Cost of Owning a Home

The calculator we’ve built below will not only give you a estimate of your monthly payment for Principal & Interest for a given interest rate and term in years, but will also allow you to figure in your Annual Taxes (or by tax rate), your Annual Insurance, so that you can have a good estimate of you PITI (Principal, Interest, Taxes and Insurance) on a monthly basis. 

Also, a common question is how much mortgage insurance will cost.  So, we added the estimate of private mortgage insurance, or the FHA mortgage insurance premium monthly so you can get a truer total estimate of your PITI +MI. 

As a real plus, you can tell it your Federal tax bracket (how much you pay in tax for each extra dollar you earn – usually 28%), and it will tell you how much of your monthly payment will become a deduction and reduce your taxes next year.