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Thinking of buying a home? Our free mortgage calculator helps you estimate your monthly house payment, including principal, interest, taxes, and insurance (PITI).
Buying a House Is a Dream. Let's Figure Out the Monthly Reality.
Buying a House Is a Dream. Let's Figure Out the Monthly Reality.
Buying a home is one of the biggest and most exciting decisions of your life. It's the moment you finally get to put down roots and create a space that's truly your own. It's also one of the biggest financial commitments you'll ever make.
That beautiful home comes with a monthly mortgage payment, and that payment is more than just the loan amount. To truly understand what you can afford, you need to look at the whole picture. A mortgage calculator is the essential first step for any aspiring homeowner, turning a scary, giant number into a manageable monthly plan.
PITI: The Four Parts of Your Mortgage Payment
PITI: The Four Parts of Your Mortgage Payment
Your monthly house payment is typically made up of four things, known as PITI:
Principal: The amount of the actual loan you are paying back.
Interest: The fee you pay to the lender for borrowing the money.
Taxes: Your monthly portion of the annual property taxes.
Insurance: Your monthly portion of the annual homeowner's insurance premium.
Our calculator helps you estimate all of these to give you a realistic monthly figure.
How to Estimate Your Monthly House Payment
How to Estimate Your Monthly House Payment
Get a clear picture of your potential monthly commitment:
Open the Mortgage Calculator: Go to the FreeXTool Mortgage Calculator.
Enter the Home Details: Input the total Home Price, your planned Down Payment, and the Loan Term (usually 15 or 30 years).
Add the Rates & Costs: Enter the Interest Rate you expect to get, as well as estimates for annual Property Tax and Homeowner's Insurance.
See Your Monthly Payment: The calculator will instantly show you a detailed breakdown of your estimated monthly PITI payment.
Pro-Tip: The Power of a Down Payment
Pro-Tip: The Power of a Down Payment
Use the calculator to see how different down payment amounts affect your monthly payment. A larger down payment not only lowers your monthly cost but can also help you avoid PMI (Private Mortgage Insurance), an extra fee lenders charge for down payments under 20%. Saving for a bigger down payment can save you thousands in the long run.
Plan your major life purchases with these financial tools:
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