How much will my monthly mortgage payment be?
What makes up a mortgage payment? Known in the industry as PITI, the four components of a mortgage payment are: principal, interest, taxes and insurance.
- Principal is the amount you borrowed for your mortgage.
- Interest is the fee you pay on the borrowed amount and is conveyed as an annual percentage rate.
- Taxes are the property taxes that you pay on your home, and are used to fund municipal services.
- Insurance is your homeowners or property insurance on your home. If you do not put a 20% down payment on your mortgage or have a loan to value (LTV) less than 80%, private mortgage insurance (PMI) is required because it protects the lender if the borrower defaults.
Use our payment calculator to quickly see how much your monthly payment will be, how much interest you could pay and your estimated totals. You can even determine the impact of any principal prepayments!
*Calculation below includes only monthly principal and interest payment.
Information made available with our self-help tools are for your independent use and are not intended to provide mortgage payment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from our qualified Loan Originators regarding mortgage loan issues.