WiseIQ Editorial Team
Reviewed by certified financial experts · Updated March 2026
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance (PITI).
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance (PITI).
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|
Yearly summary · Assumes fixed rate for full term
What is included in a mortgage payment?
A full mortgage payment (PITI) includes: Principal (repaying the loan balance), Interest (cost of borrowing), Taxes (property taxes, usually escrowed), and Insurance (homeowner's insurance, plus PMI if down payment is under 20%).
How much house can I afford?
A common rule is that your housing costs should not exceed 28% of your gross monthly income. For example, if you earn $8,000/month, aim for a total mortgage payment under $2,240. Lenders also look at your total debt-to-income ratio (all debts), which should ideally be under 43%.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but significantly lower total interest paid (often 50% less). A 30-year mortgage has lower monthly payments, providing more cash flow flexibility. If you can comfortably afford the higher payment, a 15-year mortgage saves more money long-term.
What is PMI and how do I avoid it?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It typically costs 0.5%–1.5% of the loan amount annually. To avoid PMI: put 20% down, use a piggyback loan (80-10-10), or choose a lender-paid PMI option (usually means a slightly higher rate).
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Last reviewed: April 2026 | How we rank products
The classic that changed how millions of people think about money, assets, and building wealth.
View on Amazon →Short, powerful stories about how people think about money — and what that means for your financial decisions.
View on Amazon →As an Amazon Associate, WiseIQ earns from qualifying purchases. This does not affect our editorial recommendations.