The bracketed term is principal & interest (P = loan amount after down payment, r = monthly rate, n = months). Lenders then add monthly property tax, homeowner's insurance and any HOA dues — together these four make up your true PITI payment, which is what affects loan qualification.
Estimating your true monthly payment
Your mortgage payment is more than principal and interest. Lenders bundle in property taxes and homeowners insurance (and sometimes HOA dues and PMI) — together known as PITI. This calculator shows the full monthly figure and breaks it down so you can see where each dollar goes.
Adjust the down payment to see how it changes both your loan amount and payment, and expand the details to tune tax, insurance and HOA for your area.
Estimates only; not a loan offer. Rates, taxes and insurance vary.