Mortgage Calculator
Calculate your complete monthly mortgage payment including principal, interest, property taxes, insurance, and PMI.
Loan Details
Monthly Extras (PITI)
Total Monthly (PITI)
$2,330
Complete payment
Principal & Interest
$1,863
Loan payment
Taxes + Insurance
$467
Escrow monthly
Total Interest
$390.6K
Over 30 years
Monthly Payment Breakdown
Loan Summary
Amortization Schedule (Yearly)
Remaining Balance Over Time
Full Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Y1 | $2.8K | $19.5K | $277.2K |
| Y2 | $3.0K | $19.3K | $274.1K |
| Y3 | $3.3K | $19.1K | $270.8K |
| Y4 | $3.5K | $18.8K | $267.3K |
| Y5 | $3.8K | $18.6K | $263.6K |
| Y6 | $4.0K | $18.3K | $259.5K |
| Y7 | $4.3K | $18.0K | $255.2K |
| Y8 | $4.6K | $17.7K | $250.6K |
| Y9 | $5.0K | $17.4K | $245.6K |
| Y10 | $5.3K | $17.0K | $240.3K |
| Y11 | $5.7K | $16.6K | $234.6K |
| Y12 | $6.1K | $16.2K | $228.4K |
| Y13 | $6.6K | $15.8K | $221.9K |
| Y14 | $7.0K | $15.3K | $214.8K |
| Y15 | $7.6K | $14.8K | $207.3K |
| Y16 | $8.1K | $14.3K | $199.2K |
| Y17 | $8.7K | $13.7K | $190.5K |
| Y18 | $9.3K | $13.0K | $181.1K |
| Y19 | $10.0K | $12.4K | $171.2K |
| Y20 | $10.7K | $11.6K | $160.4K |
| Y21 | $11.5K | $10.9K | $149.0K |
| Y22 | $12.3K | $10.0K | $136.6K |
| Y23 | $13.2K | $9.1K | $123.4K |
| Y24 | $14.2K | $8.2K | $109.3K |
| Y25 | $15.2K | $7.2K | $94.1K |
| Y26 | $16.3K | $6.1K | $77.8K |
| Y27 | $17.5K | $4.9K | $60.3K |
| Y28 | $18.7K | $3.6K | $41.6K |
| Y29 | $20.1K | $2.3K | $21.5K |
| Y30 | $21.5K | $825 | $0 |
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2026 Mortgage Rates & Payments by US State
Average 30-year fixed rate and monthly PITI payment by state (20% down, national median home price)
| State | Avg Rate (30yr) | Median Home Price | Monthly PITI (20% down) | Property Tax Rate |
|---|---|---|---|---|
| Texas | 7.12% | $312,000 | $2,089 | 1.80% |
| California | 7.08% | $756,000 | $4,863 | 0.75% |
| Florida | 7.15% | $398,000 | $2,789 | 0.98% |
| New York | 7.10% | $445,000 | $3,201 | 1.72% |
| Illinois | 7.18% | $267,000 | $2,098 | 2.27% |
| Ohio | 7.21% | $218,000 | $1,592 | 1.59% |
| Georgia | 7.09% | $319,000 | $2,180 | 0.92% |
| North Carolina | 7.11% | $322,000 | $2,207 | 0.82% |
| Arizona | 7.14% | $354,000 | $2,435 | 0.62% |
| Colorado | 7.13% | $522,000 | $3,482 | 0.54% |
| Washington | 7.07% | $561,000 | $3,698 | 1.07% |
| Virginia | 7.10% | $372,000 | $2,531 | 0.87% |
| Nevada | 7.16% | $412,000 | $2,781 | 0.84% |
| Michigan | 7.20% | $218,000 | $1,724 | 1.61% |
| Pennsylvania | 7.19% | $236,000 | $1,876 | 1.58% |
Mortgage Rate by Credit Score (2026)
How your FICO score affects your mortgage rate and monthly payment
| Credit Score | Rate Estimate | $300K Payment | $500K Payment | Annual Savings vs 620 |
|---|---|---|---|---|
| 760-850 (Excellent) | 6.75-7.00% | $1,946-$1,996 | $3,243-$3,326 | $4,800+ |
| 720-759 (Very Good) | 6.90-7.15% | $1,977-$2,028 | $3,295-$3,380 | $3,600+ |
| 680-719 (Good) | 7.10-7.40% | $2,012-$2,069 | $3,353-$3,449 | $2,000+ |
| 640-679 (Fair) | 7.50-8.00% | $2,098-$2,201 | $3,497-$3,668 | $600+ |
| 620-639 (Poor) | 8.10-8.50% | $2,226-$2,305 | $3,710-$3,841 | Baseline |
| Below 620 | FHA/Hard Money | $2,400+ | $4,000+ | N/A |
📊 Key Data Points
$2,261/mo
Avg US mortgage payment 2026 (CFPB)
7.04%
Avg 30-yr fixed rate March 2026 (Freddie Mac)
$447,000
Median existing home price Feb 2026 (NAR)
