Skip to main content
Financial calculator, notepad, pen, and house key on a glass desk

Mortgage Calculator

Estimate your monthly mortgage payment for Philadelphia area homes. Understand PITI, compare interest rates, and plan your home purchase budget with confidence.

Get Pre-Approved Get Your Numbers

Calculate Your Numbers

Use the tools below to estimate your monthly payment and find out what you can afford.

Mortgage Payment Calculator

$100K $2M
0% 50%
3% 8%

Estimated Monthly Payment

$2,573

Principal & Interest

$2,023

Property Tax

$467

Insurance

$83

PMI

$0

Monthly Payment Breakdown

Principal & Interest $2,023
Property Tax $467
Insurance $83
PMI $0
Get Pre-Approved Today

What Can I Afford?

$30K $500K
$0 $5,000
$0 $300K
3% 8%
0.5% 3.0%
$500 $3,000

Maximum Home Price

$325,000

Est. Monthly Payment

$2,300

DTI Ratio

36%

Affordability Gauge

Conservative Moderate Aggressive
Schedule a Consultation

Next Steps After Using the Calculator

Once you have your estimated monthly payment, take the next steps toward homeownership.

Get Pre-Approved

Get Pre-Approved

Turn your estimate into a real pre-approval letter. Connect with a trusted lender and know exactly what you can afford.

Learn More
Find a Home

Find a Home

Search available properties within your budget across Philadelphia, Montgomery, Bucks, Chester, Delaware and Berks Counties.

Browse Homes
First-Time Buyer Programs

First-Time Buyer Programs

Explore PHFA, FHA, VA, and USDA loan programs with down payment assistance for qualified first-time buyers.

Learn More
Schedule Consultation

Schedule a Consultation

Talk to John Smart about your numbers and get personalized advice on the best path forward for your home purchase.

Schedule Now

How to Use the Mortgage Calculator

Using a mortgage calculator is the fastest way to understand what you can afford. Start by entering the home price of properties you are considering in Philadelphia neighborhoods or suburban areas. Adjust the down payment, interest rate, and loan term to see how each factor changes your monthly obligation.

Understanding PITI: The Four Components

  • Principal (P): The portion that reduces your loan balance.
  • Interest (I): The cost of borrowing money. Even a half-point difference saves thousands over 30 years.
  • Taxes (T): Pennsylvania property taxes vary by county. Philadelphia has a 1.3998% rate while suburbs range from 1.5-2.0%.
  • Insurance (I): Homeowners insurance averages $800-$1,200 per year. PMI applies if down payment is under 20%.

FAQ

Common Questions About Mortgage Calculations

What does PITI stand for?

PITI stands for Principal, Interest, Taxes, and Insurance, the four components of your monthly mortgage payment.

Ask Smarty a question
How does the down payment affect my monthly payment?

A larger down payment lowers your loan amount and monthly payment, and 20% also eliminates Private Mortgage Insurance.

Ask Smarty a question
What property tax rates apply in Philadelphia?

Philadelphia city properties carry roughly a 1.4% millage rate, while suburban counties typically range from 1.5% to 2.0%.

Ask Smarty a question
Should I choose a 15-year or 30-year mortgage?

A 30-year keeps payments lower but costs more in total interest, while a 15-year saves on interest with higher monthly payments.

Ask Smarty a question
John Smart

Answered by John Smart

AI-Certified Agent\u2122 with eXp Realty | PA License RS348332

Serving Philadelphia, Montgomery, Bucks, Chester, Delaware and Berks Counties

Get a Personalized Estimate

John Smart uses AI-powered tools to provide a detailed payment breakdown based on your specific situation and the Philadelphia-area neighborhoods you are considering.

Get Your Numbers Get Pre-Approved