Estimate your full monthly mortgage payment — principal, interest, property tax, insurance, and PMI if your down payment is under 20%.
Property tax and insurance defaults are rough national-average placeholders — replace them with your actual local rates for an accurate estimate.
This mortgage calculator estimates your full monthly payment using the standard "PITI" breakdown lenders use: Principal & Interest, property Taxes, home Insurance, and — if your down payment is under 20% of the home price — Private Mortgage Insurance (PMI). PMI is not charged once you've put down 20% or more, matching standard US lending practice.
PMI applies automatically whenever your down payment is under 20% of the home price — this protects the lender and is standard practice, not a fee this calculator invented.
They start as rough placeholders. Replace them with your local property tax rate and actual insurance quote for a realistic number — these vary a lot by location.
Use the note rate (the rate on your loan estimate), not the APR, since APR bakes in fees this calculator doesn't model.