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Mortgage Calculator 2026 — Real PITI, Not a Marketing Estimate
Use the mortgage calculator to estimate your full monthly payment — principal, interest, property taxes, homeowners insurance, plus PMI, FHA MIP, VA funding fee, or USDA guarantee fee — with the exact amortization formula lenders use for the 2026 Loan Estimate.
A mortgage calculator estimates your monthly payment from loan amount, rate, and term, and a complete estimate adds property taxes, homeowners insurance, mortgage insurance, and any association dues. Use it to test scenarios and set a budget. Output is illustrative and is not a quote, lock, offer, or commitment to lend.
- ✓Calculates full PITI plus PMI, FHA MIP, VA funding fee, or USDA guarantee fee — not just principal + interest.
- ✓Compare 15-, 20-, and 30-year terms side by side with break-even and total-interest math.
- ✓Uses the standard mortgage amortization formula M = P × [i(1+i)^n]/[(1+i)^n − 1] — same as lenders.
- ✓Loads live 30-year and 15-year averages from Freddie Mac PMMS so your estimate reflects today's market.
- ✓Not a rate quote, lock, offer, or commitment to lend. Your Loan Estimate controls binding figures.
Written by
Simply Approved Mortgages Team
Licensed Loan Officers · NMLS# 2620881
Get your personalized scenario summary
Complete the short request and a Simply Approved Mortgages Loan Officer sends back a written summary built from your own numbers: estimated payment breakdown, estimated cash to close, the loan structures that fit your file, and what documentation the file will need.
- Estimated monthly payment with taxes and insurance
- Estimated cash to close for your scenario
- Loan options your profile may fit
- Document checklist for your file
Takes about 3 minutes · Summary shown on screen and emailed to you
Illustration only, generated from the information you enter. Not a rate quote, lock, loan estimate, pre-qualification, offer, approval, or commitment to lend. Figures are subject to credit, income, asset and property review and full lender underwriting; binding numbers appear on your Loan Estimate.
Scenario summary
- Purchase price entered
- $412,000
- Down payment entered
- $20,600
- Estimated loan amount
- $391,400
- Estimated cash to close
- $14,300
- Programs reviewed
- 4
Sample layout with example figures — your own numbers replace these. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
Mortgage payment calculator
Monthly payment breakdown
Loan amortization summary (30-year term)
Assumes a fixed-rate 30-year loan held to maturity with no prepayments. Actual amortization varies with extra principal payments, escrow adjustments, PMI/MIP, and any rate resets on an ARM.
Use my estimate — see today's rates
We'll pre-fill your calculator numbers into the quote form below. A Simply Approved Mortgages Loan Officer will personally connect with you to walk through your scenario.
Pre-approval is a soft check with no SSN and no hard credit pull. Not a loan approval or commitment to lend — binding figures appear on your federally required Loan Estimate.
Turn these numbers into a real pre-approval
Continue on our secure application page. Your Simply Approved Mortgages Loan Officer will review your numbers and follow up within one business day.
No obligation. Soft-pull options may be available.*
Assumptions, methodology, and limitations
Principal and interest use the standard fixed-rate amortization formula on the loan amount, rate, and term you enter; taxes, insurance, and mortgage insurance are added as entered.
It excludes HOA dues, flood insurance where required, escrow shortages, and any lender pricing adjustments.
Results are illustrative estimates only and are not a quote, lock, offer, or commitment to lend. No rate, APR, or program approval is implied. Binding figures appear on your Loan Estimate. Eligibility, terms, and availability vary by borrower, property, lender, loan program, and state.
Run your scenario with a loan officer
Share your numbers and a Simply Approved Mortgages Loan Officer sends back an estimated payment, estimated cash to close, and the structures that fit your file. Educational only — not a quote, lock, offer, or commitment to lend.
How the Mortgage Calculator Works
The calculator applies the standard mortgage amortization formula used by every conforming lender in the United States: M = P × [i(1+i)^n] / [(1+i)^n − 1], where M is the monthly principal + interest payment, P is the loan amount, i is the monthly interest rate (annual ÷ 12), and n is the total number of monthly payments. This is the same formula behind your 2026 Loan Estimate and Closing Disclosure line items.
