Calculate principal, interest, taxes, insurance, and PMI — instantly, with a full amortization breakdown.
Ready to turn this estimate into a real pre-approval?
Get Pre-Approved →Start by typing the purchase price of the home you're considering. This is the total price before any down payment is subtracted. Use the slider for quick adjustments.
Enter the amount you plan to put down, either as a dollar amount or a percentage. A larger down payment lowers your monthly payment and may help you avoid PMI.
Select a loan term (e.g. 30 or 15 years) and enter your expected interest rate. Shorter terms have higher payments but much less total interest paid over time.
Include annual property tax and homeowners insurance. These are added to your monthly payment to give you the true all-in cost of homeownership.
The calculator instantly shows your estimated monthly payment, total interest over the life of the loan, and a full amortization schedule as a chart or table.
Current average rates — updated weekly from Freddie Mac via FRED
30/15-year and 5-year ARM rates sourced from Freddie Mac PMMS via FRED; jumbo rates sourced from Optimal Blue via FRED. Weekly/periodic averages — individual rates vary. Contact JesseBMortgageLender.com for your personalized rate.
Every calculator you need to make a confident home buying decision — free, no login required.
Calculate your monthly payment with taxes, insurance, and PMI. Includes full amortization schedule and interactive chart.
→Compare your current loan vs a new rate. Find your break-even point and total interest savings over time.
→Find your maximum home price based on income, debts, and DTI ratio with conservative, comfortable, and maximum ranges.
→See how extra monthly, annual, or one-time payments shrink your loan and cut years off your mortgage.
→View your complete payment schedule month-by-month or year-by-year, with CSV export and interactive charts.
→Set a savings goal, compare 3%–25% down scenarios, and get a month-by-month savings timeline.
→True cost comparison including equity, appreciation, opportunity cost, and taxes. See the crossover year.
→Find out exactly when your mortgage will be paid off and how extra payments can accelerate your payoff date.
→Get a ballpark rate estimate based on your credit score, down payment, and loan profile. Know what to expect before you apply.
→Decide whether buying discount points makes financial sense. Find your break-even month and lifetime savings.
→Your monthly mortgage payment combines several costs — commonly called PITI (Principal, Interest, Taxes, Insurance). Most lenders want your total PITI below 28% of gross income.
Principal is the portion that reduces your loan balance and builds equity. Interest is the cost of borrowing, charged monthly on your remaining balance. With standard amortization, early payments are mostly interest — on a 30-year loan at 6.75%, only about 13% of your first payment goes to principal. The ratio gradually flips over time.
Property taxes are assessed by your local government at 0.5%–2.5% of home value annually. Homeowners insurance covers damage, theft, and liability — typically $1,200–$2,500/year. Both are usually collected monthly into an escrow account managed by your lender. In high-risk areas, flood or earthquake coverage may also be required.
Required when your down payment is under 20%, PMI protects the lender and costs 0.2%–1.5% of your loan per year. It's automatically removed at 78% loan-to-value (or by request at 80%). Putting 20%+ down eliminates it entirely. Note: FHA loans have their own mortgage insurance (MIP) with different removal rules.
A 30-year term keeps payments low but costs more in total interest. A 15-year term has higher payments but typically offers a lower rate and saves dramatically on interest — on a $350K loan, the difference can be over $280,000 in lifetime interest savings. Choose based on your monthly cash flow and how quickly you want to build equity.
A fixed-rate mortgage locks your rate for the full term — predictable and chosen by ~90% of buyers. An ARM offers a lower initial rate for 5–7 years, then adjusts annually. ARMs can save money if you plan to sell or refinance before the adjustment period, but carry the risk of significantly higher payments later.
Your credit score directly affects the rate you're offered — scores above 760 get the best rates, while scores below 680 may add 0.5–1.25% to your rate. A larger down payment reduces your loan, lowers payments, eliminates PMI at 20%, and may unlock better rates. Always keep 3–6 months of expenses in reserve.
Your monthly principal & interest payment is calculated using the standard amortization formula.
Everything you need to know about mortgage calculations.
Our calculator uses the industry-standard amortization formula for accurate P&I estimates. Property taxes, insurance, and PMI are based on your inputs. Actual rates and costs will vary by lender, location, and credit profile. Contact Jesse at JesseBMortgageLender.com for a precise quote tailored to your situation.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's purchase price. It protects the lender if you default. PMI is automatically cancelled when your loan balance reaches 78% LTV, and you can request removal at 80% LTV. Putting 20%+ down eliminates PMI entirely.
The interest rate is the base cost of borrowing and determines your monthly payment. The APR (Annual Percentage Rate) includes lender fees, discount points, and other charges, showing the true annual cost of the loan. Always compare APR to APR when shopping multiple lenders for a fair apples-to-apples comparison.
A 30-year mortgage has lower monthly payments but much higher total interest over the life of the loan. A 15-year mortgage has higher monthly payments but significantly lower interest costs — often saving $200K+ total. Choose the 30-year if you need cash flow flexibility; choose the 15-year if you can afford the higher payment and want to build equity faster.
Your credit score is one of the biggest factors in your rate. Scores above 760 qualify for the best rates. Scores between 680–759 are solid. Scores below 680 may add 0.5–1.25% to your rate, which can mean tens of thousands of dollars over the life of the loan. Check your credit before applying and work on improving it if needed.
Extra payments go directly toward your principal, reducing the amount of interest you'll pay and shortening your loan term. Even one extra payment per year on a 30-year mortgage can shave several years off your payoff date and save thousands in interest. Use our Extra Payment Calculator to see exactly how much you'd save.
Jesse offers same-day initial underwriting decisions and 14-day close capability — some of the fastest in the industry. Visit JesseBMortgageLender.com to start your FastTrack Pre-Underwrite application. Jesse serves buyers in Colorado, Texas, Oklahoma, Florida, and Ohio with competitive rates and clear communication throughout the process.