PureCalculator

Mortgage Calculator

Estimate your monthly mortgage payment, total interest, and total cost.

15-Year vs 30-Year Mortgage Calculator options

Compare options side-by-side: evaluate a 15-year and 30-year mortgage side-by-side to see monthly payments, interest savings, and total loan costs.

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Input Parameters

$
$
%
years
%/yr
$/yr
$/mo

Estimated Monthly Payment

$2,673

Your complete estimated monthly payment including principal, interest, taxes, and insurance.

Principal & Interest$2,023
Property Tax$400
Home Insurance$100
HOA Fees$150
Total Loan Amount$320,000
Total Interest Paid$408,142
Monthly Payment Breakdown (PITI)
Payment Allocation

Visual distribution of principal & interest, taxes, insurance, and HOA dues.

Monthly Total$2,673
Principal & Interest
75.7%$2,022.62
Property Tax
15.0%$400.00
Home Insurance
3.7%$100.00
HOA Fees
5.6%$150.00
Amortization Balance Trajectory
Payoff Curve

Remaining loan balance decreasing over the full loan term.

Remaining Loan Balance
Cumulative Interest Paid
Yr 31:$0$408,142
$0$148,156$296,311$448,956Yr 1Yr 7Yr 13Yr 19Yr 25Yr 31

Mortgage What-If Scenarios

Compare your monthly payment and interest with interest rate, loan term, and down payment adjustments.

Scenario impact(-1.0% Rate)
-$206.00 /mo(-7.7%)
Current Monthly Payment
$2,673
What-if Monthly Payment
$2,467
This scenario reduces your monthly payment by $206.00 /mo (-7.7%).

Amortization Table

Formula Transparency

Monthly Mortgage Payment (PITI)

Monthly PITI = [P * (r * (1 + r)^n) / ((1 + r)^n - 1)] + (T / 12) + (I / 12) + HOA

Computes the monthly payment by adding the amortized Principal & Interest (P&I) to monthly allocations of Property Tax, Home Insurance, and HOA dues.

Variable Definitions & Glossary

PPrincipal Loan Amount

Home Purchase Price minus Down Payment amount.

rMonthly Interest Rate

Annual interest rate divided by 12 (number of months in a year).

nTotal Monthly Payments

Loan amortization term in years multiplied by 12.

TAnnual Property Tax

Annual tax imposed by municipality, typically calculated as a percentage of home value.

IAnnual Home Insurance

Annual hazard/hazard premium premium paid to protect the asset.

HOAMonthly HOA Dues

Monthly fees assessed by the homeowners association, if applicable.

Step-by-step educational solution

1

Principal Loan Amount (P)

$320,000
Home Price ($400,000) - Down Payment ($80,000)

The amount you borrow from the lender after subtracting your upfront down payment.

2

Monthly Interest Rate (r)

0.005417
6.5% Annual Rate / 12 Months

Periodic monthly rate used in the compounding amortization formulas.

3

Monthly Principal & Interest (P&I)

$2,023/mo
$320,000 * [0.005417 * (1 + 0.005417)^360] / [(1 + 0.005417)^360 - 1]

The amortized portion of your payment that covers loan balance payoff and lender interest.

4

Monthly Escrows (Taxes & Insurance)

$500/mo
Tax: ($400,000 * 1.2% / 12) + Insurance: ($1,200 / 12)

Taxes and insurance premiums pro-rated to monthly increments for escrow purposes.

5

Total Monthly Payment (PITI)

$2,673/mo
P&I ($2,023) + Tax ($400) + Ins ($100) + HOA ($150)

Your complete monthly out-of-pocket housing cost.

How to Think About This Calculation

Understand the true cost of homeownership with a complete breakdown of principal, interest, taxes, and insurance.

Core methodology
  • 1.First, determine the principal loan amount by subtracting the down payment from the property purchase price.
  • 2.Calculate the base monthly Principal and Interest payment using standard compounding amortization math.
  • 3.Pro-rate annual property taxes and homeowners insurance premiums to add a monthly escrow allocation.
  • 4.Incorporate HOA fees to calculate the absolute monthly shelter expense.
Professional tips
  • Aim for a 20% down payment to automatically waive Private Mortgage Insurance (PMI) charges.
  • Your total monthly housing expenses (PITI) should ideally remain below 28% of your gross monthly household income (the 28/36 rule).
Common pitfalls
  • Forgetting to factor in property tax assessments, which can change when a home is sold.
  • Overlooking ongoing homeowners association (HOA) dues and seasonal maintenance costs.
State-Specific Defaults & Calculations

Explore Mortgage Calculator by State

Select your state to automatically load local property tax rates, state income tax brackets, and median price benchmarks.

California
1.25% Property Tax
Texas
1.6% Property Tax
Florida
0.98% Property Tax
New York
1.4% Property Tax
Illinois
2.08% Property Tax
Frequently asked questions

Frequently Asked Questions

What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. These are the four foundational components of a monthly mortgage payment.
How does property tax affect my payment?
Property taxes are collected annually but usually paid monthly through an escrow account. A higher tax rate directly increases your total monthly PITI payment.
What is the 28/36 rule?
It is a standard underwriting guideline where your monthly housing costs (PITI) shouldn't exceed 28% of gross monthly income, and total debts shouldn't exceed 36%.

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