26.7%
First-time buyers in 2025 market (NAR)
$297/mo
Avg property tax added to mortgage (Tax Foundation)
78% LTV
Threshold for mandatory PMI cancellation (HPA 1998)
Mortgage Calculator with Full PITI, PMI & Amortization -- Complete USA Guide 2026
Most mortgage calculators lie to you -- not intentionally, but by showing only principal and interest. On a $400,000 home in Texas, the P&I at 7% for 30 years is $2,661/month. Add 1.8% property tax ($600/mo), homeowner's insurance ($117/mo), and PMI at 0.8% with 10% down ($240/mo): your real payment is $3,618/month -- 36% higher than what a basic calculator shows.
This calculator shows the full PITI (Principal, Interest, Taxes, Insurance) breakdown. It includes PMI calculation when your down payment is under 20%, a full 30-year amortization schedule, and a remaining balance chart. The result is the actual number you need to compare against the 28% housing expense rule your lender will use during underwriting.
Before you contact a lender, check how much house you can actually afford based on your income, then use this calculator to verify the PITI on your target purchase price. If you're comparing loan scenarios, our Loan Comparison Calculator shows 3 offers side by side.
📋 Real-World Case Study
Sarah & Mike, Dallas TX -- $385,000 Home, 10% Down, 2026
Scenario: Sarah and Mike (combined $145,000 income) found a $385,000 home in Dallas. Lender quoted $2,561/month. They almost signed. Before closing, they ran the full PITI calculation.
Result: P&I: $2,323/mo. Property tax (2.1% Dallas rate): $674/mo. Insurance: $142/mo. PMI (0.8%, 10% down): $231/mo. Real payment: $3,370/mo -- $809/month MORE than quoted. At $3,370/mo, their housing ratio was 27.8% of gross income -- technically under 28%, but barely. They opted for the Down Payment Calculator to model 15% down (eliminated PMI, saved $231/mo) and negotiated $10,000 seller credit for closing costs.
💡 Takeaway: Always model the full PITI before committing. Property tax rate varies by county -- Dallas County is 2.1% vs 1.2% national average, adding $400/month on a $385K home. The Closing Cost Calculator shows the additional cash you need beyond the down payment.
🔬 How This Calculator Works
The CFPB-validated amortization formula: M = P x [r(1+r)^n] / [(1+r)^n - 1], where P = loan principal, r = monthly rate (APR / 12), n = total payments. For a $320,000 loan at 7% for 30 years: r = 0.5833%, n = 360, M = $2,129.
PITI assembly: Monthly P&I plus property taxes (annual rate x home price / 12) plus homeowner's insurance (annual premium / 12) plus PMI when applicable (annual rate x loan amount / 12).
PMI specifics: Required when LTV exceeds 80%. Typical range 0.5%-1.5% annually. Our default: 0.8%. PMI is cancellable at 80% LTV (must request) and auto-cancels at 78% LTV under the Homeowners Protection Act of 1998. On a $320,000 loan with 10% down: PMI at 0.8% = $192/month. At 7% rate, you cross 80% LTV in month 90 (year 7.5). You can calculate your exact payoff date to plan PMI cancellation.
Amortization reality: Month 1 of a $320,000 loan at 7% -- $1,867 goes to interest, only $262 to principal. This is why the Biweekly Mortgage Calculator saves so much: making half-payments every 2 weeks creates one extra payment per year, entirely toward principal, saving $113,000+ in interest on a typical 30-year loan.
