## About Lofty

Lofty is a fractional U.S. real estate investing platform where visitors can browse property shares, learn about rental property investing, review calculators and guides, and access support for marketplace orders and account activity.

### Mortgage Calculator

Estimate the financing side of a property purchase, including PITI, PMI, total interest, and a year-by-year amortization summary.

## Your numbers

### Financing

- **Home price**: $ 
- **Down payment**: % 
- **Interest rate**: % 
- **Loan term**: years

### Expenses

- **Property taxes**: $ per month. Roughly 1.0% to 1.5% of price per year.
- **Home insurance**: $ per month. Typically $1,000 to $2,000 per year.
- **HOA dues**: $ per month. Leave at $0 if none.

## What is a mortgage calculator?

A mortgage calculator estimates a monthly principal and interest payment based on purchase price, down payment, interest rate, and loan term. Adding property taxes, insurance, HOA, and PMI gives the full PITI payment.

## Year-by-year principal and interest

| Year | Principal paid | Interest paid | Cum. interest | Remaining balance | Equity from paydown |
| --- | --- | --- | --- | --- | --- |
| 1 | $2,844 | $19,510 | $19,510 | $277,156 | $2,844 |
| 2 | $3,050 | $19,304 | $38,814 | $274,106 | $5,894 |
| 3 | $3,270 | $19,084 | $57,898 | $270,835 | $9,165 |
| 4 | $3,507 | $18,847 | $76,745 | $267,329 | $12,671 |
| 5 | $3,760 | $18,594 | $95,339 | $263,568 | $16,432 |
| 6 | $4,032 | $18,322 | $113,661 | $259,536 | $20,464 |
| 7 | $4,324 | $18,031 | $131,692 | $255,213 | $24,787 |
| 8 | $4,636 | $17,718 | $149,410 | $250,577 | $29,423 |
| 9 | $4,971 | $17,383 | $166,793 | $245,605 | $34,395 |
| 10 | $5,331 | $17,024 | $183,816 | $240,275 | $39,725 |
| 11 | $5,716 | $16,638 | $200,454 | $234,559 | $45,441 |
| 12 | $6,129 | $16,225 | $216,679 | $228,429 | $51,571 |
| 13 | $6,572 | $15,782 | $232,461 | $221,857 | $58,143 |
| 14 | $7,047 | $15,307 | $247,768 | $214,810 | $65,190 |
| 15 | $7,557 | $14,797 | $262,565 | $207,253 | $72,747 |
| 16 | $8,103 | $14,251 | $276,816 | $199,150 | $80,850 |
| 17 | $8,689 | $13,665 | $290,481 | $190,461 | $89,539 |
| 18 | $9,317 | $13,037 | $303,519 | $181,144 | $98,856 |
| 19 | $9,991 | $12,364 | $315,882 | $171,153 | $108,847 |
| 20 | $10,713 | $11,641 | $327,523 | $160,440 | $119,560 |
| 21 | $11,487 | $10,867 | $338,390 | $148,953 | $131,047 |
| 22 | $12,318 | $10,036 | $348,427 | $136,635 | $143,365 |
| 23 | $13,208 | $9,146 | $357,573 | $123,427 | $156,573 |
| 24 | $14,163 | $8,191 | $365,764 | $109,264 | $170,736 |
| 25 | $15,187 | $7,167 | $372,932 | $94,077 | $185,923 |
| 26 | $16,285 | $6,070 | $379,001 | $77,793 | $202,207 |
| 27 | $17,462 | $4,892 | $383,893 | $60,331 | $219,669 |
| 28 | $18,724 | $3,630 | $387,523 | $41,607 | $238,393 |
| 29 | $20,078 | $2,276 | $389,800 | $21,529 | $258,471 |
| 30 | $21,529 | $825 | $390,625 | $0 | $280,000 |

## How to run a mortgage analysis

1. **Enter purchase price and down payment**  
   Use the actual list price and the cash you can put down. The calculator computes the loan amount automatically.
2. **Set interest rate and loan term**  
   Use a current quote from a lender. 30-year fixed is the most common. 15- and 20-year terms reduce total interest but raise the monthly payment.
3. **Add taxes, insurance, HOA, and PMI**  
   Property taxes are usually 1.0% to 1.5% of price annually. Insurance is roughly $1,000 to $2,000 per year. PMI applies if down payment is under 20%.
4. **Read the snapshot and amortization**  
   Review your full PITI plus HOA payment, loan-to-value, total interest, and the year-by-year amortization summary.

## Key terms in plain English

- **PITI**: Principal, interest, taxes, insurance. PITI is the standard way to describe a monthly mortgage payment.
- **PMI**: Private mortgage insurance for low-down-payment loans. Protects the lender when down payment is below 20%.
- **Loan-to-value**: Loan / purchase price. Compares your loan size to the price of the property.
- **Amortization**: How payments split between principal and interest. Amortization tables show this year-by-year.
- **APR**: Annual percentage rate; includes interest plus most loan fees.

## People also ask

- **How is a mortgage payment calculated?**  
  A fixed-rate mortgage payment is calculated with a standard amortization formula.
- **What is PITI on a mortgage?**  
  PITI stands for principal, interest, taxes, and insurance.
- **When is PMI required?**  
  Typically required when the down payment is less than 20%.
- **How much should I put down on an investment property?**  
  Conventional loans usually require 20% to 25% down.
- **Should I choose a 15-year or 30-year mortgage?**  
  A 15-year mortgage has higher payments but saves on interest.
- **What is the total interest on a mortgage?**  
  Total interest is the difference between all payments over the life of the loan and the original loan amount.