Calculate your monthly mortgage payment including principal, interest, property taxes, insurance, and PMI. View full amortization schedules on UtilityBase.
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A buyer purchases a $350,000 home with $70,000 down payment (borrowing $280,000) at 6.75% APR with $4,200 annual taxes and $1,400 insurance.
Total monthly payment is $2,282.91. Over 30 years, total interest equals $373,846.40, making the total home purchase outlay $723,846.40.
PITI stands for Principal, Interest, Taxes, and Insurance. It represents your complete monthly housing expense: the debt service repaid to the lender plus escrow reserves for local municipality property taxes and property casualty insurance.
A 15-year mortgage has higher monthly payments because principal is amortized in half the time, but charges a lower interest rate and reduces cumulative lifetime interest payments by 60% or more compared to a 30-year loan.
Under the US Homeowners Protection Act, you can request PMI cancellation once your mortgage balance reaches 80% of the original home value, and lenders must automatically terminate PMI at 78% loan-to-value.
Yes. Any additional funds applied directly to principal reduce your outstanding balance immediately, eliminating the future compound interest that would have accrued and shortening your payoff date by years.