Mortgage Calculator

Estimate your monthly mortgage payment (PITI) for a US home loan

PMI typically applies when down payment is under 20%. Set to 0 otherwise.

Total Monthly Payment: $0.00
Principal & Interest: $0.00
Property Tax: $0.00
Homeowners Insurance: $0.00
PMI: $0.00
Loan Amount: $0.00
Total Interest (life of loan): $0.00
Total Cost (P + I): $0.00

What is PITI?

PITI is the standard US mortgage payment breakdown: Principal, Interest, Taxes, and Insurance. Lenders use PITI (plus HOA where applicable) to qualify you for a loan, since it represents the full monthly housing cost.

Monthly Payment Formula

M = P × r(1 + r)n / ((1 + r)n - 1)

  • P = Loan amount (home price minus down payment)
  • r = Monthly interest rate (APR / 12 / 100)
  • n = Total number of monthly payments (years × 12)

Frequently Asked Questions

When do I have to pay PMI?

Private Mortgage Insurance is typically required on conventional loans when your down payment is less than 20% of the home price. It usually drops off automatically once you reach 22% equity (or you can request removal at 20%).

15-year vs 30-year mortgage?

A 15-year mortgage has higher monthly payments but dramatically lower total interest and faster equity build-up. A 30-year keeps payments low and flexible but you pay much more interest over time.

Does the calculator include HOA or closing costs?

No. This calculator covers PITI + PMI. Add your HOA dues separately if applicable. Closing costs (2-5% of the loan) are paid upfront and not included in the monthly payment.