Question 1

What is PITI?

Accepted Answer

PITI stands for Principal, Interest, Taxes, and Insurance, the four core components of a monthly mortgage payment. Lenders use your total PITI (plus HOA and PMI where applicable) to qualify you, not just principal and interest.

Question 2

How much down payment do I need?

Accepted Answer

Conventional loans can go as low as 3–5% down, FHA as low as 3.5%, and VA/USDA can be 0% for eligible buyers. Putting 20% down avoids private mortgage insurance (PMI) and lowers your monthly payment, but is not required to buy.

Question 3

What is PMI and when does it go away?

Accepted Answer

Private mortgage insurance protects the lender when your down payment is under 20%. On conventional loans it typically cancels automatically once your loan balance reaches 78% of the original value, or you can request removal at 80%.

Question 4

15-year vs 30-year mortgage: which is better?

Accepted Answer

A 15-year loan has a higher monthly payment but a lower rate and far less total interest. A 30-year loan has a lower, more flexible monthly payment but costs much more in interest over time. Use the calculator to compare the total interest of each.

Question 5

How can I lower my monthly mortgage payment?

Accepted Answer

Lower the rate (better credit, points, or a shorter term for a lower rate), increase the down payment (smaller loan + no PMI above 20%), extend the term, or shop property taxes and insurance. The calculator shows how each input moves the payment.

Free Mortgage Calculator: Monthly Payment, PITI & Total Interest