The Ultimate Mortgage Calculator (2024)
Plan Your Home Loan with Precision: PITI, PMI, Taxes, Insurance & Amortization
Buying a home is one of the biggest financial decisions you'll ever make. Our advanced mortgage calculator goes beyond basic estimates to give you a complete picture of your monthly payment including Principal, Interest, Taxes, Insurance (PITI), PMI, HOA fees, and other charges.
Whether you're a first-time homebuyer or refinancing, understanding your true monthly payment is crucial for budgeting and financial planning. Use our tool below to generate a detailed amortization schedule and export your data for further analysis.
Advanced Mortgage Calculator
Amortization Schedule
Understanding Your Mortgage Payment Components
Our mortgage calculator with PMI and taxes breaks down every part of your payment:
Principal & Interest (P&I)
This is the core of your mortgage payment. The principal reduces your loan balance, while interest is the lender's fee. Early payments are mostly interest; over time, more goes toward principal.
Property Taxes
Annual property taxes are typically 1-2% of your home's value. Our calculator divides this into monthly amounts and includes it in your total payment.
Homeowners Insurance
Required by lenders, this protects against damage. Budget $1,000-$2,000 annually, depending on your location and home value.
Private Mortgage Insurance (PMI)
If your down payment is less than 20%, you'll pay PMI. This typically costs 0.5%-1% of the loan amount annually. Use our PMI calculator feature to see exactly how much.
HOA Fees & Other Charges
Homeowners Association fees and other monthly costs can add hundreds to your payment. Our tool includes these for accuracy.
How to Use This Amortization Calculator
- Enter Home Price: The total purchase price of the property
- Input Down Payment: Your upfront cash payment (aim for 20% to avoid PMI)
- Select Loan Term: 30-year is most common, but 15-year saves huge on interest
- Add Interest Rate: Check current mortgage rates for accuracy
- Include Taxes & Insurance: Get realistic estimates from local sources
- Click Calculate: See your total payment and full amortization schedule
- Export to CSV: Download your schedule for Excel or Google Sheets
Mortgage Calculation Formula Explained
Our calculator uses the standard mortgage formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Where:
M = Monthly payment
P = Loan principal
i = Monthly interest rate
n = Number of payments
Frequently Asked Questions
Does this mortgage calculator include PMI?
Yes, PMI is automatically added if your down payment is below 20% of the home price. You can adjust the PMI rate in the advanced options.
Does this calculator include taxes & insurance?
Absolutely! Enter your estimated annual property tax and home insurance costs to see your true total monthly payment (PITI).
Can I export the full amortization schedule?
Yes! After calculating, click the "Export Schedule to CSV" button to download a detailed monthly or yearly breakdown for Excel or Google Sheets.
Is this calculator accurate for refinancing?
Yes! Use it for purchase loans or refinancing. Just enter your current loan balance as the home price and set down payment to $0.
What is an amortization schedule?
It's a table showing every payment over your loan term, breaking down principal vs. interest and showing your remaining balance. Essential for tax planning!
Mortgage Tips for Homebuyers
- Improve Your Credit Score: Even a 0.5% rate reduction saves thousands over the loan life
- Save More Down Payment: 20% down eliminates PMI and reduces your principal
- Consider a Shorter Term: 15-year mortgages have lower rates and build equity faster
- Shop Multiple Lenders: Rates and fees vary significantly - get at least 3 quotes
- Calculate Affordability: Keep total housing costs under 28% of gross monthly income
Ready to Get Pre-Approved?
Use these calculations to budget confidently. Contact a licensed mortgage professional to get started on your homeownership journey.
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