What components make up a PITI mortgage payment?

PITI stands for Principal (loan balance reduction), Interest (fee paid to the lender), Taxes (local municipality property taxes), and Insurance (homeowners insurance policy plus private mortgage insurance if down payment is below 20%).

What is PMI and how can I avoid paying it?

Private Mortgage Insurance (PMI) is an insurance premium charged by lenders on conventional loans when the buyer puts down less than 20% equity. You can avoid PMI by making a 20% down payment, or request cancellation once you accumulate 20% equity in the home.

Should I select a 15-year or a 30-year fixed mortgage?

A 30-year mortgage features lower monthly payments, providing greater budgeting cushion, but accrues substantially more interest over three decades. A 15-year mortgage requires higher monthly payments but comes with lower interest rates and saves tens of thousands in lifetime interest.

How do lenders evaluate my debt-to-income (DTI) ratio for a mortgage?

Lenders prefer that your housing costs (front-end DTI) stay below 28% of gross monthly income, and your total recurring monthly debt payments (back-end DTI, including auto loans and student debt) stay below 36% to 43% of gross income.

Mortgage Calculator

Calculate mortgage payments

What is Mortgage Calculator?

Our Mortgage Calculator delivers an accurate estimate of monthly residential home ownership expenses. A true housing payment includes more than just the loan's Principal and Interest (P&I); it encompasses Property Taxes, Homeowners Insurance, Private Mortgage Insurance (PMI), and Homeowners Association (HOA) dues (commonly referred to as PITI). This calculator enables prospective homebuyers and existing homeowners to model 15-year and 30-year fixed-rate mortgages, test down payment scenarios, examine full amortization trajectories, and evaluate mortgage refinancing benefits.

Common Use Cases

Determining maximum realistic home purchasing budget based on monthly income
Comparing 15-year versus 30-year fixed-rate mortgage terms and interest differentials
Evaluating the savings from putting down 20% to eliminate Private Mortgage Insurance (PMI)
Assessing monthly payment shifts when property tax rates or HOA assessments change
Analyzing refinancing break-even points between existing and proposed loan rates
Estimating equity accumulation over 5, 10, and 20-year home ownership horizons

Key Benefits

Comprehensive PITI breakdown: Principal, Interest, Taxes, Insurance, and HOA fees

Calculates required Private Mortgage Insurance (PMI) for down payments below 20%

Side-by-side comparison of 15-year and 30-year amortization structures

Interactive schedule displays annual equity growth and tax-deductible interest totals

Client-side processing ensures complete privacy—no loan officers or lead forms

Empowers buyers to negotiate home offers with clear confidence in their true monthly carry

How to Use Mortgage Calculator

1. Enter the total purchase price of the home and your down payment amount (or percentage). 2. Input the mortgage term (e.g., 30 or 15 years) and the quoted interest rate. 3. Enter annual property taxes, homeowners insurance, and any monthly HOA dues. 4. Review the complete monthly PITI payment and explore the multi-year amortization schedule.

Frequently Asked Questions

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Mortgage Calculator

Calculate your monthly mortgage payment

Home Price ($)

Down Payment ($)

Loan Term (Years)

Interest Rate (%)

Annual Property Tax ($)

Annual Home Insurance ($)

What is Mortgage Calculator?

Common Use Cases

Determining maximum realistic home purchasing budget based on monthly income
Comparing 15-year versus 30-year fixed-rate mortgage terms and interest differentials
Evaluating the savings from putting down 20% to eliminate Private Mortgage Insurance (PMI)
Assessing monthly payment shifts when property tax rates or HOA assessments change
Analyzing refinancing break-even points between existing and proposed loan rates
Estimating equity accumulation over 5, 10, and 20-year home ownership horizons