PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Lenders use PITI to determine how much home you can afford.

Private Mortgage Insurance (PMI) is an added monthly fee lenders charge when your down payment is less than 20 percent. PMI usually costs 0.3 to 1.5 percent of the loan amount per year.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has a higher monthly payment but saves you tens of thousands in interest. A 30-year mortgage has lower monthly payments and more flexibility, but you pay substantially more interest overall.

Mortgage calculator

Q: How much down payment do I need?

Conventional loans typically require 5 to 20 percent down. Paying at least 20 percent lets you avoid private mortgage insurance (PMI). FHA loans allow as little as 3.5 percent down.

Estimate your complete monthly mortgage payment including principal, interest, property tax, home insurance, PMI, and HOA. Includes full amortization schedule.

Home price

Down payment 20.0%

Interest rate (% p.a.)

Loan term

Property tax (% per year)

Home insurance (per year)

PMI (% per year)

HOA (per month)

Monthly payment

$2,663

Loan amount

$320,000

Total interest

$446,428

Total paid

$766,428

Monthly payment breakdown

Loan balance over time

Amortization schedule

How to use this mortgage calculator

Enter the home price you're considering.
Set your down payment using the slider or type the dollar amount directly.
Enter the interest rate offered by your lender.
Choose your loan term — 15, 20, or 30 years are most common.
Add property tax rate, home insurance, PMI, and HOA for your area.
The calculator instantly shows your complete monthly payment (PITI), pie chart breakdown, balance-over-time chart, and full amortization schedule.

What is PITI?

PITI stands for Principal, Interest, Taxes, and Insurance — the four parts of a typical monthly mortgage payment. Lenders use PITI to decide how much home you can afford. Most guidelines suggest your PITI should not exceed 28% of your gross monthly income.

Principal: The portion of your payment that reduces the loan balance.
Interest: The cost of borrowing, calculated on the remaining balance.
Taxes: Property tax, usually collected monthly and held in escrow by the lender.
Insurance: Homeowners insurance, and PMI if your down payment is below 20%.

Mortgage formula

M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]

Where M is the monthly principal & interest payment, P is the loan amount, r is the monthly interest rate (annual ÷ 12), and n is the total number of monthly payments.

Total monthly payment = M + monthly property tax + monthly insurance + monthly PMI + HOA.

Frequently asked questions

How much down payment do I need?

Conventional loans typically require 5–20% down. Paying at least 20% lets you avoid PMI. FHA loans allow as little as 3.5% down but include mortgage insurance premiums.

What is PMI and when does it stop?

Private Mortgage Insurance (PMI) protects the lender if you default. It usually costs 0.3–1.5% of the loan amount per year and automatically ends when your loan balance reaches 78% of the original home value.

Should I choose 15-year or 30-year?

A 15-year mortgage has higher monthly payments but saves tens of thousands in interest. A 30-year mortgage has lower payments and more flexibility, but costs substantially more over time.

Can I afford a higher-priced home?

The 28/36 rule says your PITI shouldn't exceed 28% of gross monthly income, and total debts (including PITI) shouldn't exceed 36%. Use these as rough guidelines, not absolute limits.

Does this calculator include closing costs?

No. Closing costs typically run 2–5% of the loan amount and are paid upfront. This calculator focuses on ongoing monthly payments after closing.

Mortgage calculator