📊 Side-by-Side Comparison
| Scenario | Result | Notes |
|---|---|---|
| 30-yr fixed 7.0%, 20% down, $400K | $2,661 P&I / $3,258 PITI | National avg 2026; PITI adds ~$600 TX taxes + insurance |
| 15-yr fixed 6.5%, 20% down, $400K | $3,484 P&I / $4,081 PITI | Saves $264K interest; higher payment |
| 30-yr fixed 7.0%, 10% down, $400K | $2,661 P&I + PMI $240 = $3,498 PITI | PMI adds $240/mo until 80% LTV (~yr 10) |
| FHA 30-yr 6.75%, 3.5% down, $400K | $2,529 P&I + MIP $285 = $3,511 PITI | FHA MIP: lifetime if <10% down |
| ARM 5/1 6.0%, 20% down, $400K | $2,398 P&I fixed 5 years, then adjusts | Rate risk after year 5; saves $263/mo initially |
✅ What You Can Calculate
True PITI -- The Number Banks Use
Lenders qualify you based on PITI not P&I. The 28% front-end DTI rule applies to the complete payment. On a $90,000 household income, max PITI is $2,100/month -- not max P&I. This calculator shows whether you actually qualify before you waste time on a property. Use it alongside the Home Affordability Calculator for the complete picture.
PMI Cost and Elimination Date
PMI on a $350,000 loan with 5% down ($17,500): loan = $332,500, PMI at 0.8% = $221/month = $2,656/year. At 7% for 30 years, you reach 80% LTV in year 9. Total PMI paid: ~$23,900. Putting 10% down instead eliminates PMI from year 7.5 (saves ~$12,500). Putting 20% down eliminates PMI entirely. The Down Payment Calculator models exactly which down payment percentage makes sense for your cash position.
30-Year Amortization with Visual Chart
The amortization chart reveals the front-loading reality: years 1-10 pay mostly interest. On $320,000 at 7%, year 1 total payments = $25,548, of which $22,366 is interest and only $3,182 reduces your balance. By year 20, the split is roughly 50/50. This visualization is why paying extra on your mortgage early has exponentially larger impact than the same extra payment in year 25.
15-Year vs 30-Year Side-by-Side
$320,000 at 7%: 30-year = $2,129/month, total interest $446,810. 15-year at 6.5% = $2,791/month, total interest $182,380 -- saving $264,430. The 15-year costs $662/month more but eliminates over a quarter-million in interest. If that $662/month were invested in an S&P 500 index fund instead, at 10% for 15 years it would grow to roughly $254,000 -- nearly the same as the interest saved. The Pay Off Mortgage vs Invest Calculator runs this exact comparison.
Property Tax by State -- The Hidden Variable
Property tax adds $150-$800/month depending on location. Same $400,000 home: Hawaii 0.27% = $90/mo, Texas 1.8% = $600/mo, New Jersey 2.4% = $800/mo. This single variable changes your affordability by $700/month between states -- larger than most people's car payment. Always use your county's actual rate, not a state average.
Real Refinancing Analysis
When rates drop 1%, refinancing $300,000 saves ~$180/month. Break-even with $6,000 closing costs: 33 months. If you plan to stay 5+ years, refinancing at 1% lower pays off. The Mortgage Refinance Calculator calculates exact break-even for your remaining balance and proposed rate.
⚠️ Common Mistakes & How to Avoid Them
Using the lender's quote as your actual payment -- it's only P&I
Always add property taxes (use your county assessor's rate), insurance ($100-$300/month depending on location and coverage), and PMI if under 20% down. The real PITI is typically 25-40% higher than the quoted P&I.
Using the state average property tax rate instead of your specific county/city
Texas "averages" 1.8% statewide but Dallas County is 2.1%, Travis County (Austin) is 1.95%, Harris County (Houston) is 2.2%. Look up your specific county at your state's assessor website before budgeting.
Assuming PMI is permanent -- many buyers pay it for years without knowing they can cancel
Track your LTV. When your balance drops to 80% of the ORIGINAL purchase price, submit a written PMI cancellation request to your servicer. At 78% LTV, they must cancel it automatically -- but servicers don't always do this proactively. The Payoff Date Calculator helps you track exactly when you hit these thresholds.
