PMI, or private mortgage insurance, is usually required on conventional mortgages when the down payment is less than 20%. It protects the lender if the borrower defaults and is typically added to the monthly payment.

What is included in PITI?

PITI stands for principal, interest, taxes and insurance. It is a fuller monthly housing cost estimate than principal and interest alone.

Free Mortgage Calculator USA - Calculate Monthly Payments by State

Q: How much house can I afford?

A common starting point is keeping total monthly housing costs, including mortgage principal, interest, taxes and insurance, within about 28% of gross monthly income. Actual affordability depends on debt, credit, savings, taxes, insurance and lender requirements.

Q: How are property taxes calculated?

Property taxes are generally calculated by applying a local tax rate to assessed property value. Actual tax bills vary by state, county, city, exemptions and assessment rules.

US Mortgage Calc is a free mortgage calculator for home buyers who want to estimate monthly mortgage payments with principal, interest, property taxes, homeowners insurance, PMI, HOA dues and extra principal payments. The calculator helps compare housing costs across all US states and provides a practical PITI estimate before speaking with a lender.

How Mortgage Payments Are Calculated

A mortgage payment is based on the loan amount, interest rate and repayment term. The loan amount is the home price minus the down payment. Interest is calculated from the annual mortgage rate and applied over the selected term, commonly 15 or 30 years. Our calculator also estimates property taxes, homeowners insurance and mortgage insurance so the monthly result is closer to the real cost of owning a home.

Mortgage Calculator by State

Property taxes vary widely by state and county. A home in Texas, Florida, California, New York or New Jersey can have a very different monthly tax burden even when the mortgage amount is the same. This mortgage calculator by state uses average state-level property tax assumptions to help buyers compare monthly payments and understand how location affects affordability.

Property Tax Calculator

Property tax is one of the largest non-mortgage costs of homeownership. The calculator applies an estimated property tax rate to the home value and converts the annual estimate into a monthly cost. Actual property tax bills can vary by county, city, school district, exemptions and assessment rules, so buyers should confirm final numbers with local tax records.

Mortgage Calculator for FHA, VA and Conventional Loans

Different loan types can produce different monthly costs. Conventional loans may require PMI when the down payment is below 20%. FHA loans usually include mortgage insurance. VA loans often allow eligible borrowers to buy with no down payment and no monthly PMI. The calculator lets buyers model conventional, FHA, VA and USDA scenarios so they can compare monthly outflow before requesting lender quotes.

Amortization and Extra Mortgage Payments

Amortization shows how each payment is divided between principal and interest over time. Early mortgage payments usually include more interest, while later payments reduce principal faster. Adding extra monthly principal can shorten the payoff timeline and reduce total interest paid. US Mortgage Calc includes a repayment summary and amortization schedule so buyers can see the long-term impact of rate, term, loan amount and extra payments.

How to Use This Mortgage Calculator

Enter a home price, down payment, interest rate, loan term, state, loan type, annual homeowners insurance, monthly HOA dues and any extra principal payment. The calculator estimates monthly principal and interest, property taxes, insurance, mortgage insurance, HOA dues, total monthly outflow, payoff date, total interest and total payments. These numbers are estimates for planning and should be confirmed with a licensed mortgage professional, real estate agent or local tax authority.

What is PITI?

PITI stands for principal, interest, taxes and insurance. Principal reduces the loan balance. Interest is the cost of borrowing. Taxes are local property taxes. Insurance includes homeowners insurance and may include PMI or other mortgage insurance depending on loan type and down payment. Lenders often use PITI to evaluate affordability.

Frequently Asked Questions

What is PMI?

PMI is private mortgage insurance. It is commonly required for conventional loans with less than 20% down and is usually paid monthly.

How much house can I afford?

A common guideline is to keep total monthly housing costs near 28% of gross monthly income, but the right number depends on debt, savings, credit, taxes, insurance and lender rules.

How are property taxes calculated?

Property taxes are generally calculated from assessed value multiplied by a local tax rate. State averages are useful for planning, but local tax bills should be verified before purchase.