Mortgage What-If
What your monthly payment really includes
The loan payment is only part of it. PITI — principal, interest, property taxes, and insurance — is the number that actually hits your budget every month, and it’s what this calculator shows. Skipping taxes and insurance is how people fall in love with a house they can’t afford.
How PMI works, and when it goes away
Put down less than 20% and lenders add private mortgage insurance — typically 0.3–1.5% of the loan per year — until your balance reaches 80% of the home’s value. The calculator shows your monthly PMI, the exact month it drops off, and the total you’ll pay for it. Extra principal payments pull that date closer.
What extra principal payments do
Every extra dollar skips the interest line and attacks the balance directly. On a typical 30-year loan, a few hundred extra a month can cut years off the term and six figures off the interest. The calculator shows both — time saved and interest saved — plus your true monthly commitment.
FAQ
How much house can I afford?
A classic guideline: keep PITI under about 28% of income. This calculator measures against your take-home pay (stricter than the gross-income version lenders use) and, if you've filled in the Budget tab, checks the payment against what your budget can actually absorb.
Is PMI forever?
No — it ends at 20% equity. You can also ask your lender to remove it early if your home's value has risen.
Should I get a 15-year or 30-year mortgage?
A 15-year term roughly halves total interest but raises the payment. Model both — the gap is usually eye-opening in both directions.