Mortgage Payment Calculator

Conventional loans typically require 3-20% down. FHA loans can be as low as 3.5%. VA loans may require 0% down for eligible veterans. Putting 20% or more avoids PMI (private mortgage insurance) and typically gets better rates.

PITI stands for Principal, Interest, Taxes, and Insurance. This is your total monthly mortgage payment. Many lenders use PITI to determine how much you can borrow (typically capped at 28% of gross income).

Consider refinancing when: 1) Rates dropped 0.5-1% or more, 2) You can shorten your term (30yr to 15yr), 3) Your credit improved significantly, 4) You need to tap equity. Calculate your break-even point to ensure savings exceed closing costs.

Closing costs typically range from 2-5% of the loan amount. They include: appraisal, title insurance, origination fees, recording fees, and escrow deposits. On a $300,000 home, expect $6,000-$15,000 in closing costs.

A common rule: your mortgage payment should be no more than 28% of your gross monthly income, and total debt should be under 36%. Use our Home Affordability Calculator for a detailed analysis. Also consider maintenance costs (1-2% of home value annually).