Mortgage Calculator
Estimate monthly P&I plus taxes, insurance, PMI, and HOA โ common US mortgage structure. For Indian home loans with prepayment options, use our Home Loan Calculator.
This calculator uses US conventions (PMI, property tax % of home value, etc.). For Indian home loan calculations with prepayment options, see our Home Loan Calculator.
Inputs
Results
Principal & interest / month
Total monthly payment (PITI + PMI + HOA)
Yearly amortization (principal & interest)
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Mortgages โ US terminology and trade-offs
A mortgage is a loan secured by real estate; in the United States the word is standard, while in India many people say home loan for a similar product. Monthly payments often bundle PITI: Principal and Interest on the loan, property Taxes, and homeowners Insurance. PMI (Private Mortgage Insurance) may apply when the down payment is below 20% on conventional loans โ it protects the lender and adds to your monthly cost until you have enough equity.
15-year vs 30-year: shorter terms mean higher monthly P&I but far less total interest. Fixed vs adjustable (ARM): fixed rates give predictability; ARMs can start lower but reset with market rates. Refinancing replaces your loan โ often to lower the rate or change term โ but closing costs matter; break-even analysis is essential.
In the US, mortgage interest may be tax-deductible for itemizers subject to limits and law changes โ this is not tax advice; consult a CPA. First-time buyer mistakes include ignoring PMI, underestimating maintenance, and looking only at P&I instead of full housing cost.
Compare with our EMI and Home Loan calculators for India-style schedules, and Compound Interest for wealth growth alongside debt decisions.