Mortgage Payment Calculator
Get your full monthly PITI payment in seconds, including tax, insurance, and PMI.
Enter the home price, down payment, rate, term, and escrow estimates. Get the total monthly payment and total interest over the life of the loan.
Annual escrow items
What PITI means
PITI is the four components of a typical monthly mortgage payment: Principal, Interest, Taxes, Insurance. Most lenders collect taxes and insurance in escrow alongside the loan payment so they can pay those bills directly. PITI is what most people mean when they say "monthly mortgage payment."
How the P&I is calculated
Principal and interest use the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is monthly interest rate (annual / 12 / 100), and n is total payments (years * 12). The same formula powers every mortgage calculator on the internet.
When PMI applies
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is under 20 percent. Typical PMI rates are 0.3 to 1.5 percent of the loan amount per year, depending on your credit score and down payment. PMI usually drops off automatically when you reach 22 percent equity, or you can request it removed at 20 percent. FHA loans have different (and longer-lasting) mortgage insurance rules.
What this calculator does NOT include
- HOA fees (add separately if applicable)
- Mortgage points (one-time upfront cost to lower rate)
- Closing costs (typically 2-5 percent of loan amount)
- Variable rate adjustments for ARMs
- Property tax increases over time
- Tax deductibility of mortgage interest
For a complete buying analysis including those factors, work with a mortgage broker or financial advisor.