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Monthly Payment Calculator

Estimate your monthly mortgage payment across Conventional, FHA, and VA loan types with real-time rate data.

Loan Type

Property & Loan

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Taxes, Insurance & Fees

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Estimated Monthly Payment

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Conventional

Payment Breakdown

Principal & Interest$0
Property Tax$0
Homeowner's Insurance$0
PMI$0
Total Monthly$0

Loan Summary

Loan Amount$0
Total Loan$0
Down Payment$0
LTV0%

Estimated Cash to Close

Down Payment$0
Est. Closing Costs (2–5%)$0
Est. Total Cash Needed$0

About the Monthly Payment Calculator

This monthly mortgage payment calculator provides a complete PITI breakdown — principal, interest, taxes, and insurance — so you can see exactly where every dollar of your payment goes. Select between Conventional, FHA, and VA loan types to compare how each program affects your monthly costs, including differences in mortgage insurance, funding fees, and down payment requirements. The calculator automatically estimates property taxes and homeowner's insurance based on your selected state, and computes PMI or MIP when applicable. You can override any auto-calculated field to match your actual quotes. Whether you're a first-time homebuyer exploring affordability or a mortgage loan originator running scenarios for a client, this tool gives you a realistic picture of total monthly housing costs including HOA dues and escrow. Use the share button to save and send your calculation to borrowers or colleagues.

Frequently Asked Questions

What is PITI?

PITI stands for Principal, Interest, Taxes, and Insurance — the four components that make up your total monthly mortgage payment. Principal is the portion that reduces your loan balance, while interest is the cost your lender charges for borrowing the money. Taxes refer to your annual property taxes divided into monthly installments and held in an escrow account. Insurance includes your homeowner's insurance premium and, if applicable, private mortgage insurance (PMI) or mortgage insurance premium (MIP). Lenders use your total PITI payment when calculating your debt-to-income ratio for qualification purposes.

How is PMI calculated?

Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20% of the purchase price, meaning your loan-to-value (LTV) ratio exceeds 80%. PMI rates typically range from 0.3% to 1.5% of the original loan amount annually, depending on your credit score, LTV ratio, and loan term. For example, on a $300,000 loan with a 0.5% PMI rate, you'd pay approximately $125 per month. PMI can be removed once your LTV reaches 78% through scheduled payments, or you can request cancellation at 80% LTV. FHA loans use a different system called Mortgage Insurance Premium (MIP), which is generally required for the life of the loan.

What's the difference between Conventional, FHA, and VA loans?

Conventional loans are not government-backed and typically require a minimum credit score of 620 and a down payment as low as 3%, though PMI applies below 20% down. FHA loans are insured by the Federal Housing Administration, allowing credit scores as low as 580 with 3.5% down, but require an upfront mortgage insurance premium (UFMIP) of 1.75% and annual MIP for the life of the loan in most cases. VA loans are available exclusively to eligible veterans, active-duty service members, and surviving spouses, offering zero down payment, no monthly mortgage insurance, and competitive interest rates. Each loan type has different debt-to-income ratio limits, property requirements, and qualification criteria that can significantly impact your monthly payment and total cost of homeownership.

Related Tools

Closing Costs Estimator Get a detailed, itemized breakdown of all closing costs for your home purchase including lender fees, title charges, and prepaids. Open tool Amortization Schedule View a full month-by-month amortization table showing how your balance decreases and how much interest you pay over the life of the loan. Open tool DTI Calculator Calculate your debt-to-income ratio to see how lenders evaluate your borrowing capacity and qualification for different loan programs. Open tool

Important Disclosures: Studio 1003 is a technology platform, not a lender, broker, or financial advisor. This tool is provided for informational and educational purposes only and does not constitute a commitment to lend, pre-approval, or loan offer. FHA and VA rates shown are estimated based on current market data and may differ from actual lender rates. Property taxes, insurance, and closing cost estimates are approximations based on state and county averages and may vary. Final loan eligibility, terms, and costs are subject to underwriting approval and official disclosures. APR and closing cost figures will be finalized on your official Loan Estimate and Closing Disclosure. Always consult with a licensed mortgage professional before making financial decisions.