On top of P&I, the calculator layers the four other pieces of a real mortgage payment: property tax, homeowners insurance, mortgage insurance (PMI/MIP/funding fee), and HOA if applicable. That total is your true monthly cost — what escrow servicers actually collect.
What Goes Into PITI
- Principal: the loan balance you're paying down. Grows over time as amortization shifts from interest to principal.
- Interest: the note rate × current balance ÷ 12. In year 1 of a 30-year loan at 7%, about 85% of your payment is interest.
- Taxes: annual property tax ÷ 12. Rates vary from 0.3% (Hawaii) to 2.5%+ (NJ, IL, TX) of assessed value.
- Insurance: homeowners policy premium ÷ 12. National average 2026 is ~$1,900/yr per Insurance Information Institute; Florida coastal and Colorado wildfire zones significantly higher.
- PMI (conventional, under 20% down): 0.3–1.5%/yr of loan balance based on FICO and LTV. Cancels automatically at 78% LTV per Homeowners Protection Act.
- FHA MIP: 1.75% upfront (financed) + 0.55%/yr annual (2026 schedule for most cases). Lasts life of loan on cases with under 10% down.
- VA funding fee: 2.15% first use / 3.3% subsequent (financed). Waived for 10%+ disability rating.
- USDA guarantee fee: 1.0% upfront (financed) + 0.35%/yr annual.
- HOA / condo fees: not part of escrow but always part of true monthly housing cost.
Why Marketing Calculators Are Wrong
Most online mortgage calculators show only P&I. That understates your real monthly cost by 25–45% on a typical purchase. A $400,000 loan at 7% has P&I of $2,661, but full PITI on a $500K home with 20% down and typical Florida tax + insurance is closer to $3,700 — a $1,000/month difference that will absolutely blow your DTI if you budgeted only P&I.
Our calculator forces you to enter the numbers that matter — property tax rate, homeowners insurance quote, mortgage insurance based on your program — so the estimate matches what your lender's Loan Estimate will show.
Want these numbers built around your file?
A short request is all it takes to get a written scenario summary back from a Simply Approved Mortgages Loan Officer. Binding figures appear on your Loan Estimate.
Comparing 15-, 20-, and 30-Year Terms
The term you choose is one of the biggest lifetime decisions. On a $400,000 loan at 2026 rates:
- 30-year fixed at 6.75%: ~$2,594 P&I. Total interest paid: ~$533,000.
- 20-year fixed at 6.5%: ~$2,981 P&I. Total interest paid: ~$315,500.
- 15-year fixed at 5.95%: ~$3,367 P&I. Total interest paid: ~$206,000.
The 15-year saves ~$327,000 in lifetime interest versus the 30-year at the cost of $773/mo higher payment. The optimal term depends on your DTI headroom, expected income growth, and whether you'd otherwise invest the payment difference.
DTI Ratios Lenders Actually Use in 2026
- Conventional (Fannie Mae / Freddie Mac): DTI cap 45–50% with strong compensating factors.
- FHA: 43% standard, up to 50%+ with compensating factors and AUS approval.
- VA: No hard DTI cap; uses a residual-income test based on family size and region.
- USDA: 29% front-end / 41% back-end typical, up to 44% with GUS approval and reserves.
- Non-QM / DSCR: No personal DTI on DSCR; bank-statement programs use 50%+.
Real 2026 PITI Examples
Tampa, FL — $400,000 home, 20% down, conventional 30-year at 6.75%:
P&I $2,076 + tax $283 + insurance $267 + PMI $0 = $2,626/mo PITI
Denver, CO — $550,000 home, 3.5% down, FHA 30-year at 6.5%:
P&I $3,354 + tax $299 + insurance $138 + MIP $243 = $4,034/mo PITI
Colorado Springs, CO — $475,000 home, 0% down, VA 30-year at 6.375%:
P&I $3,113 + tax $258 + insurance $158 + funding fee financed = $3,529/mo PITI
Educational estimate only. Not a rate quote, lock, offer, or commitment to lend. Your binding numbers appear on the Loan Estimate you receive within 3 business days of a complete application. Get a personalized quote from a Simply Approved Mortgages Loan Officer.
