Mortgage Loan Calculator (PITI) for Refinancing or Home Purchase Payments
Get estimates for home loan payments to help you decide what you can afford.
This simple Mortgage Loan Calculator (PITI) enables you to calculate what your monthly mortgage payments will be - including the principal, interest, property taxes and home insurance (PITI). The result you get will be relevant for a wide variety of different mortgage types. It will also display your projected repayment schedule, taking into account your principal loan amount, interest rate, and any additional prepayments you intend to make
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Total Payments $266,287
Mortgage Term 15 years
Original or expected balance for your mortgage.
Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Monthly principal and interest payment (PI).
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
The frequency of prepayment. The options are none, monthly, yearly and one-time payment.
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.
Total amount of interest you will save by prepaying your mortgage.
Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.
This calculator is most useful if you:
- Calculate mortgage rates you are considering
- Compare differences of various home loan term programs
- Haven't decided on what type of loan you want yet
- Want to get an idea of monthly or annual cost of buying a property
- Are looking to assess the long term benefit of making prepayments in addition to regular loan repayments
The answer to this question depends on your personal factors. Click Get FREE Quote , answer a few simple questions and quickly receive personalized rate quotes from mortgage loan providers who are able to meet your requirements.
PITI is an acronym used to shorten the following terms:
- Principal – the amount you owe your lender, not including interest
- Interest – the payment made to your lender for the service of providing the loan
- Property Taxes – added fees required by the government
- Home Insurance – protection for your property and loan
This PITI calculator is designed to take all of these costs into consideration, giving you an accurate idea of your loan’s monthly and annual repayments.
Yes, this tool will allow you to run various mortgage program options.
There are many different mortgage programs and options to choose from whether you are setting up a new mortgage to purchase a home or to refinance a mortgage on a home that you already own. There are fixed rate mortgages, fixed to adjustable rate mortgages and adjustable rate mortgages to choose from. The most popular and well known mortgages are 15- and 30-year fixed rate mortgages.
Why Use the Mortgage Loan Calculator?
There are so many different mortgage and loan options to choose from, it can sometimes be a little overwhelming. Whether you are setting up a new mortgage to purchase a home or to refinance a mortgage on a home that you already own, there are always a great many aspects to consider.
To name just a few of the more common choices, there are fixed rate mortgages, adjustable rate mortgages, and fixed to adjustable rate mortgages for those who want something in between. Fixed rate mortgages with terms lasting between 15 and 30 years are currently the most common.
Whichever kind of mortgage you end up using, the information you get from the Mortgage Loan Calculator will remain relevant.
How to Use the Mortgage Loan Calculator
We have done our best to make this calculator as simple and user-friendly as possible, but if you aren’t sure where to start, try following these steps:
- Use the slider to enter your mortgage amount, or alternatively just type it into the box. If you aren’t sure yet how much you will borrow, just enter your best guess.
- Use the drop-down list or the slider to input your term; this is the number of years you intend to take to repay your loan.
- Use the slider or the box to input your interest rate. If you don’t know this yet, leave the original figure as this is representative of the current market average.
- Your monthly payment will now be displayed in the top blue bar and under the interest rate box based on the information provided.
- If you are coming in well under budget, you can click Prepayments to add an additional amount that you will pay every month, year, or even just one time. This will reduce the total amount repaid as you can see in the graph below the Prepayments section.
- Click View Report to see a detailed breakdown of your loan including total amount to be repaid over the term, and a payment schedule comparing your regular payments with those augmented by prepayments (where applicable).
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