Mortgage Payment Calculator (PITI)
Calculate your full monthly mortgage payment including principal, interest, property taxes, homeowner's insurance, PMI, and HOA fees. Adjust any variable to see how it affects your payment.
Mortgage Payment Calculator
Estimate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI.
How Mortgage Payments Are Calculated
Your monthly mortgage payment (PITI) consists of four components: Principal (paying down the loan balance), Interest (the cost of borrowing), Taxes (property taxes escrowed monthly), and Insurance (homeowner's insurance). If your down payment is less than 20%, you'll also pay PMI.
The standard mortgage formula uses amortization to calculate equal monthly payments over the loan term. Early payments are mostly interest, while later payments are mostly principal — this is why refinancing or extra payments can save significant money over the life of the loan.
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Frequently Asked Questions
What is PITI in a mortgage payment?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a monthly mortgage payment. Lenders use your total PITI to determine affordability, typically requiring it to be under 28% of gross monthly income.
How much is PMI and when can I remove it?
PMI (Private Mortgage Insurance) typically costs 0.5–1.5% of the loan amount annually. You can request removal once you reach 20% equity, and it's automatically canceled at 22% equity.