US Mortgage Calculator 2026 | PITI Breakdown, PMI, Taxes, FHA, VA & Amortization

Most lenders use the 28/36 rule: your monthly housing payment (PITI) should not exceed 28% of gross monthly income, and total debt payments should not exceed 36%. For a $165,000 annual income ($13,750/month), that means a maximum PITI of ~$3,850/month. Use our calculator to test different home prices and see what fits your budget.

PITI includes Principal, Interest, Taxes, and Insurance. Many people forget taxes and insurance, which can add $500-$1,500+ per month depending on your home price and location. Always use PITI for accurate budgeting. Our calculator shows the full PITI breakdown plus HOA and PMI.

PMI (Private Mortgage Insurance) is required for conventional loans with less than 20% down payment. It costs 0.3%-1.5% of the loan annually. For conventional loans, PMI automatically terminates when your loan balance reaches 78% of the home's original value. You can request cancellation at 80%. FHA MIP for loans with <10% down lasts the life of the loan.

A 15-year mortgage has higher monthly payments (40-60% more) but saves 50-60% in total interest over the loan life. A 30-year mortgage offers lower payments and more cash flow flexibility for investments or emergencies. Choose 15-year if you can comfortably afford the payments and want to build equity faster. Use our calculator to compare both side by side.

Conventional loans: 3-5% minimum (20% avoids PMI). FHA loans: 3.5% minimum. VA loans: 0% for qualified veterans. USDA loans: 0% for eligible rural properties. Putting 20% down eliminates PMI, which can save $150-$400/month on a $400,000 loan. Our calculator models all loan types.

Biweekly payments make half your monthly payment every two weeks, resulting in 26 half-payments = 13 full payments per year (one extra payment). On a $500,000 30-year loan at 6.5%, biweekly payments could save ~$70,000 in interest and pay off the loan 4-5 years early. Enable biweekly in our calculator to see the savings.

Conventional loans: minimum 620 (better rates at 740+). FHA loans: 580 minimum (500+ with 10% down). VA loans: no minimum set by VA, but lenders typically want 620+. USDA loans: typically 640+. A higher credit score can mean 0.25-0.5% lower interest rates, saving thousands over the loan life.

Lenders calculate your DTI by dividing total monthly debt payments by gross monthly income. Conventional loans: max 43-50% DTI (28% for housing). FHA: max 43-57%. VA: max 41-60%. Lower DTI means better rates and higher approval chances. Our calculator includes DTI analysis.

Closing costs typically range from 2-5% of the loan amount and include origination fees, appraisal, title insurance, escrow, and prepaid items. On a $500,000 loan, expect $10,000-$25,000. Our calculator includes closing cost inputs so you can see the full cash needed to close.

Buying points (discount points) lowers your interest rate — 1 point typically costs 1% of the loan amount and reduces the rate by 0.25%. If you plan to stay 5+ years, points often pay off through lower monthly payments. If you'll sell or refinance soon, keep the cash. Use our calculator to test scenarios with different rates.