Mortgage Calculator

Mortgage Calculator

Take advantage of our handy mortgage calculator to help plan out your mortgage!

Calculator Disclaimer: Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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What Does This Mortgage Calculator Payment Entail?

This mortgage calculator above will provide you with your  Principle & Interest Payment Only for the mortgage loan that corresponds to the terms that you fill into the calculator.  This does NOT include the following in the mortgage payment: Property Taxes, Home Owners Insurance, Mortgage Insurance or Homeowners Association Fees.  Most mortgage payments will include escrows for property taxes, homeowners insurance and mortgage insurance in addition to the P&I.  The full mortgage payment is referred to as the PITI (Principle, Interest, Taxes, & Insurance).  If you have mortgage insurance then the full mortgage payment would be PITI & MI.  The Homeowners Association Fee (HOA) is always paid separate from the mortgage payment.

How Do You Calculate Your Full PITI Mortgage Payment?

You can still use the mortgage calculator to help you figure out your full PITI mortgage payment by adding the monthly amount for property taxes and homeowners insurance (HOI) to the Principle & Insurance payment from the mortgage calculator.  Take the yearly amount of property taxes and yearly amount of HOI and divide them both by 12 months in a year.  Take this monthly amount for each and add it to the P&I payment from the mortgage calculator.

Example Mortgage Calculator for $200,000 Purchase:

Total Amount (Purchase Price): $200,000

Down Payment: Use 20% which is $40,000

Interest Rate: 5%

Amortization Period: 30 years

Payment Period: Monthly

Mortgage Calculator P&I = $858.91

Example Property Taxes = $1,200 so divide by 12 months and you get $100 monthly

Example HOI = $600 so divide by 12 months and you get $50 monthly

Your Total PITI payment is found by adding all three together

Total PITI = $1,008.91