Estimate your monthly payment, total interest paid, and see a 12-month amortization schedule.
The monthly P&I (Principal and Interest) is the core mortgage payment calculated from your loan amount, interest rate, and term. Monthly PITI adds Property Tax (T) and Insurance (I) to give you the true all-in monthly cost. Many lenders require PITI to be under 28% of your gross monthly income.
Amortization is the process of paying off a loan through regular scheduled payments. Each payment covers both interest and principal. Early in the loan, most of each payment goes toward interest. Over time, more goes toward principal. The amortization table shows exactly how each payment is split month by month.
A 15-year mortgage has higher monthly payments but you pay far less total interest and build equity faster. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility, but you pay significantly more interest over the life of the loan. The right choice depends on your income stability, other financial goals, and how long you plan to stay in the home.