The real mortgage calculator.

Most quick calculators show only Principal & Interest — the loan repayment portion. Your real monthly payment includes four to six items: principal, interest, property taxes, homeowners insurance, and (if applicable) mortgage insurance plus HOA dues.

On a $450K home with 20% down at 6.625%, P&I is roughly $2,304/month. Add $413 in taxes plus $150 insurance and you're at $2,867. Add 0.5% PMI if down is under 20% and you're north of $3,000. The "extra" $700–$1,000 is real and permanent.

Automatically at 78% LTV based on your original amortization schedule, or by request at 80% LTV with a current appraisal showing increased value.

Aggressive equity-build strategy: pay down principal manually and request appraisal at 80% LTV — many borrowers cancel within 4–7 years instead of waiting the 10+ years for automatic cancellation. This is one place a few hundred dollars of extra principal payments delivers real ROI.

For loans originated 2013 or later, FHA MIP is permanent at low down payments (under 10% down) — it does not cancel based on LTV like Conventional PMI does. This is structural to the FHA program.

The exit strategy is to refinance to a Conventional loan once you've built sufficient equity. Typical timeline: 3–7 years post-purchase, depending on home appreciation and principal reduction. Plan for this from day one if you're using FHA.

Defaults are national averages: 1.10% property tax rate and $1,800/year homeowners insurance on a $450K home. Adjust both to your actual situation.

Quick state benchmarks for property tax rates: California ~0.7%, Texas ~1.6%, New Jersey ~2.2%, Hawaii ~0.3%. Your county assessor publishes the actual rate.

For insurance: Florida coastal $4,000–$6,000/yr, Texas wind zones $3,000–$5,000/yr, California fire zones $3,000+/yr, low-disaster states $1,000–$1,500/yr.

Two-part answer.

15-year wins when the rate is meaningfully lower (typically 0.5–0.75% below 30-yr), you can comfortably afford the higher payment, and you want to be debt-free before retirement. Total interest paid is dramatically lower.

30-year wins when cash flow flexibility matters, you want optionality to invest the difference at higher returns, or your career is in a high-growth phase where future raises make payments easier. The math favors 30-year + DIY principal payments for most middle-class buyers.

See the Payment Comparison tool for the full side-by-side.

An escrow account is a holding account where the lender collects 1/12th of your annual property taxes and insurance with each mortgage payment, then pays the bills directly when they come due.

FHA, VA, and USDA loans require escrow — non-negotiable. Conventional loans require escrow if you're below 20% LTV. Above 20% LTV, you can usually opt out and pay taxes and insurance yourself.

Most borrowers prefer escrow because it smooths the cost into 12 monthly payments instead of two big annual hits. Discipline-required exit: opting out means putting that money aside yourself every month. Most people don't.

The calculator shows your total monthly cost regardless of whether it's collected in escrow or paid separately. The math is the same: annual tax / 12 + annual insurance / 12 = monthly carrying cost.

If you're comparing rental cost to ownership cost, the right comparison is rent vs total PITI (or PITI + HOA + maintenance reserve). Don't compare rent to P&I only — that's the most common rookie mistake when deciding to buy.

The calculator rate defaults to a posted average for the program. Your quoted rate from a lender depends on FICO score, LTV ratio, DTI, property type, occupancy (primary, second home, investment), and current market pricing on the day you lock.

Borrowers with 760+ FICO and 25%+ down can typically shave 0.25–0.50% off the calculator default. Borrowers with 620–680 FICO or higher LTVs may see 0.25–0.50% above. Get a real quote before relying on calculator output for big decisions.