About this Calculator
This mortgage calculator computes your monthly principal and interest payment for any loan amount, interest rate, and term. It also factors in estimated property tax and homeowner's insurance (PITI — Principal, Interest, Tax, Insurance) for a complete monthly payment picture.
As of 2025, the average 30-year fixed mortgage rate is approximately 6.5–7%. A $320,000 loan at 6.75% over 30 years results in a monthly P&I payment of about $2,076 and total interest of $427,000. A 15-year loan cuts the total interest nearly in half but increases the monthly payment significantly.
Frequently Asked Questions
What is a good mortgage rate in 2025?+
In 2025, rates for a 30-year fixed mortgage range approximately 6.25%–7.25% for well-qualified borrowers. Rates vary based on credit score, loan-to-value ratio, and loan type.
What does PITI stand for?+
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Lenders use PITI to evaluate affordability.
How much house can I afford?+
A common guideline: your total housing payment (PITI) should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36–43% (depending on the lender).
What is PMI?+
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It typically costs 0.5%–1.5% of the loan amount annually and can be removed once you reach 20% equity.