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Mortgage Calculator 2026
Full PITI breakdown with amortization schedule. 2026 US rates.
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Frequently Asked Questions
What is PITI in a mortgage?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Principal pays down the loan balance, interest is the cost of borrowing, taxes are property taxes held in escrow, and insurance covers homeowner's insurance and PMI if applicable.
How much house can I afford?
A common guideline is that your total housing payment (PITI) should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%. Use our calculator to test different home prices and see what fits your budget.
Should I put 20% down to avoid PMI?
Yes, putting 20% down typically lets you avoid Private Mortgage Insurance (PMI), which adds $100-$300/month to your payment. However, some loan programs like FHA require mortgage insurance regardless of down payment size.
What is the difference between a 15-year and 30-year mortgage?
A 30-year mortgage has lower monthly payments but higher total interest. A 15-year mortgage has higher monthly payments but you pay off the home faster and save tens of thousands in interest. For a $400,000 loan at 6.75%, a 15-year term saves over $150,000 in interest compared to 30 years.
How does property tax affect my monthly payment?
Property taxes vary widely by state and county. The average US property tax rate is about 1.1% of home value annually. On a $400,000 home, that's roughly $4,400/year or $367/month added to your PITI payment. Some states like Texas and New Jersey have higher rates.
Should I buy points to lower my interest rate?
Buying mortgage points (discount points) lets you prepay interest to lower your rate. Each point costs 1% of the loan and typically reduces your rate by 0.25%. If you plan to stay in the home longer than the break-even period (usually 4-5 years), buying points can save you money.