Sources: 12 USC § 4901 (Homeowners Protection Act — PMI cancellation), HUD Handbook 4000.1 (FHA MIP), 38 CFR § 36.4313 (VA funding fee), 7 CFR § 3555 (USDA guarantee fee), Freddie Mac Primary Mortgage Market Survey, Insurance Information Institute.
Compare loan officer compensation on your mortgage quote
Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.
Compensation difference on this illustration: $3,750.
How lower compensation can help you
When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.
Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.
A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.
As a mortgage broker we compare pricing from wholesale lenders instead of offering a single bank’s retail pricing.
Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.
Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.
Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
Purchase market update
What buyers should know this month
30-Yr Fixed · national avg
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15-Yr Fixed · national avg
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2026 buying power
Conforming baseline: $832,750
FHA floor / ceiling: $541,287 – $1,249,125
Cost and payment tools
Run your payment, affordability, closing cost and refinance numbers
Monthly payment, affordability, closing costs, refinance break-even and early payoff, all on one screen. This page is not written for one state, so property tax, insurance and transfer or recording charges start at neutral placeholder assumptions rather than published averages — Transfer, documentary-stamp and recording charges are set by your state and county — enter your own figure, or open the state page for a sourced seed. Insurance and tax assumptions vary widely by state, county and property, so replace these starting values with quotes for your address. Every figure is an illustrative estimate, not a quote, lock, offer, approval, or commitment to lend.
Your inputs
Estimated result
- Down payment
- $20,000
- Loan amount
- $380,000
- Principal & interest
- $2,402
- Property tax
- $333/mo
- Homeowners insurance
- $167/mo
- Estimated total monthly
- $2,902/mo
Reference sources: Tax Foundation — property taxes paid as a percentage of owner-occupied housing value, NAIC — Homeowners Insurance Report, CFPB — Understanding your Loan Estimate.
Assumptions, methodology, and limitations
Principal and interest use the standard amortization formula on the loan amount you enter. This page does not target a single state, so the property tax and insurance fields start at neutral placeholder assumptions rather than published averages — replace them with figures for your own address, or open the matching state page for sourced seeds. Closing costs apply your state's transfer / documentary-stamp practice (0.00% of price used as the buyer-side seed) plus typical title, recording, appraisal, credit and prepaid escrow lines. Refinance break-even divides your entered costs by the monthly payment difference. Early payoff runs a month-by-month amortization with your extra principal.
These tools do not include mortgage insurance, funding or guarantee fees, HOA special assessments, flood or windstorm premiums, seller credits, lender credits, discount points, or county and municipal charges specific to your parcel. Statewide averages will not match any individual property. Figures are estimates only.
Illustrative only. Binding figures appear on your Loan Estimate, and terms vary by borrower, property, lender, program, and state.
Turn these estimates into real numbers
Send your scenario to a Simply Approved Mortgages Loan Officer and get a written summary back, or compare where rates sit today. Educational only — not a quote, lock, offer, approval, or commitment to lend.
Frequently Asked Questions
Answers written by licensed loan officers.
Ask SAM anything about mortgages
SAM is the Simply Approved Mortgages AI assistant. It answers general questions using the reviewed guides published on this site and links you to the primary government source. It is educational only — it does not quote a rate, payment, APR, approval or commitment to lend. A Simply Approved Mortgages Loan Officer reviews every scenario before any terms are confirmed.
Hi, I'm SAM — an AI assistant for Simply Approved Mortgages. I can explain loan programs, closing costs, DTI, down payments and which calculator or guide to use. I'm not a licensed loan officer, and nothing here is a quote, approval or commitment to lend.
Ask Sam AI provides general educational information only. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Never share a Social Security number, ITIN, date of birth, account number or password in chat. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Trusted government resources
These independent government resources can help you research mortgage programs, rates, and your rights before you apply.
