Free Mortgage Calculator
See your true US monthly payment — principal & interest plus taxes, insurance, HOA, and PMI.
First 12 months
| Month | Payment | Principal | Interest | Balance |
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Know your real monthly payment
Most mortgage calculators show only principal and interest — but that is rarely the check you actually write. In the US, lenders bundle property taxes and homeowners insurance into your monthly payment through escrow, and buyers putting down less than 20% usually pay private mortgage insurance (PMI) on top. Add HOA dues for condos and townhomes, and the "real" payment can run hundreds of dollars above the headline number.
Utilo's free mortgage calculator shows the full picture: PITI plus HOA and PMI, broken down in a clear chart with a 12-month amortization preview. Adjust the home price, down payment, rate, and term to compare scenarios side by side — for example, how a 15-year loan's higher payment trades against dramatically lower lifetime interest. Everything is computed instantly in your browser, with no signup and no sales calls afterward.
New to PITI, escrow, and PMI? Our mortgage calculator guide with taxes and insurance walks through each piece with a worked example on a $400,000 home, so the numbers above make complete sense.
How to use the mortgage calculator
- Enter the home details: price, down payment, interest rate, and loan term.
- Add the extras: annual property tax and insurance, monthly HOA, and toggle PMI (it applies automatically when your down payment is under 20%).
- Read the breakdown: see each cost slice in the chart, plus total interest and the first year of payments below.
Frequently asked questions
What is PMI and when do I pay it?
Private mortgage insurance protects the lender when your down payment is under 20%. It typically costs 0.5–1% of the loan amount per year (this calculator uses 0.6%) and is usually cancellable once you reach 20% equity.
What does PITI stand for?
Principal, Interest, Taxes, and Insurance — the four components of a typical US mortgage payment. Calculators that show only principal and interest understate what you will actually pay each month.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan means higher monthly payments but far less total interest — often hundreds of thousands less — and usually a lower rate. A 30-year loan costs less each month but much more over its life. Try both terms above to compare.
How much house can I afford?
A common guideline is keeping total housing costs under 28% of your gross monthly income. Enter different home prices in the calculator to find the payment that fits your budget.
Are property taxes and insurance required?
Almost always. Lenders collect both monthly through an escrow account. Property tax varies widely by state and county, and insurance depends on the home's value, age, and location — use local estimates for the most accurate result.