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.
More free tools: Seller net sheet calculator · Commission split calculator · Related: Mortgage CRM
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