Get the full PITI — principal, interest, taxes, and insurance — in one number. Add PMI and HOA if they apply. Live calculation as you change inputs.
P&I plus taxes, insurance, PMI, and HOA. Adjust any input and the totals update live.
Estimates only. Actual mortgage terms, APR, taxes, insurance, and PMI depend on credit approval, property location, lender, and applicable fees. PMI rate is estimated at 0.5% of loan amount annually for down payments under 20%; your actual rate may differ. This calculator does not include closing costs, points, or flood insurance.
Lenders calculate your full housing payment as the sum of these four (or five) parts.
Principal & Interest (P&I) — the loan payment using the standard amortization formula: M = P × [r(1+r)n] ÷ [(1+r)n − 1].
Property Tax — annual tax bill divided by 12, collected monthly into escrow.
Homeowners Insurance — annual premium divided by 12, also held in escrow.
PMI — private mortgage insurance, required on conventional loans when your down payment is under 20%. Estimated at 0.5% of loan amount annually in this calculator.
HOA — not part of "PITI" technically, but added here because it affects your real monthly housing cost.
PITI stands for Principal, Interest, Taxes, and Insurance — the four parts that make up most monthly mortgage payments. Principal and interest go to the lender; taxes (property tax) and insurance (homeowners insurance, plus PMI if your down payment is under 20%) are typically held in an escrow account and paid out by the lender when due. Lenders calculate affordability based on your full PITI, not just principal and interest.
The interest rate is the cost of borrowing the principal. APR (annual percentage rate) includes the interest rate plus most lender fees and points, expressed as an annual rate. APR is usually slightly higher than the interest rate and is the better number to compare across lenders. This calculator asks for the interest rate to compute monthly payment; comparing lenders should be done by APR.
On most conventional loans, PMI automatically terminates at 78% LTV based on the original amortization schedule. You can typically request earlier cancellation at 80% LTV. FHA mortgage insurance generally lasts the life of the loan unless you put 10%+ down (then 11 years). Refinancing into a conventional loan once you have 20% equity is the cleanest way to remove FHA MIP.
Common reasons: (1) HOA dues, which you may not have entered; (2) higher local property tax than the rate you entered; (3) flood insurance or earthquake insurance riders; (4) PMI you didn’t include if your down payment was under 20%; (5) an escrow shortage from rising property tax bills. Always confirm your full PITI with your lender’s Loan Estimate.
A common rule of thumb is the 28/36 rule: spend no more than 28% of gross monthly income on PITI, and no more than 36% on total debt payments. Adjust the home price slider until your PITI is under 28% of your gross monthly income to see what fits.
