PITI Mortgage Payment Calculator
PITI Mortgage Payment Calculator
Enter as % of home price or a fixed dollar amount. 20%+ avoids PMI.
Current 30-year fixed rates are approximately 6.5%–7.5%
Typically 0.5%–2.5% of home value annually. Check your county assessor.
Typically 0.15%–0.5% of home value annually
Homeowners association dues. Not escrowed but included in lender DTI calculations.
Enter Your Loan Details
Fill in your home price, down payment, interest rate, loan term, and taxes/insurance to see your complete PITI payment breakdown.
Important
This calculator is provided for general information only and is not financial, tax, or legal advice. Results are estimates and do not reflect your full circumstances, current rates, fees, or eligibility rules. Speak to a qualified professional before making a financial decision.
Calculate your complete monthly mortgage payment breakdown
When you apply for a mortgage, your lender doesn't just look at the loan's principal and interest. They look at your full PITI payment — Principal, Interest, Taxes, and Insurance — because that's the true cost of owning the home each month. Understanding your complete PITI payment is critical for budgeting accurately, qualifying for a loan, and planning your long-term financial health. Our PITI Mortgage Payment Calculator goes far beyond a basic mortgage calculator. It breaks down every component of your monthly housing payment — principal and interest (P&I), monthly property taxes, homeowners insurance, private mortgage insurance (PMI) when your down payment is under 20%, and optional HOA fees. You'll see exactly where every dollar goes, helping you make smarter decisions before you sign. PMI is one of the biggest surprises for first-time homebuyers. If you put down less than 20% of the home's purchase price, lenders typically require PMI — an additional monthly premium that protects the lender if you default. PMI can add anywhere from $50 to several hundred dollars per month depending on your loan size and credit tier. The good news: PMI automatically drops off once your loan balance falls below 80% of the home's original value. Our calculator shows you exactly when that happens, how much PMI you'll pay in total, and how much you can save by making extra payments to reach 80% LTV faster. Property taxes and homeowners insurance together often equal or exceed the PMI cost, yet many buyers focus only on the interest rate. Property taxes typically range from 0.5% to 2.5% of the home's value annually depending on your state and county. Homeowners insurance generally runs 0.15% to 0.5% annually. You can enter these as annual dollar amounts or as percentages of the home value — whichever matches how your lender quoted them. The front-end Debt-to-Income (DTI) ratio is the percentage of your gross monthly income that your PITI payment represents. Lenders use the '28% rule' as a guideline: your PITI should not exceed 28% of your gross monthly income. Our calculator computes your DTI instantly when you enter your gross income, and shows a clear safe / caution / over indicator. Staying under 28% gives you the best chance of mortgage approval and comfortable payments. Beyond the monthly breakdown, our tool gives you powerful long-term analysis. See the total interest you'll pay over the life of the loan, total taxes and insurance costs, and the grand total of all payments. Use the extra payment scenario to see how adding even $100 extra per month can save tens of thousands in interest and shave years off your loan. The bi-weekly payment analysis shows you how paying half your monthly P&I every two weeks — resulting in 13 full payments per year instead of 12 — can cut 4 to 5 years off a 30-year mortgage. For those comparing loan options, our side-by-side scenario comparison lets you evaluate two different interest rate and term combinations simultaneously. Compare a 30-year at 7% vs a 15-year at 6.5% to see exactly how much more you pay monthly on the shorter loan versus how much interest you save over time. The work-hours equivalent feature translates your monthly PITI into hours of work at your entered hourly wage, giving you a visceral sense of what this payment really costs in labor. The full amortization schedule — available in monthly or annual view — shows you exactly how each payment is allocated between principal and interest over time, along with the remaining balance at each point. This is the same schedule your lender uses. Export it to CSV for use in a spreadsheet, or print a clean report for your records.
Understanding PITI Mortgage Payments
What Is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components that make up a complete monthly mortgage payment. Principal is the portion of your payment that reduces your loan balance. Interest is the cost of borrowing money, calculated monthly on your remaining balance. Taxes refers to property taxes, which are collected monthly by your lender and held in an escrow account until due. Insurance refers to homeowners insurance (and potentially PMI), also often escrowed. Together, PITI represents the true monthly cost of homeownership that your lender uses to evaluate your affordability. Understanding each component helps you budget accurately and identify opportunities to reduce your total housing cost over time.
How Is PITI Calculated?
The principal and interest (P&I) portion is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. Property taxes are simply your annual tax bill divided by 12. Homeowners insurance is your annual premium divided by 12. PMI — if your LTV exceeds 80% — is calculated as a percentage of your loan balance, typically between 0.375% and 1.03% annually depending on your LTV tier. The total PITI is the sum of all these components plus any HOA fees. As you pay down the loan, the interest portion decreases each month while the principal portion increases — this is the nature of amortization.
Why Does PITI Matter?
Lenders use your full PITI payment — not just the P&I — to calculate your front-end debt-to-income ratio (DTI). The widely used '28% rule' states that your monthly PITI should not exceed 28% of your gross monthly income. Lenders also look at your back-end DTI (all debt payments including credit cards, student loans, and auto loans) which should generally stay below 36% to 43%. Knowing your PITI before shopping for a home helps you set a realistic budget, understand how much you can afford to borrow, and avoid payment shock. It also helps you compare different loan scenarios: a lower interest rate may not always mean a lower PITI if the property taxes in one area are significantly higher than another.
