What's included in a mortgage payment
Your monthly housing payment is more than principal and interest. Lenders often quote PITI: principal, interest, taxes and insurance. This calculator adds HOA dues too, so the headline number reflects what actually leaves your account each month. PMI (private mortgage insurance) is not included — add it to the insurance field if you're putting less than 20% down.
Down payment matters
A larger down payment shrinks your loan, lowers your payment and may eliminate PMI. But don't drain your savings to do it — keep an emergency fund. Compare scenarios with the loan payoff calculator for the bare principal-and-interest math.
Shopping for a mortgage? Compare mortgage lenders and lock in today’s rate here.