Mortgage calculator with PITI, PMI and refinance break-even
The payment your lender quotes is rarely the payment you make. This one adds the property tax, the insurance, the HOA dues and the mortgage insurance, and shows the whole figure.
Principal and interest is only half the payment
Type a price and a rate into most calculators and you get principal and interest — a number that can be several hundred dollars short of what leaves your account each month. Property tax is missing, home insurance is missing, HOA dues are missing, and if your down payment is under twenty per cent, private mortgage insurance is missing too. The result feels affordable right up to the point where it is not.
This app starts from the full picture. It calculates PITI, adds PMI or the FHA mortgage insurance premium where the loan type requires it, and shows the breakdown line by line so you can see what each component contributes.
What the mortgage calculator covers
Four screens: the payment itself, a refinance analysis, an affordability check, and the settings that support them.
- The full monthly payment. Principal and interest, property tax, home insurance and HOA dues are broken out separately, with a total at the bottom and a bar showing their relative weight. Extra monthly payments can be added to see how much sooner the loan closes.
- Loan types that behave differently. Conventional, FHA, VA and USDA are modelled as distinct loan types rather than a single generic mortgage, because their mortgage-insurance rules are what actually separates them in the monthly figure.
- Biweekly against monthly. A biweekly schedule produces one extra payment a year without feeling like it. The calculator shows the biweekly payment, the difference against the monthly baseline, and the total interest saved over the life of the loan.
- Refinance break-even. Enter your current balance, rate and years remaining against a new rate and closing costs, and the app returns the month at which the refinance pays for itself. Cash-out is an optional input, so you can test taking equity out at the same time.
- Itemised closing costs. Discount points, lender origination, appraisal, title insurance and settlement, government recording and transfer, processing and underwriting, and prepaid tax and insurance escrow are each estimated separately — the difference between a vague “two to five per cent” and a number you can check against a loan estimate.
- Affordability from your income. The affordability screen works backwards from a target monthly payment and available cash, and grades the result on debt-to-income from Comfortable to Stretched.
- Scenarios, alerts and a glossary. Name and save scenarios to compare them later, set a rate-drop alert or a weekly reminder, and look up any term you do not recognise in the built-in glossary.
Why this one and not a lender's site
Calculators on lender and broker sites exist to capture a lead. You get a number and then a form. This app has no form, no email capture and no rate table pushing you toward one product — it is a calculator that ends with a calculation.
It also runs offline. The maths, the amortisation schedule and the closing-cost estimates are all computed on the device, so you can use it standing in an open house with no signal. Nothing about the property, the price or your income is uploaded.
Who it is for
First-time buyers get the most out of it, because the gap between the advertised payment and the real one is exactly what catches first-time buyers out. Working backwards from a payment you are comfortable with — rather than forwards from a price a listing suggests — tends to produce a more honest budget.
It is equally useful to existing owners deciding whether a refinance is worth it. Rates move, and the only question that matters is how many months you need to stay in the house for the closing costs to be recovered; that is a single number, and the refinance screen produces it. And for anyone comparing an FHA loan against a conventional one with a larger down payment, the two monthly figures side by side make the trade-off concrete.
Accuracy and privacy
The app is an estimator. Property tax and insurance defaults vary by state and are starting points to be replaced with your own figures; PMI and MIP are modelled from standard rules, and your lender's actual quote is the authority. Nothing here is a loan offer or financial advice.
There is no account, no data upload and no lead capture. It is free and ad-supported.
Frequently asked questions
Does it include PMI and property tax? Yes. The monthly figure covers principal and interest, property tax, home insurance and HOA dues, with PMI or FHA MIP added where the loan type and down payment call for it.
Can it work out whether refinancing is worth it? Yes. The Refinance screen takes your current balance, rate and years remaining against a new rate and closing costs, and returns the month the refinance pays for itself. Cash-out is an optional input.
What loan types are supported? Conventional, FHA, VA and USDA — each with its own mortgage-insurance treatment rather than one generic loan.
Does it work without an internet connection? Yes, entirely. Every calculation runs on the device.
Is it available on iPhone? Yes — it is on both the App Store and Google Play.