyTax) || isNaN(homeInsurance) || isNaN(pmi)) {
resultValueElement.textContent = "Please enter valid numbers.";
return;
}
if (loanAmount <= 0 || interestRate < 0 || loanTerm 0) {
principalAndInterest = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
principalAndInterest = loanAmount / numberOfPayments; // Simple division if rate is 0%
}
// Calculate monthly taxes, insurance, and PMI
var monthlyTaxes = propertyTax / 12;
var monthlyInsurance = homeInsurance / 12;
var monthlyPmi = pmi / 12;
// Calculate total monthly payment (PITI)
var totalMonthlyPayment = principalAndInterest + monthlyTaxes + monthlyInsurance + monthlyPmi;
// Format the result to two decimal places
resultValueElement.textContent = "$" + totalMonthlyPayment.toFixed(2);
}