Mortgage payment calculator
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Key takeaways
- Lenders and budgets both run on PITI — principal, interest, taxes, insurance — not just principal and interest.
- Under 20% down usually adds mortgage insurance on conventional loans; FHA has its own version (MIP).
- A 15-year term roughly doubles the principal portion but slashes lifetime interest — run both before deciding.
Why PITI is the honest number
Advertised payments often show principal and interest only — then taxes and insurance arrive in escrow and add hundreds. Underwriters qualify you on the full PITI against your income (check yours with the DTI calculator — the classic guideline caps housing at 28% of gross income). Free, HUD-approved counselors will walk your numbers with you before you commit: find one here.
Getting mortgage-ready
Three levers move your approval and rate: credit score, DTI, and down payment. First-time buyer programs and down payment assistance exist in every state — our housing help guide covers them, and the CFPB's home buying guide is the best neutral walkthrough of the whole process.
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Frequently asked questions
How much house can I afford?
A durable rule: full housing payment (PITI) at or below 28% of gross monthly income, with all debts under 36%. Work backward from those caps rather than from a lender's maximum approval.
What does PITI mean?
Principal, Interest, Taxes, and Insurance — the four parts of a real monthly mortgage payment, usually collected together through escrow.
Do I need 20% down to buy a home?
No — conventional loans go as low as 3% down and FHA 3.5%, with mortgage insurance added. Twenty percent avoids that insurance but is not a requirement.
Estimates are informational only, not financial advice or an offer of credit — see our disclaimers.