Free online calculator
Mortgage calculator
Estimate PITI and total interest.
Mortgage calculator
Estimate monthly PITI payment including PMI and amortization schedule.
How to use this calculator
- 1
Enter home price and down payment
Type the purchase price and your down payment percentage.
- 2
Set loan term and rate
Choose a term (15, 20, or 30 years) and enter the annual interest rate (APR).
- 3
Add PITI components
Enter property tax rate, annual insurance, and monthly HOA if applicable.
- 4
Review the monthly breakdown
The results panel shows each PITI component and a total monthly payment.
- 5
Expand the amortization table
Click "Show amortization" to see every payment month-by-month.
Formula
Monthly P&I: annuity formula = P × r / (1 − (1+r)^−n) where r = monthly rate, n = months.
Monthly tax: home price × tax rate ÷ 1200
Monthly PMI: loan amount × PMI rate ÷ 1200 — drops to 0 when remaining balance ÷ home price ≤ 0.78.
Worked example
$400k home, 20% down, 30 yr, 6.8% APR, 1.1% tax:
Loan = $320k. P&I ≈ $2,090/mo. Tax = $367/mo. Insurance = $100/mo. No PMI (≥20% down). Total ≈ $2,557/mo.
FAQ
What is PITI? +
PITI stands for Principal, Interest, Tax, and Insurance — the four components of a typical mortgage payment. This calculator also includes PMI (private mortgage insurance) and HOA fees when applicable.
When does PMI drop off? +
PMI is required when the loan-to-value ratio exceeds 80% (i.e., down payment under 20%). By law, lenders must cancel PMI once the remaining balance reaches 78% of the original home value. The calculator shows exactly which month that occurs.
Does this include closing costs? +
No. Closing costs (typically 2–5% of the loan amount) are not included in v1. Add them separately to your total upfront cash requirement.
How are property taxes handled? +
Enter an annual property tax rate as a percentage of the home value. The calculator divides it by 12 and adds it to your monthly payment. Actual taxes vary by location and are reassessed periodically.
Can I change the PMI rate? +
The default PMI rate is 0.5% of the loan amount per year, which is a common midpoint. Actual PMI rates range from 0.2%–2% depending on credit score, down payment, and lender.
About this calculator
This mortgage calculator estimates your complete monthly PITI payment — principal, interest, property tax, homeowner's insurance, PMI, and HOA. It also generates a full amortization schedule and shows the month your PMI drops off once the loan-to-value ratio reaches 78%.
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