Calculate your total monthly payment including taxes, insurance, and HOA.
30 Years
20 Years
15 Years
10 Years
Your Estimated Monthly Payment
$0.00
Principal & Interest:$0.00
Property Taxes:$0.00
Homeowners Insurance:$0.00
HOA Fees:$0.00
Estimated PMI (if applicable):$0.00
*PMI is estimated at 0.5% annually if down payment is under 20%. Exact PMI varies by lender.
Understanding Your Monthly Mortgage Payment
When shopping for a home, looking at the listing price is only half the battle. To truly understand affordability, you must calculate your monthly financial commitment. This calculator uses the PITI standard to give you a realistic estimate of your housing costs.
What is Included in PITI?
Mortgage lenders use the acronym PITI to describe the four main components of a mortgage payment:
Principal: The portion of your payment that pays down the loan balance.
Interest: The cost of borrowing money from the lender. In the early years of a 30-year loan, the majority of your payment goes toward interest.
Taxes: Property taxes assessed by your local government. These are typically collected by the lender in an escrow account and paid annually.
Insurance: Homeowners insurance protects your property against damage. Like taxes, this is usually bundled into your monthly payment via escrow.
The Impact of Interest Rates
Even a small change in interest rates can drastically affect your buying power. For example, on a $300,000 loan, the difference between a 6.0% rate and a 7.0% rate can increase your monthly payment by nearly $200. It is crucial to use a mortgage calculator to see how market rate fluctuations impact your specific budget.
Hidden Costs: HOA and PMI
Many homebuyers forget to account for Homeowners Association (HOA) fees and Private Mortgage Insurance (PMI). HOA fees are common in condos and planned communities and are paid in addition to your mortgage. PMI is typically required if your down payment is less than 20% of the home's value. Our calculator estimates PMI automatically to help you avoid surprises at the closing table.
How Much House Can You Afford?
Financial experts generally recommend following the 28/36 rule. This suggests that your mortgage payment (PITI) should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36% of your income. Use the results from this calculator to benchmark against your monthly earnings.
function calculateMortgage() {
// Get input values
var price = parseFloat(document.getElementById('homePrice').value);
var down = parseFloat(document.getElementById('downPayment').value);
var rate = parseFloat(document.getElementById('interestRate').value);
var term = parseFloat(document.getElementById('loanTerm').value);
var taxYearly = parseFloat(document.getElementById('propertyTax').value);
var insuranceYearly = parseFloat(document.getElementById('homeInsurance').value);
var hoaMonthly = parseFloat(document.getElementById('hoaFees').value);
// Validation to prevent NaN errors
if (isNaN(price) || isNaN(down) || isNaN(rate) || isNaN(term)) {
alert("Please enter valid numbers for home price, down payment, rate, and term.");
return;
}
// Calculate Loan Amount
var loanAmount = price – down;
// Monthly Interest Rate and Number of Payments
var monthlyRate = (rate / 100) / 12;
var numPayments = term * 12;
// Calculate Principal & Interest (Standard Amortization Formula)
var piPayment = 0;
if (rate === 0) {
piPayment = loanAmount / numPayments;
} else {
piPayment = loanAmount * (monthlyRate * Math.pow(1 + monthlyRate, numPayments)) / (Math.pow(1 + monthlyRate, numPayments) – 1);
}
// Calculate Monthly Tax and Insurance
var monthlyTax = taxYearly / 12;
var monthlyInsurance = insuranceYearly / 12;
// Calculate PMI (Estimate 0.5% yearly if equity < 20%)
var equityPercent = (down / price) * 100;
var monthlyPMI = 0;
if (equityPercent < 20) {
// Approximate PMI calculation: 0.5% of loan amount per year
monthlyPMI = (loanAmount * 0.005) / 12;
}
// Total Monthly Payment
var totalPayment = piPayment + monthlyTax + monthlyInsurance + hoaMonthly + monthlyPMI;
// Display Results
document.getElementById('totalPaymentDisplay').innerText = "$" + totalPayment.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('piDisplay').innerText = "$" + piPayment.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('taxDisplay').innerText = "$" + monthlyTax.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('insDisplay').innerText = "$" + monthlyInsurance.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('hoaDisplay').innerText = "$" + hoaMonthly.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('pmiDisplay').innerText = "$" + monthlyPMI.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Show result container
document.getElementById('resultContainer').style.display = 'block';
}