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Calculate your exact monthly mortgage payment including principal, interest, property taxes, and homeowners insurance — so you know the true cost before you buy.
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Understanding Your PITI Payment
Your monthly payment has four parts — Principal (paying down what you borrowed), Interest (the lender’s fee), Taxes (property taxes in escrow), and Insurance (homeowners insurance in escrow). This is called PITI.
If your down payment is under 20%, lenders typically require PMI (Private Mortgage Insurance) of $50–$300/month until you reach 20% equity. Factor this into your budget.
Real-World Mortgage Payment Examples
Example 1: $400,000 Home, 20% Down, 6.75% Rate — 30-Year Term
On a $400,000 home with $80,000 down (20%), a $320,000 loan at 6.75% for 30 years produces a principal and interest payment of $2,076/month. Adding $400/month in property taxes and $100/month in insurance brings your total PITI to $2,576/month. Over 30 years you’ll pay $427,000 in interest — more than the original purchase price of the home.
Example 2: $550,000 Home, 10% Down — PMI Impact
Buying a $550,000 home with only 10% down ($55,000) means financing $495,000 at 7% for 30 years. Your P&I payment is $3,294/month. But with less than 20% down, you’ll also pay PMI of approximately $200–$300/month, bringing your total to $3,500–$3,600/month until you reach 20% equity — typically 7–10 years at this balance and rate.
Example 3: Same Loan — 15-Year vs. 30-Year Comparison
On a $320,000 loan at 6.75%, a 30-year term gives you a $2,076/month payment and $427,000 in total interest. Switching to a 15-year term raises your payment to $2,832/month (+$756/month) but slashes total interest to $189,000 — saving you $238,000. If you can afford the higher payment, the 15-year mortgage is one of the most powerful wealth-building moves available.
Example 4: $280,000 Loan — The Cost of a Higher Interest Rate
On a $280,000 30-year mortgage, the difference between 6.5% and 7.5% seems small but the math is stark. At 6.5% your payment is $1,770/month and total interest is $357,000. At 7.5% your payment is $1,958/month and total interest is $424,000. A single percentage point costs you $188/month and $67,000 extra in interest over the life of the loan.