Mortgage Calculator (PITI)
Down payment is at least 20%, so PMI is not required in this estimate.
Down payment is at least 20%, so PMI is not required in this estimate.
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Mortgage Calculator (PITI)
Buying a home costs more than the advertised mortgage rate. Lenders and budgets usually look at PITI—principal, interest, property taxes, and insurance—plus PMI when you put less than 20% down. This calculator builds that full monthly picture so you can compare homes and loan scenarios realistically.
A low “mortgage payment” quote that only shows principal and interest can understate ownership cost by hundreds of dollars a month once taxes, insurance, and PMI are added. Use this tool to stress-test price, down payment, rate, and term before you shop or lock a loan.
Enter home price, down payment, rate, term, annual tax and insurance, PMI rate, and any HOA fee to see monthly PITI, loan amount, total interest, and a payment breakdown on Money Calculator Hub.
How to Use the Mortgage PITI Calculator
- Enter the Home price and Down payment.
- Set the Interest rate and Loan term.
- Add Annual property tax and Annual home insurance.
- Enter a PMI rate (used only if down payment is under 20%) and optional HOA / other monthly costs.
- Review monthly PITI, each cost component, loan amount, total interest, and the donut chart breakdown.
How Is PITI Calculated?
Loan amount is home price minus down payment. Monthly principal and interest use fixed-rate amortization:
Where:
- P = Loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Number of monthly payments
- M = Monthly principal & interest
Monthly property tax and insurance are annual amounts ÷ 12. Monthly PMI (if required) is loan amount × annual PMI rate ÷ 12. Total monthly payment is P&I + tax + insurance + PMI + HOA.
Understanding Mortgage PITI
Principal and interest go to your lender and reduce the loan balance over time. Property taxes fund local services and school districts; amounts vary widely by location and assessed value. Homeowners insurance protects the property (and usually the lender’s collateral) against covered risks such as fire or storms—flood coverage is often separate.
When down payment is below 20% on a conventional loan, PMI protects the lender if you default. It is a cost of borrowing with less equity, not a tax. Once equity rises enough, PMI can often be removed; taxes and insurance generally continue for as long as you own the home.
Why PITI Matters
- Lenders often compare PITI to gross income (housing ratio) when underwriting.
- Escrowed taxes and insurance can make a fixed-rate loan payment rise even when principal and interest stay the same.
- PMI protects the lender when equity is low and usually drops once you reach about 20% equity (rules vary by loan type).
- Including HOA and other fees helps avoid underestimating true ownership cost.
- Comparing two homes on P&I alone can hide which property has higher taxes, insurance, or association dues.
Tips for Using This Mortgage Estimate
- Look up county tax estimates and insurance quotes for the specific property when possible—defaults are only examples.
- Try a slightly higher rate than today’s best quote to leave a buffer if markets move before you lock.
- Compare 15-year vs 30-year terms to see the trade-off between monthly cash flow and total interest.
- If you plan under 20% down, include PMI so the payment matches what you may actually pay at closing.
- Remember closing costs, maintenance, and utilities are outside this PITI model but still affect affordability.