What PITI actually includes
Your real monthly housing cost is rarely just principal and interest. PITI stands for Principal, Interest, Taxes, and Insurance — and this calculator adds property tax and homeowners insurance on top of the loan payment itself, plus PMI (private mortgage insurance) if your down payment is under 20%, and optional HOA fees. That’s the number that actually shows up in your monthly budget.
15-year vs 30-year: the real trade-off
A 15-year mortgage carries a higher monthly payment but a meaningfully lower interest rate and far less total interest over the life of the loan — often less than half of what a 30-year term costs on the same principal. A 30-year term lowers the monthly payment and frees up cash flow, at the cost of paying more interest overall. Run both terms through the calculator to see the exact dollar trade-off for your numbers.
Reading the amortization schedule
Every payment splits between interest (calculated on your current balance) and principal (what actually reduces what you owe) — and that split shifts every month as the balance shrinks. The schedule below the calculator shows this month by month, or rolled up year by year, along with the running balance and total interest paid over the full term. Toggle between views, or export the full monthly schedule as a CSV to check any specific month or paste into your own spreadsheet.
Why use UtilityApps for this
Everything runs in your browser — your income, home price, and down payment never leave your device. No signup, no lead-generation form to a mortgage broker, just the numbers.