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Mortgage PITI Calculator

Find your full monthly mortgage payment.

How it is calculated

The principal and interest part uses the standard loan payment formula P&I = L × i / (1 − (1 + i)−n). L is the loan amount, i the monthly rate (annual percent / 100 / 12) and n the number of monthly payments (years × 12). At a 0% rate the loan is simply split evenly across the months. The property tax and insurance fields are yearly amounts; the tool divides each by 12 and adds them. Blank tax or insurance counts as zero, but a negative rate, tax or insurance gives no result, and neither does a term above 50 years or a rate above 100%. The optional monthly HOA dues field is added to the total as is (blank counts as zero). Total = P&I + taxes and insurance + HOA. Private mortgage insurance and fees are not included, so add them yourself if they apply to you.

Worked example

Loan 300,000, annual rate 6.5%, term 30 years, yearly tax 3,600 and yearly insurance 1,200 and monthly HOA 150. Monthly rate: 0.065 / 12 ≈ 0.0054167, number of payments: 360. Principal and interest = $1,896.20. Taxes and insurance = (3,600 + 1,200) / 12 = $400.00. Adding the $150.00 HOA gives a total monthly payment of $2,446.20.

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Common mistakes

  • Entering a monthly tax or insurance amount in the yearly fields, which makes the total far too low.
  • Entering the term in months; the field expects years.
  • Entering the home price instead of the loan amount after the down payment.
  • Entering yearly HOA dues in the HOA field, which expects a monthly amount, or leaving out mortgage insurance and treating the total as the full cost of owning.
  • Assuming the rate applies for the whole life of the loan when the mortgage has an adjustable rate.

Sources

About this calculator

PITI stands for the four components of a typical monthly mortgage payment: Principal (paying down the loan balance), Interest (the lender's charge for borrowing), Taxes (property tax, usually collected monthly into an escrow account), and Insurance (homeowners insurance premiums, and often mortgage insurance for low-down-payment loans). This calculator combines all four — plus optional HOA dues — into the true total a homeowner pays each month, not just the principal-and-interest figure quoted on a loan estimate. Private mortgage insurance and other fees are not included, so add them yourself if they apply.

Mortgage lenders calculate PITI to check a borrower's debt-to-income ratio during underwriting, since it reflects the full housing cost rather than a partial one. Homebuyers use it to budget realistically before making an offer, real estate agents use it to help clients gauge affordability, and loan officers use it to compare how property tax rates and insurance costs shift the true monthly payment between different homes.

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Comments (1)

  • Editorial team

    Take a 300,000 loan at 6.5% over 30 years: principal and interest come to 1,896.20 a month. Add 3,600 yearly tax and 1,200 yearly insurance and the total is 2,296.20. The tax and insurance parts can change from year to year even on a fixed-rate loan, so the total will not stay put. This follows the US style of mortgage. What loan size, rate and term are you comparing?

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