Should I make a 20% down payment?

20% lets you avoid private mortgage insurance (PMI). With less, expect an extra 0.3–1.5% of the loan annually for PMI until you reach 20% equity.

How much house can I afford?

A common rule: monthly housing costs ≤28% of your gross monthly income. Use the Home Affordability Calculator for a personalized number.

Mortgage Calculator

Full PITI estimate — principal, interest, property tax, and home insurance.

Result

Monthly payment (PITI)

$2,567.18

Total

$747k

Principal$320,000(43%)

Interest$427,185(57%)

Principal & interest$2,075.51
Property tax$366.67
Home insurance$125.00
Loan amount$320,000.00
Down payment %20.0%
Total interest (life of loan)$427,185.01

How to use this calculator

Enter the home's purchase price and your down payment.
Add the lender's quoted rate and the loan term (typically 30 years).
Set your area's property-tax rate as a percent of home value.
Estimate annual home insurance (typically $1,000–$3,000).

About this tool

A mortgage payment is more than just principal and interest. This calculator gives you the full PITI estimate — Principal, Interest, Tax, and Insurance — so the monthly figure matches what actually leaves your bank account. Enter the home price, your down payment, the rate you've been quoted, and the loan term. Add an estimated property tax rate (often around 1% of home value in the US, but check your county) and an annual home-insurance figure. The result splits clearly so you can see which lever to pull — bigger down payment cuts P&I, but tax and insurance keep going.

Frequently asked

Principal, Interest, Taxes, Insurance — the four parts of a typical mortgage payment. Some lenders also include HOA dues, but this calculator leaves those separate.