Calculate your mortgage payments including principal, interest, taxes, insurance, and PMI for complete monthly payment analysis.
Enter home details to calculate your complete monthly mortgage payment.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's value. It protects the lender if you default. PMI can typically be removed once you reach 20% equity in your home.
15-year mortgages have higher monthly payments but significantly lower total interest costs. 30-year mortgages offer lower monthly payments but cost more over time. Choose based on your monthly budget and long-term financial goals.
A general rule is that your total monthly housing payment shouldn't exceed 28% of your gross monthly income. Also consider your other debts, emergency fund, and future financial goals when determining affordability.