How much house can I afford?

A common rule is the 28/36 rule: your monthly mortgage payment (PITI) should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. For a $6,000/month income, max mortgage payment ≈ $1,680.

Should I make extra mortgage payments?

Extra payments apply directly to principal, reducing total interest paid and shortening your loan term. Even $100/month extra on a $300,000 30-year mortgage at 7% saves over $40,000 in interest and cuts ~4 years off the loan.

Finance · Free Tool

Mortgage Calculator
PITI, PMI, HOA & Refi Analysis

Our free mortgage calculator gives you the full picture of your home mortgage. Enter your home price, down payment, interest rate, and term — and instantly see your complete monthly payment including principal & interest, property taxes, homeowner's insurance, PMI, and HOA fees. Plus get equity growth tracking, extra-payment savings, and a refinancing alert.

Last updated: May 10, 2026

🏠 Home Mortgage

100% Free & Private

Total Monthly (PITI+) $0 P&I + Escrow + PMI + HOA

Interest Avoided $0 Guaranteed Savings

New Payoff Date 0Y 0M Time reduction

Financial Freedom Speedup

Every extra dollar reduces your principal directly, causing a massive interest snowball effect.

Total Interest

Scenario with extras

Savings

Pure interest kept

Principal & Interest $0

Escrow (Tax/Ins) $0

PMI $0

HOA $0

Extra Payment $0

Total Cash Outflow $0

Equity at 10 Years $0

0% of total loan paid

Total Time Saved 0 months

Accelerated freedom

PMI Drops Off —

When equity reaches 20%

Period	Interest	Principal	Balance

Dynamic Refinancing Engine

Analyzing current mortgage at 0%. Based on market trends, here is your optimization strategy:

Target Rate (1% Drop) 0%

Estimated Monthly Savings

Insight: A 1% rate reduction typically justifies refinancing if you plan to stay in the home for more than 24 months.

How This Mortgage Calculator Works

This calculator uses the standard mortgage amortization formula for the principal & interest payment, then adds your escrow and optional costs for a true monthly total:

∑ Formula Mortgage Amortization (P&I)

M = P ×

r (1 + r)ⁿ

(1 + r)ⁿ − 1

M Monthly P&I payment

P Principal — home price minus down payment

r Monthly rate (Annual Rate ÷ 12 ÷ 100)

n Total payments (Years × 12)

What's Included in Your Total Monthly Payment

Principal & Interest (P&I) — The base mortgage payment calculated by the amortization formula above.
Property Tax — Enter your annual tax bill; the calculator divides it by 12 for the monthly escrow portion.
Homeowner's Insurance — Annual premium divided by 12, added to your escrow payment.
PMI (Private Mortgage Insurance) — Required when your down payment is less than 20%. Automatically removed once your equity reaches 20% of the home price.
HOA Fees — Monthly homeowners association fee, if applicable.
Extra Monthly Payment — Optional additional principal payment. The calculator shows exactly how much interest you save and how many months earlier you'll pay off the mortgage.

Input Field Guide

Home Price — The full purchase price of the property.
Down Payment — Enter as a dollar amount or percentage. Less than 20% triggers PMI. The calculator syncs both fields automatically.
Interest Rate (%) — Your annual mortgage rate (APR). Current 30-year fixed rates typically range from 6–8%.
Mortgage Term — Most common: 30 years (lower payment) or 15 years (less interest). The calculator supports any term from 1–50 years.
PMI Rate (%/yr) — Typically 0.2%–2% of the original mortgage amount annually. Your lender sets this. Leave at 0 if down payment ≥ 20%.
HOA/month — Check your community's HOA documents. Condos and planned communities often have monthly fees of $100–$500+.

How Much House Can You Afford? The 28/36 Rule

Lenders use the 28/36 rule to determine how much mortgage you qualify for:

Front-end ratio (28%) — Your total monthly housing payment (PITI) should not exceed 28% of your gross monthly income.
Back-end ratio (36%) — All monthly debt payments combined (mortgage + car + student loans + credit cards) should not exceed 36% of gross income.

Example: With a $7,000/month gross income, max PITI ≈ $1,960 and max total debt ≈ $2,520. Use these numbers as a starting point when testing scenarios in the calculator above.

15-Year vs 30-Year Mortgage: Real Numbers

For a $350,000 home, 6.75% rate, 20% down payment ($280,000 loan):

Metric	30-Year	15-Year
Monthly P&I	$1,815	$2,480
Total Interest Paid	$373,400	$166,400
Total Paid (P+I)	$653,400	$446,400
Interest Saved vs 30yr	—	$207,000

The 15-year saves $207,000 in interest but requires $665/month more. Use the calculator to run your specific numbers.

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Frequently Asked Questions

What is PITI in a mortgage payment?

PITI stands for Principal, Interest, Taxes, and Insurance. It represents the full monthly mortgage obligation most lenders use to qualify borrowers. Our calculator shows each component separately and adds PMI and HOA if applicable, giving you the true total monthly housing cost.

When does PMI go away?

PMI (Private Mortgage Insurance) is automatically removed when your mortgage balance drops to 80% of the home's original purchase price — i.e., when your equity reaches 20%. This calculator tracks your balance month by month and shows you exactly which month PMI is eliminated in the Equity Growth tab.

How much does a $400,000 mortgage cost per month?

For a $400,000 mortgage at 6.75% for 30 years, the P&I payment is approximately $2,594/month. Add typical escrow (taxes + insurance ≈ $500/mo) and you're looking at roughly $3,100/month before any PMI or HOA. Use the calculator above for your exact numbers.

Is it worth paying extra on your mortgage?

Yes — extra payments go 100% toward principal, which reduces the balance on which future interest is charged. On a 30-year $400,000 mortgage at 6.75%, paying just $200/month extra saves over $60,000 in interest and cuts nearly 5 years off the term. Enter your scenario in the calculator to see your exact savings.

How much should my down payment be?

20% is the traditional target because it eliminates PMI, but many mortgages allow 3%–5% down. A larger down payment means: lower monthly payment, less total interest, no PMI, and better mortgage terms. Use the Down Payment field to compare scenarios side by side.

When does it make sense to refinance?

Refinancing generally makes sense if you can lower your rate by at least 1%, plan to stay in the home longer than the break-even point (typically 18–24 months), and have enough equity. The Refi Alerts tab in the calculator estimates your monthly savings at a 1% rate reduction.

What's the difference between a 15-year and 30-year mortgage?

A 15-year mortgage has higher monthly payments but significantly less total interest paid. A 30-year mortgage has lower payments but costs much more in total. For example: a $350,000 mortgage at 6.75% costs $2,441/mo over 30 years vs. $3,102/mo over 15 years — but the 30-year term costs approximately $200,000 more in total interest. Try both terms in the calculator to compare.

⚠️ Disclaimer: This calculator provides estimated results for informational purposes only. These are NOT exact figures. Actual mortgage payments may vary based on fees, taxes, PMI rates, and specific lender terms. Always consult a licensed mortgage professional for official payment amounts. See our full Disclaimer.

Mortgage Calculator PITI, PMI, HOA & Refi Analysis