Mortgage Payment Calculator
Mortgage Payment Calculator with Live Rates
Skip the guesswork. Enter your scenario below and Rate Direct returns live wholesale rates with P&I calculations baked in - not a guessed rate, the actual market right now.
Conventional Loan Facts
- Down payment as low as 3% for first-time homebuyers, 5% for others
- Down payment assistance programs available to fully cover the 3% down payment
- Private Mortgage Insurance (PMI) required below 80% LTV - automatically removed at 78%
- Maximum DTI typically 45%, up to 50% with strong compensating factors
- Minimum credit score generally 620; best rates at 740+
- Available for primary residence, second home, or investment property
- No upfront mortgage insurance premium - only monthly PMI if applicable
P&I, PITI, and Total Monthly Payment
- P&I = Principal & Interest. Shown in the pricer above. The lender-controlled portion of your payment.
- + Property tax. Set by your county. Usually escrowed into your monthly payment.
- + Homeowners insurance. Set by your carrier. Usually escrowed.
- + Mortgage insurance (if applicable). On Conv loans LTV > 80% or FHA loans. Included in pricer pricing.
- + HOA dues (if applicable). Not escrowed; paid directly to the HOA.
PITI = Principal + Interest + Taxes + Insurance. This is what lenders use to qualify your debt-to-income ratio.
Frequently Asked Questions
How is this different from a generic mortgage payment calculator?+
Generic calculators use a rate you guess or type in. Rate Direct's calculator uses LIVE wholesale rates from hundreds of lenders for your specific scenario. Your monthly payment is computed at the actual rate you can lock, not a hypothetical one.
What does the P&I figure include?+
P&I = Principal and Interest only. It excludes property taxes, homeowners insurance, mortgage insurance, and HOA. To estimate your true total monthly payment (PITI), add taxes, insurance, and any HOA on top of the P&I shown in the pricer.
Can I calculate payments for a 15-year mortgage?+
Yes - the pricer above shows 30-year fixed by default but the results table includes other terms. For dedicated 15-year payment math, see our $400K/$500K/etc. mortgage pages which include both 30 and 15 year payment tables.
How accurate is the live rate vs my actual locked rate?+
The live rate is the wholesale market price right now. Your final locked rate after underwriting may shift slightly based on full credit, income verification, appraisal, and current market - typically within 0.125% to 0.25%. Use the live rate as a reliable, accurate starting estimate.
Does the calculator handle FHA and VA?+
Yes - toggle the loan type tabs in the pricer. FHA includes monthly MIP in pricing; VA includes the upfront funding fee but no monthly MI. Each program prices accurately for its own structure.
Like your numbers? Apply.
Same-day Loan Estimate. $0 origination, $2,000 guarantee on qualifying loans.
Start my applicationHow much house can I afford?
Income-based calculator
Refinance calculator
Break-even math
$400K mortgage payment
Common loan size example