What’s in a mortgage payment?
Lenders often quote “PITI”: Principal, Interest, property Taxes and Insurance. HOA fees and private mortgage insurance (PMI, usually required with less than 20% down) come on top.
15-year vs 30-year mortgage
A 15-year loan has a higher monthly payment but usually a lower rate, and you pay far less interest overall. A 30-year loan keeps payments affordable and leaves more cash flow for other goals.
Frequently asked questions
Is this financial advice?
No. Results are estimates for planning purposes. Your lender’s actual offer may differ because of fees, rounding and the exact rate.
Does this include PMI?
No. If your down payment is under 20%, add an estimated 0.3–1.5% of the loan per year for PMI to your budget.