Choosing the longest term purely to minimize monthly payment
A 30-year at 7% vs a 15-year at 6.5% on $320,000: $662/month difference, but $264,000 more total interest on the 30-year. If the extra $662/month would genuinely go to investing, a 30-year makes sense. If not, the 15-year forces wealth-building. Be honest about whether you'll actually invest the difference.
Forgetting closing costs when calculating total cash needed at closing
Down payment is NOT all you need. Closing costs add 2-5% of purchase price: $6,000-$15,000 on a $300,000 home. Use the Closing Cost Calculator to estimate all 12 cost categories before finalizing your cash budget.
🎯 Real Scenarios & Use Cases
First-Time Buyer: Setting a Real Budget Before House Hunting
Start with your comfortable monthly budget, not a home price. If your household income is $95,000, the 28% rule allows $2,217/month PITI. At 7% for 30 years with 10% down in a 1.2% property tax state: work backwards to a purchase price of roughly $285,000. Use the Home Affordability Calculator to find your exact price ceiling, then this calculator to verify the PITI on specific homes.
Down Payment Decision: 10% vs 20% -- Which Saves More?
On a $380,000 home at 7%: 20% down = $2,531 P&I, no PMI, $3,128 PITI. 10% down = $2,531 P&I + $228 PMI = $3,356 PITI. Monthly difference: $228. The extra $38,000 needed for 20% vs 10% down, invested in an S&P500 index fund at 7% for 10 years, grows to $74,800. PMI cost over 10 years at $228/month = $27,360. Keeping the extra $38,000 invested while paying PMI wins by $47,440. Model both scenarios with the Down Payment Calculator.
Real Estate Investor: Screening Rental Property Cash Flow
For a rental property, PITI is your baseline monthly cost. Rent minus PITI minus 8% management minus 8% vacancy minus 1% annual maintenance (as monthly equivalent) = actual cash flow. On a $350,000 rental at 7%/30yr/20% down in Texas: PITI = $2,888/month. Rent = $2,400. Cash flow = negative $488/month before maintenance. This property fails the cash flow test at current rates. Use the Real Estate ROI Calculator for the complete analysis.
Refinancing Decision: Break-Even Analysis
You have a $280,000 balance at 7.5% (payment $1,958). New rate available: 6.75% (payment $1,817). Monthly savings: $141. Estimated closing costs: $5,600. Break-even: 5,600 / 141 = 40 months (3.3 years). If you plan to stay 5+ years, refinance. If not, keep current loan. Run your specific numbers in the Mortgage Refinance Calculator.
Early Payoff Strategy: Extra Payment Impact
On a $320,000 mortgage at 7% (30 years): adding $200/month to principal from day one saves $67,000 in interest and pays off 6 years early. Adding $500/month saves $120,000 and pays off 12 years early. The Biweekly Mortgage Calculator shows the free alternative: simply paying half your monthly payment every two weeks saves $113,000 with no budget change -- you make one extra payment per year through the timing difference.
ARM vs Fixed: The Rate Risk Calculation
ARM 5/1 at 6.0% vs 30-year fixed at 7.0% on $320,000: ARM saves $199/month for 5 years = $11,940 total. If the ARM adjusts to 8.0% in year 6, your new payment is $2,318 vs $2,129 fixed -- you pay $189/month MORE than if you'd taken the fixed. Break-even: you need the ARM rate to stay below 7% for at least 8.4 years to come out ahead. Use the Interest Rate Calculator to model the adjustment scenarios.
🎯 Step-by-Step Strategy
Step-by-Step: Get Mortgage-Ready in 2026
- 1
Check your credit score -- 720+ gets rates 0.5-1.0% lower than 680. Each 0.5% rate reduction on $350,000 saves $35,000+ in total interest. If below 720, spend 6-12 months improving it before applying.
- 2
Calculate your true budget using the 28/36 rule: max PITI = 28% of gross monthly income; max all debt = 36%. On $100,000 income ($8,333/mo): max PITI = $2,333. Use the Home Affordability Calculator for your exact numbers.
- 3
Decide your down payment: 3-3.5% (FHA), 5% (conventional with PMI), 10% (lower PMI), 20% (no PMI). Use the Down Payment Calculator to model the monthly payment and total cost for each option.
