Mortgage Payment Calculator

What goes into a mortgage payment

Buyers usually shop for a rate and assume the payment follows from it. In practice the rate is only one of five moving parts, and the other four routinely add several hundred dollars a month. Lenders refer to the full payment as PITI: principal, interest, taxes, and insurance. Add mortgage insurance and HOA dues where they apply and you have the number that actually leaves your bank account each month.

Principal and interest

Principal repays the balance, interest is the cost of borrowing it. Early in a 30-year loan the split is heavily weighted toward interest, which is why extra principal payments in the first years have an outsized effect on total interest paid.

Property taxes

Taxes vary widely between Delaware and Pennsylvania and even between neighboring townships. They are collected monthly into an escrow account and paid on your behalf, and they can be reassessed after you buy, so the seller's current tax bill is a starting point rather than a guarantee.

Homeowners insurance

Required by every lender and also escrowed. Premiums depend on the home's age, construction, claims history, and coverage limits. Flood insurance is separate and required only in designated flood zones.

Mortgage insurance (PMI)

On a conventional loan with less than 20 percent down, PMI protects the lender and is typically removable once you reach roughly 20 percent equity. FHA loans carry their own mortgage insurance premium with different rules, and VA loans carry none at all.

HOA dues

Paid directly to the association rather than escrowed, but underwriting counts them against your debt-to-income ratio just the same.

How to use these results

Treat the output above as a planning number, not a quote. It assumes the rate, taxes, and insurance figures you entered, and it does not account for your credit profile, debt-to-income ratio, loan program, or current market pricing. A useful next step is to run the same purchase price at two or three different down payments and see how the payment and mortgage insurance respond, then compare loan types on our conventional loan page. When you are ready for pricing built on your actual scenario, request a rate quote and we will send real numbers, or check what your current home is worth with our home value tool.