Limitations and Caveats
This calculator provides estimates based on the information you enter. Actual mortgage payments may vary based on your lender's specific PMI rates, escrow calculations, and any up-front fees or points. Property taxes can change annually based on reassessments. Insurance premiums fluctuate. PMI rates vary significantly by lender and credit score — borrowers with higher credit scores generally pay lower PMI rates. The calculator does not account for FHA mortgage insurance premiums (MIP), which have a different structure than conventional PMI and may not cancel at 80% LTV. HOA fees are included in total monthly cost but are not typically escrowed. All calculations assume a fixed interest rate; adjustable-rate mortgages (ARMs) will have different payment trajectories. Consult a licensed mortgage professional for personalized advice.
How to Use This Calculator
Enter Your Home Price and Down Payment
Start with the home's purchase price. Enter your down payment as a percentage (e.g., 20%) or a fixed dollar amount. Putting 20% or more down eliminates PMI entirely, which can save you $100–$300 per month on a typical loan.
Set Your Loan Term and Interest Rate
Choose a preset loan term (10, 15, 20, 25, or 30 years) or enter a custom term. Enter your quoted interest rate — check with your lender or use current average rates as a baseline. The rate has the biggest impact on your P&I payment.
Enter Taxes and Insurance
Enter your annual property taxes and homeowners insurance as a percentage of home value or as annual dollar amounts. Check your county assessor's website for your property's tax rate. Your insurance agent can provide an annual premium quote.
Review Full PITI Breakdown and Explore Scenarios
Your complete monthly PITI appears instantly with a visual donut chart. Scroll down to see lifetime costs, PMI payoff date, DTI ratio, amortization schedule, and bi-weekly savings. Use Advanced Options to model extra payments, compare two loan scenarios, or see your work-hours equivalent.
Frequently Asked Questions
What is included in a PITI payment?
PITI stands for Principal, Interest, Taxes, and Insurance — the four core components of a monthly mortgage payment. Principal is the portion that reduces your loan balance. Interest is the monthly cost of borrowing, calculated on your remaining balance. Taxes refers to annual property taxes collected monthly into an escrow account. Insurance includes homeowners insurance and, if your down payment is under 20%, private mortgage insurance (PMI). Many lenders also include HOA fees when calculating your total housing payment for DTI purposes. Together, PITI represents the true ongoing cost of homeownership and is what lenders use to qualify you for a mortgage.
When does PMI go away?
PMI is required when your loan-to-value (LTV) ratio exceeds 80% — meaning your down payment was less than 20% of the home's purchase price. Under the Homeowners Protection Act, lenders are required to automatically cancel PMI when your loan balance reaches 78% of the original home value based on your scheduled payment. You can request cancellation at 80% LTV if you've made payments on time and request it in writing. Making extra principal payments accelerates this process. Our calculator shows you exactly when your PMI drops off and how much total PMI you'll pay if you stay on the standard schedule. Eliminating PMI early can save thousands of dollars.
What is the 28% rule for mortgage payments?
The 28% rule is a commonly used lender guideline stating that your monthly PITI payment should not exceed 28% of your gross monthly income. This is called your front-end debt-to-income (DTI) ratio. For example, if your gross monthly income is $7,000, your PITI should stay at or below $1,960. Most lenders also look at a back-end DTI (all monthly debt payments) which should generally stay below 36% to 43%. Staying within the 28% threshold improves your chances of loan approval, ensures payments are manageable, and leaves room for other financial goals. Enter your gross monthly income in the Advanced Options section to see your DTI calculated automatically.
How do extra monthly payments reduce my mortgage?
Extra payments go directly toward your loan principal, reducing the balance faster than the standard amortization schedule. Because interest is calculated on the remaining balance each month, a lower balance means less interest accrues — and more of each subsequent regular payment also goes toward principal. This compounding effect means even modest extra payments produce significant savings over time. Adding $100 per month to a $300,000 30-year mortgage at 7% can save approximately $25,000–$30,000 in interest and cut about 3–4 years off the loan. Use the Extra Monthly Payment field in Advanced Options to model your specific scenario and see the exact interest saved and months shaved off your term.
Does making bi-weekly payments really save money?
Yes — bi-weekly mortgage payments are one of the most effective free strategies to save on a mortgage. When you pay half your monthly P&I payment every two weeks instead of one full payment monthly, you end up making 26 half-payments per year — equivalent to 13 full monthly payments instead of 12. That one extra payment per year goes entirely toward principal. On a 30-year, $300,000 mortgage at 7%, bi-weekly payments can save approximately $60,000–$70,000 in interest and cut the loan term by 4–5 years. Our calculator computes bi-weekly savings automatically for every scenario. Note: confirm with your lender that they accept and properly credit bi-weekly payments before switching.
How does LTV affect my mortgage rate and PMI?
Loan-to-Value (LTV) ratio is your loan amount divided by the home's value, expressed as a percentage. A lower LTV means you have more equity and pose less risk to the lender. LTV affects your mortgage in two major ways: First, conventional lenders require PMI when LTV exceeds 80%. PMI rates are tiered by LTV — the closer to 100% LTV, the higher the PMI rate (up to about 1.03% annually). Second, some lenders offer slightly better interest rates at lower LTV thresholds (below 75%, below 70%). Putting down 20% brings your LTV to 80%, eliminating PMI. Making extra payments or benefiting from home price appreciation also reduces LTV over time, eventually allowing PMI cancellation.