CFPB
CFPB — Explore Interest Rates tool
CFPB
CFPB — Owning a Home
HUD
HUD — Buying a Home
CFPB
CFPB — Homeowners Protection Act (PMI cancellation)
Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.
How this page connects
Where this fits in the mortgage calculators library
This page sits inside our Mortgage calculators coverage.
What most readers open next
- What PITI includesBecause the escrow half of the payment surprises most buyers.
- Getting pre-approvedBecause to turn an estimate into a documented number.
Explore the full guide
Keep reading — the rest of the buying playbook
Each of these is a deep-dive on one piece of the purchase mortgage process. Bookmark whichever you need next.
Guide
Affordability calculator
How much home can I afford with real DTI + PITI.
Read the guide →Guide
Refinance calculator
Break-even and lifetime savings on a refi.
Read the guide →Guide
Rent vs. buy calculator
When buying beats renting in your market.
Read the guide →Guide
Net proceeds calculator
What you walk away with after selling.
Read the guide →Guide
DSCR calculator
Investment property qualifying by rent.
Read the guide →Guide
Reverse mortgage calculator
HECM principal limit by age.
Read the guide →Guide
Today's mortgage rates
Live PMMS 30-year and 15-year averages.
Read the guide →Guide
Closing costs by state
Add to your total cash-to-close estimate.
Read the guide →Internal library
Related mortgage guides across our library
Follow the next relevant guide for your scenario.
Start My Approval
Complete this short request and a Simply Approved Mortgages Loan Officer will personally review your scenario. The form only asks what your program actually needs. Submitting it is not an application for credit and is not a commitment to lend.
What are you looking to do?
Pick one — the form adapts.Pick a loan type
Programs for buying a home.Conventional loan — 3–20% down · 620+ FICO
Tell us about your scenario
The form below is tailored to Conventional loan — only the questions and documents your program needs.
Simply Approved Mortgages LLC is licensed to arrange residential mortgage loans in Florida and Colorado only. We ask first so we never collect a mortgage inquiry we are not licensed to act on.
Purchase price and down payment help us size the conforming loan.
A range is enough here — no credit report is pulled and your credit is not affected.
Illustrative estimate only — not a quote, rate lock, offer of credit, or commitment to lend.
Submitting this form is not an application for credit and is not a commitment to lend. No credit report is pulled at this step.
Follow our reporting
Add Simply Approved Mortgages as a preferred source on Google
We update these guides as HUD, FHFA, VA, USDA and CFPB publish new figures. If you want our updates to show up more often when you search Google, you can mark us as a preferred source from the Top Stories carousel:
- 1Sign in to your Google account and search a mortgage topic such as "mortgage rates".
- 2Select the icon next to "Top stories" to open the preferred sources panel.
- 3Search for Simply Approved Mortgages, tick the box, and save.
Preferred sources is a Google Search feature controlled entirely by you and by Google. Simply Approved Mortgages LLC (NMLS #2620881) does not control search results and makes no representation about how or whether our content will appear. Educational content only — not a quote, lock, offer, or commitment to lend.
Simplify Your Mortgage Journey with These Resources
Talk To A Loan Officer
A Simply Approved Mortgages Loan Officer will personally connect with you to walk through your options.
Mortgage insights & guides
Plain-language articles to help you understand the home loan process, save on closing costs, and make confident decisions.
7 things every first-time homebuyer should know before applying
From credit prep to down payment assistance, here’s how to walk into your first mortgage application with confidence.
Using your VA loan benefit: a step-by-step guide
Eligibility, the Certificate of Eligibility, funding fees, and how to maximize zero-down purchasing power.
Where your closing costs actually go (and where you can save)
A line-by-line breakdown of the Loan Estimate and the fees that are negotiable versus fixed.
