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Mortgage Payment Calculator (PITI) — 2026

Last verified: May 2026

Calculate your full monthly mortgage payment including principal, interest, taxes & insurance. See amortization schedule and total interest paid.

Loan Details

Monthly Payment (PITI)

$2,606

Principal & Interest

$2,086

Total Interest

$431,018

Loan Amount

$320,000

LTV Ratio

80.0%

Monthly Payment Breakdown

Principal & Interest
$2,086/mo
Property Tax
$400/mo
Insurance
$120/mo

Amortization

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This tool is for educational purposes only and does not constitute financial, tax, or investment advice. Consult a qualified financial professional for advice specific to your situation.

Analysis & insights

On a $320,000 loan at 6.8% for 30 years, your monthly payment is $0 principal and interest, or $2,606/month total PITI including tax + insurance. Across the full term you'll pay $431,018 in interest. Your 20% down payment avoids PMI entirely. To comfortably afford this under the standard 28% housing-to-income guideline, household income should be at least $111,693/year.

No PMI, market-rate loan

20% down avoids PMI. Your 6.8% rate is above the current best-available range.

Risk & benchmark gauge

Current band

Stretched

Estimated housing share of median income: 47%

0255075100
AffordableWatch carefullyStretched

Industry benchmarks

  • Your monthly PITI$2,606
  • Income needed (28% rule)$111,693/yr
  • National median mortgage payment$2,200/mo
  • Total interest over loan life$431,018

Key insights

Reasonable interest cost

Total interest of $431,018 is 135% of principal — in the normal range for current rates.

No PMI

Your 20% down avoids private mortgage insurance — saving $80-300/month versus a low-down loan.

28% income guideline

Lenders prefer total housing cost (PITI) under 28% of gross monthly income. At your $2,606 payment, that implies household income of at least $111,693/year.

Scenario analysis

You

Current scenario

$2,606/mo PITI

30-year fixed at 6.8%. Total interest: $431,018.

+ 1 extra payment/year

24.1 year payoff

-$98,704 interest

Make one extra principal payment annually — typically shortens a 30-year loan by 4-6 years.

15-year loan instead

$2,752/mo P&I

$2,752/mo more

Higher monthly but ~60% less total interest. Use only if budget supports the increase.

At 7.80% rate

$2,304/mo P&I

+$2,304/mo

How much higher payment would be if you missed the rate-lock window.

Recommended actions(3)

Make one extra principal payment per year

High priority

Splits the year-end bonus into 12 monthly extras OR pays a full 13th payment at year-end. Cuts a 30-year loan to ~24-26 years.

Impact: Saves approximately $98,704 over the life of your loan.

Watch for refinance opportunities

Medium priority

If rates drop 0.75% or more, run the break-even calculation. Generally refinance only if you'll stay long enough to recoup closing costs.

Impact: A 1% rate drop would save approximately $1,878/month.

Shop at least 3 lenders

Medium priority

A 0.25% rate difference saves tens of thousands over 30 years. Quotes don't hurt your credit if pulled within a 14-day window.

Impact: A 0.25% rate reduction would save approximately -$731,935 total.