What's included in a mortgage payment?
This calculator shows principal and interest (P&I) the core of your monthly payment. Your real payment may also include property tax, homeowners insurance and, in some cases, mortgage insurance (PMI) or HOA fees. Lenders often group these together as “PITI”.
How your down payment changes things
A larger down payment reduces the amount you borrow, which lowers both the monthly payment and total interest. Putting down 20% or more usually lets you avoid private mortgage insurance, saving more each month.
15-year vs 30-year
A 30-year term keeps monthly payments low but costs far more in interest overall. A 15-year term has higher monthly payments but builds equity faster and saves a large amount of interest.