Equal Housing OpportunityMortgage Broker — Not a LenderNMLS ID# 2620881NMLS Consumer AccessFlorida Mortgage Broker License #MBR7685Colorado Mortgage Company RegistrationLicensing & Disclosures
Simply Approved Mortgages LLC | NMLS #2620881
Florida Branch Office (Miami, FL) | Branch NMLS #2688012
Florida Mortgage Broker License #MBR7685 | Colorado Mortgage Company Registration
Business Phone: (877) 813-7219
Equal Housing Opportunity
Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party wholesale lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado. Business-purpose mortgage products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
Credit and program terms. All loans are subject to lender credit approval, underwriting, acceptable appraisal or valuation when required, title review, insurance, and supporting documentation. Eligibility, programs, rates, APRs, points, lender credits, fees, payments, terms, loan amounts, down-payment requirements, mortgage insurance, and availability may vary based on borrower, property, occupancy, credit profile, loan-to-value ratio, debt-to-income ratio, lender, loan program, and state and may change without notice. Not all applicants, properties, products, or programs will qualify or be available in every state. Nothing on this site constitutes a loan approval, rate lock, offer, commitment to lend, guarantee of approval, or guarantee of terms or closing.
Rates, payments and calculators. Rates, APRs, payments, down payments, loan amounts, home values, estimated equity, savings, affordability estimates, closing costs, and other calculator or scenario results displayed on this site are estimates or illustrations unless expressly stated otherwise. Actual loan terms may differ. Taxes, homeowners insurance, mortgage insurance, association dues, lender charges, broker compensation, discount points, third-party charges, and other costs may apply. Advertised rates, payments, APRs, down payments, and other credit terms are subject to the assumptions and disclosures presented with the applicable advertisement. Applicable loan terms and disclosures will be provided as required for the particular transaction.
Mortgage products. FHA, VA, USDA, conventional, jumbo, non-QM, HELOC, reverse mortgage, down-payment-assistance, investment-property, DSCR, and other mortgage products referenced on this site are subject to their individual eligibility, underwriting, property, occupancy, and program requirements. Product availability varies by lender and jurisdiction. References to a mortgage product or program do not constitute a determination that a borrower or property qualifies.
Government-backed programs. Government-backed or government-insured mortgage programs referenced on this site may be subject to requirements established by the applicable government agency in addition to lender requirements. Government insurance or guaranties generally protect participating lenders against certain losses and do not constitute a guarantee of borrower approval.
Business-purpose products. DSCR, investment-property, and other business-purpose mortgage products referenced on this site are intended for qualifying business-purpose transactions. Business-purpose loans may be subject to different requirements and protections than consumer-purpose residential mortgage loans. Borrowers are responsible for accurately disclosing property occupancy and intended use.
Down payment assistance. Down payment or closing-cost assistance programs referenced on this site may be administered by governmental entities, housing finance agencies, nonprofit organizations, lenders, or other third parties. Program availability, funding, assistance amounts, eligibility requirements, repayment or forgiveness provisions, and other terms vary and may change or become unavailable without notice. Listing or referencing a program does not guarantee funding, eligibility, or mortgage approval.
Government affiliation. Simply Approved Mortgages LLC is not a government agency and is not affiliated with, acting on behalf of, sponsored by, or endorsed by HUD, FHA, VA, USDA, or any other federal, state, or local government agency. References to government agencies, programs, benefits, data, forms, or resources are provided for informational purposes and do not imply government sponsorship or endorsement of Simply Approved Mortgages LLC.
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No professional advice. Content on this site is educational and general in nature and is not legal, tax, accounting, financial, investment, estate-planning, or individualized government-benefits advice. Consumers should consult appropriate qualified professionals regarding their individual circumstances.
Third-party content. References or links to government agencies, lenders, assistance programs, products, services, or other third-party websites are provided for informational purposes or convenience. Simply Approved Mortgages LLC does not control and is not responsible for third-party content, availability, accuracy, or privacy practices.
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Simply Approved Mortgages LLC, 633 W 5th St, Ste 2600, Los Angeles, CA 90071 · 877-813-7219 · support@simplyapprovedmortgages.com. State licensing details available at the NMLS Consumer Access link above. © 2026 Simply Approved Mortgages LLC.