What will your mortgage really cost?

A typical mortgage payment has five parts — often called PITI plus extras: principal and interest on the loan, property taxes, homeowners insurance, and, if you put less than 20% down on a conventional loan, private mortgage insurance (PMI). A monthly HOA fee may also apply.

Your principal-and-interest payment is set by the loan amount (home price minus down payment), the interest rate, and the loan term — usually 30 or 15 years. Property taxes and homeowners insurance are added monthly, typically held in an escrow account. This calculator combines all of them into one estimated payment.

On a conventional loan with less than 20% down, a higher credit score means a lower PMI rate. A 760+ score might pay about 0.30% of the loan per year, while a score under 660 can pay 1.50% or more — often a difference of $100 or more a month on a typical St. Louis home.

On a conventional loan, PMI automatically cancels once your loan balance reaches 78% of the original home value, and you can request removal at 80% equity. Paying a little extra each month builds equity faster and removes PMI sooner, as this calculator shows.

A lot. On a $380,000 loan at 6.5%, paying an extra $300 a month pays the loan off about 8 years early and saves roughly $147,000 in interest. Even small extra payments shorten the term and cut total interest — use the extra-payment field above to see your own numbers.

Missouri assesses homes at 19% of market value, with effective property-tax rates that typically run about 1.0% to 1.4% per year depending on the district. Homeowners insurance in the St. Louis area commonly runs roughly $1,200 to $2,000 per year. Both are estimated here and vary by location and provider.