Estimates for planning only, not a loan offer or quote. Rates, PMI pricing, taxes, and insurance vary by borrower, property, and market.
How to read the number
Most calculators (and most listing portals) show principal & interest only. The payment that determines whether a buyer is comfortable, and what a lender qualifies them against, includes property taxes, homeowner's insurance, HOA dues, and PMI when the down payment is under 20%. On a typical purchase that difference is several hundred dollars a month, which is why buyers who "penciled it out themselves" so often get sticker shock at pre-approval.
Rules of thumb worth knowing
- Rate sensitivity: on a $320,000 loan, every 0.5% of rate moves the payment roughly $100/month. Shopping the rate matters more than shopping the toaster-oven closing gift.
- PMI isn't forever: on conventional loans it can typically be removed once you reach about 20% equity, through payments, appreciation, or both.
- 15-year math: the payment is higher, but try it above, the total interest saved over the life of the loan is usually startling.
FAQ
What does PITI mean?
Principal, Interest, Taxes, and Insurance, the four parts of a real monthly payment. This calculator shows all of them, plus HOA and PMI.
When do I pay PMI?
Usually on conventional loans with less than 20% down. It commonly runs about 0.3–1.5% of the loan per year depending on credit and equity; the calculator applies your chosen rate automatically when the down payment is under 20%.
Is this a loan quote?
No, it's a planning estimate. A loan officer can turn it into real numbers for your credit, property, and program.
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