See your real monthly mortgage payment.
Full PITI — principal, interest, taxes, insurance, and PMI — with state-by-state property tax and insurance averages.
Loan Details
What’s actually in your monthly mortgage payment?
Most online mortgage calculators show you only the principal and interest. That’s the number your lender wants you to see — clean, simple, deceptively low. But it’s not what you’ll actually write a check for each month.
The full payment is called PITI: Principal, Interest, Taxes, and Insurance. For most homeowners, taxes and insurance add 25% to 50% on top of the loan payment. On a $400,000 home, that’s often $500 to $900 per month that the basic calculator skips.
The full breakdown
1. Principal & Interest (P&I)
This is the loan portion — paying back what you borrowed plus interest. Early in the loan, most of your payment goes to interest. Over time, the balance shifts toward principal. On a $320,000 loan at 6.40% over 30 years, you’ll pay about $400,000 in interest alone — more than the loan itself.
2. Property Tax
Charged by your county or city, usually 0.3% to 2.3% of the home’s value per year. Hawaii is the lowest at ~0.27%; New Jersey is the highest at ~2.23%. On a $400,000 home, that’s a $7,840 annual difference between the two states. Most lenders collect property tax monthly via escrow.
3. Homeowners Insurance
Required by every lender. National average is around $2,543 per year, but your actual cost varies dramatically by location. Florida averages over $7,100/year due to hurricane exposure. Hawaii averages around $660. ZIP code matters more than almost any other factor.
4. PMI (Private Mortgage Insurance)
If your down payment is less than 20%, lenders require PMI to protect themselves. Typically 0.4% to 1.5% of the loan amount per year. PMI drops automatically once you reach 22% equity, or you can request removal at 20%.
5. HOA Fees
Only if your home is in a homeowners association — common with condos, townhomes, and planned communities. Can range from $25/month to $1,000+ per month for luxury buildings.
On a $400,000 home, property tax alone differs by $7,840 per year between Hawaii (lowest) and New Jersey (highest). That’s $653 per month — enough to make the same home “affordable” in one state and “out of reach” in another. Calculators that use a national average are wrong by hundreds of dollars per month for almost every state.
How to use this calculator
Start with a real home price — what you’d actually consider buying, not what the bank says you can afford. Those are different numbers.
Pick your state — the calculator auto-fills realistic property tax and insurance averages. You can override these with actual numbers from a specific home.
Adjust the down payment — see what happens when you go from 5% to 20%. Notice how PMI disappears at 20% and your total drops noticeably.
Compare 30-year vs. 15-year — the 15-year payment is higher but you’ll save tens of thousands in lifetime interest.
Frequently asked questions
How much house can I afford?
The standard rule is the 28/36 rule: housing costs (PITI) shouldn’t exceed 28% of your gross monthly income, and total debt (PITI + car loans + credit cards + student loans) shouldn’t exceed 36%. We have a separate affordability calculator that handles this with your specific income and debts.
Why is my actual payment higher than what the lender quoted?
The lender’s “monthly payment” usually means principal and interest only. Once your loan closes, they add taxes, insurance, and PMI to your actual monthly bill via escrow. That’s why our calculator shows the full PITI from the start — what you’ll actually pay.
What’s a good interest rate in 2026?
As of late April 2026, average 30-year fixed rates are around 6.40%. 15-year fixed rates are around 5.65%. Your actual rate depends on credit score, down payment size, debt-to-income ratio, and whether you’re paying points. A rate within 0.25% of the average is competitive.
Should I put down 20%?
20% eliminates PMI, which saves you 0.5%–1.5% of the loan amount per year. But putting less down means you keep more cash for emergencies, repairs, or investing. The math depends on your situation. If you can put 20% down without depleting your emergency fund, it’s usually worth it. If 20% would leave you cash-poor, put less down and accept the PMI cost.
Can I pay off my mortgage faster?
Yes — and the savings are huge. Adding even $200/month to your payment on a $320,000 loan at 6.40% saves about $80,000 in interest and shortens the loan by 5+ years. Use our extra payment calculator to see your specific numbers.
This calculator is for educational purposes only. Estimates are based on the inputs you provide and do not constitute a loan offer or financial advice. Actual loan terms, rates, fees, and total costs will be determined by your lender based on credit history, income, and other factors. Property tax and insurance averages cited as of April 2026; your actual costs may vary significantly by location.