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The real monthly payment — tax, insurance, PMI, HOA included.
The sticker price of a home is not what you pay — and principal & interest is not what you pay monthly. Property tax, homeowners insurance, PMI when you put less than 20% down, and HOA dues typically add 20–40% on top. This calculator computes the full monthly reality (PITI + PMI + HOA), tracks PMI until it drops off at 78% loan-to-value, and lays out the complete amortization schedule so you can see exactly when the balance tips from interest to principal.
This is the biggest purchase of most people's lives, and the payment the bank quotes is never the full one. People use this before house hunting (to set a real budget), before refinancing (to see if the new rate actually saves money), and when deciding between 15 and 30 years — a choice worth six figures.
A common guideline is the 28/36 rule: total housing costs (the full PITI + HOA number this calculator shows, not just P&I) under 28% of gross monthly income and total debt payments under 36%. Work backward from your income to find a payment that fits.
By law (the Homeowners Protection Act), lenders must cancel PMI when your balance reaches 78% of the original home value, and you can request cancellation at 80%. This calculator tracks the balance monthly and shows the exact month PMI ends — plus what it costs you in total.
A 15-year term has a higher monthly payment but dramatically lower total interest — often less than half. A 30-year term offers flexibility. Run both here and compare the total interest lines and the amortization schedules; the crossover year where principal beats interest arrives much sooner on a 15-year.