Monthly payment with principal, interest, taxes & insurance (PITI)
Our mortgage calculator gives you a complete monthly payment estimate including principal & interest, property taxes, and home insurance — giving you a realistic picture of your true housing cost. Use it to compare different loan terms and interest rates before you commit.
A "good" mortgage rate depends on the current market, your credit score, and loan term. Generally, any rate below the current national average is considered competitive. Always compare offers from multiple lenders before committing.
A 15-year mortgage has higher monthly payments but significantly lower total interest. A 30-year mortgage offers lower monthly payments but you pay much more in interest over time. Choose based on your monthly budget and long-term financial goals.
Most conventional loans require 3–20% down. A 20% down payment lets you avoid Private Mortgage Insurance (PMI), which adds to your monthly cost. FHA loans allow as low as 3.5% down but require mortgage insurance.
Your actual mortgage payment is not just principal + interest. PITI = Principal + Interest + Taxes + Insurance. On a $300,000 home with a 6.8% 30-year mortgage, the base payment is $1,957/month — but total PITI is typically $2,400–$2,700 once property tax and insurance are added.
| Home Price | Down (20%) | Rate 6.8% | P&I Payment | Est. Total PITI |
|---|---|---|---|---|
| $200,000 | $40,000 | 30yr | $1,044/mo | ~$1,350/mo |
| $350,000 | $70,000 | 30yr | $1,826/mo | ~$2,300/mo |
| $500,000 | $100,000 | 30yr | $2,611/mo | ~$3,200/mo |
| $750,000 | $150,000 | 30yr | $3,916/mo | ~$4,700/mo |
On a $300,000 loan at 6.8%: 30-year payment = $1,957/month, total interest = $404,520. 15-year payment = $2,659/month, total interest = $178,620. The 15-year saves $225,900 in interest but costs $702 more per month. Use the calculator to model your specific situation.
For the complete PITI breakdown guide, see our mortgage with taxes guide. For first-time buyers, read the home buying guide.
PITI: Principal (loan repayment) + Interest + Property Taxes + Insurance (home/hazard). Some lenders also collect PMI if down payment is under 20%. Your total PITI is 20–40% higher than the base P&I payment.
General rule: total monthly PITI should be below 28% of gross monthly income. With $6,000/month gross income, maximum PITI ≈ $1,680/month.
15-year: higher monthly payment (~36% more) but saves ~50% of total interest. 30-year: lower payment, more cash flow flexibility. Best choice depends on your income stability and financial goals.