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How This Mortgage Calculator Works
A mortgage payment is rarely just principal and interest. Lenders bundle in property taxes, homeowners insurance, and sometimes private mortgage insurance (PMI) and HOA dues, all rolled into one monthly bill known as PITI. This calculator estimates that full payment so you can see the real cost of homeownership, not just the loan itself.
Enter your home price, down payment, interest rate, and loan term to get your base principal and interest payment. Then add your local property tax rate, annual insurance premium, HOA fees, and PMI rate to see the complete picture, along with a year-by-year amortization schedule showing how your balance shrinks over time.
What's included in PITI
PITI stands for Principal, Interest, Taxes, and Insurance — the four core components lenders use to qualify you for a loan and calculate your monthly payment.
- Principal & interest: repayment of the loan amount plus the lender's interest charge
- Property tax: billed annually by your local government, typically collected monthly via escrow
- Homeowners insurance: protects the property and is usually required by the lender
- PMI: required on conventional loans when your down payment is below 20%
- HOA dues: a separate monthly fee for condos or planned communities, not technically part of PITI but often budgeted alongside it
How much house can you afford
Most lenders use the 28/36 rule as a starting point: your housing payment (PITI) should stay under 28% of your gross monthly income, and your total debt payments — including car loans, student loans, and credit cards — should stay under 36%. Use this calculator alongside our Loan Affordability calculator to check both sides of that equation before you shop for a home.
Example
On a $400,000 home with a 10% down payment and a 6.5% rate over 30 years, the principal and interest payment alone runs a little over $2,270 a month. Add a 1.1% property tax rate, $1,400/year insurance, and PMI on the smaller down payment, and the full PITI payment climbs closer to $2,900 — a difference worth planning for before you make an offer.
+What is a good mortgage interest rate?
It depends on the broader rate environment, your credit score, loan type, and down payment. Rather than chasing a fixed number, compare quotes from at least three lenders in the same week so you're evaluating rates under similar market conditions.
+How much should my down payment be?
20% avoids PMI on a conventional loan, but many buyers put down less — some programs allow as little as 3–5%. A smaller down payment means a higher loan amount, a higher monthly payment, and PMI until you reach 20% equity.
+What is PMI and when does it go away?
Private Mortgage Insurance protects the lender, not you, when your down payment is under 20% on a conventional loan. It's typically removed automatically once your loan balance drops to 78% of the original home value.
+15-year vs 30-year mortgage — which is better?
A 15-year term has a higher monthly payment but a lower interest rate and far less total interest paid. A 30-year term keeps payments lower and more flexible, at the cost of paying more interest over the life of the loan.
+Are property taxes and insurance included in my mortgage payment?
Usually, yes. Most lenders collect a portion of your annual property tax and insurance bill each month into an escrow account, then pay those bills on your behalf when they're due.
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