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How much will your monthly mortgage payment be?
Use our mortgage calculator to calculate your monthly mortgage payment, you will be able to see the monthly total and what corresponds to the principal of the loan, the interest portion, homeowner's insurance and property taxes.
We offer you the result of calculating the mortgage in PI terms, which includes the principal and interest, and the PITI calculation, which also includes the monthly cost of insurance and taxes.
Definitions that appear in the mortgage calculator
PI Installment
Monthly payment of the cost of the mortgage, including principal and interest. In the total you will see the amount of money you pay back in total on the mortgage and the interest you will pay over all the years of the mortgage.
PITI Installment
The amount corresponding each month to the insurance and taxes is added to the PI quota. When applying for a mortgage it is normal for the mortgage lender to include these costs on a monthly basis.
Amount
Refers to the amount of money you are going to borrow on the mortgage.
Term (in years)
The number of years for which you are applying for the mortgage, usually 30 years.
Annual property taxes
Used for the PITI calculation, taxes depend on each state and county. If you do not know the annual tax amount, you can calculate that on average in the U.S. the tax is $1 for every $1,000 of the home price each month, that is, about $12 for every $1,000 of the price per year.
Annual homeowner's insurance
This is the cost of insurance, the price depends on the value of the home and other factors. If you don't know the price, you can estimate that on average it will be about $400 per $100,000 of the home's value each year.
Español: Calculadora de hipotecas