- 4
Get pre-approved from at least 3 lenders -- Freddie Mac research shows shopping 3+ lenders saves an average of $1,200 in fees and secures lower rates. Compare APR, not just interest rate.
- 5
Budget for closing costs (2-5% of purchase price) on top of your down payment. Use the Closing Cost Calculator to estimate your total cash needed at closing.
- 6
After closing, set a calendar reminder at month 90 (7.5 years) to request PMI cancellation -- saving $2,000-$3,000/year going forward if you put under 20% down.
💡 Pro Tips for Accurate Results
1. Use your county's actual property tax rate (search "[your county] property tax rate") -- state averages mask enormous county-level variation of up to 200-300%.
2. Get 3 actual homeowner insurance quotes before closing. High-risk areas (hurricane belt FL/TX, wildfire CA/CO, flood FEMA zones) can run $3,000-$10,000/year vs. the $1,400 national default.
3. Add HOA fees as a separate mental line item -- they average $200-$400/month in planned communities and are as mandatory as your mortgage payment.
4. Model both your current scenario AND a 1% rate increase -- mortgage applications routinely face rate changes between pre-approval and closing. Know what a 7.5% rate means for your budget before you need to find out at the closing table.
5. The Biweekly Mortgage Calculator is the single highest-return free action you can take after closing. Setting up biweekly payments on day one costs nothing extra monthly but saves over $100,000 in interest on a typical 30-year loan.
🔢 Data Sources & Methodology
Formula source: CFPB (Consumer Financial Protection Bureau) Loan Estimate disclosure requirements under RESPA. Property tax data: Tax Foundation 2025 State-Local Tax Burden Rankings. Insurance defaults: Insurance Information Institute 2025 national homeowner average. PMI rates: Freddie Mac conventional conforming loan PMI disclosure guidelines. The 28% front-end DTI and 36% back-end DTI thresholds: Fannie Mae/Freddie Mac conventional underwriting guidelines (Selling Guide B3-6-02). Interest rate data: Freddie Mac Primary Mortgage Market Survey (PMMS), week of March 18, 2026.
📌 Did You Know?
Fact #1
In month 1 of a $320,000 mortgage at 7%, $1,867 goes to interest and only $262 reduces your balance -- 87.6% pure interest. This reverses only after year 15 when principal starts exceeding interest per payment.
Fact #2
Adding $200/month to a $320,000 mortgage at 7% saves $67,000 in total interest and pays off the loan 6 years and 2 months early -- a 30-year loan becomes a 23-year 10-month loan.
Fact #3
Property taxes vary by up to 9x across US states -- Hawaii averages 0.27% annually, New Jersey averages 2.4%. On a $400,000 home, that's $1,080/year vs $9,600/year -- an $8,520 annual difference for identical homes.
Fact #4
The Homeowners Protection Act of 1998 requires PMI auto-cancellation at 78% LTV but many servicers delay implementation. Sending a certified letter requesting cancellation at 80% LTV can save you $100-$300/month starting immediately.
🔗 Use These Together
🏁 Bottom Line
The mortgage is the largest financial commitment most Americans make. Running PITI numbers -- not just P&I -- before any lender conversation gives you negotiating confidence, accurate budget projections, and a clear picture of how every variable (rate, down payment, term, location) changes your 30-year financial outcome.
Three numbers matter most: (1) PITI as a percentage of gross monthly income (stay under 28%), (2) total interest paid over the loan term (often exceeds the original loan amount), and (3) the LTV year when you can cancel PMI. This calculator gives you all three.
For a complete home purchase financial picture, use this together with the Down Payment Calculator, Closing Cost Calculator, Home Affordability Calculator, and Payoff Date Calculator.
Frequently Asked Questions
At 7% interest over 30 years on a $400,000 home with 20% down ($80,000): Loan amount = $320,000. Principal & Interest = $2,129/month. Add estimated property taxes ($267/mo at 1% rate), homeowner's insurance ($117/mo), total monthly PITI = approximately $2,513/month. With less than 20% down, add PMI of $133-$267/month.
Expert Guide
Want to understand the maths behind this calculator?
Our in-depth guide explains every formula, shows worked examples, and helps you make smarter financial decisions.