Mortgage Payment Calculator (PITI & PMI Included)
Calculate monthly mortgage payments including property tax, insurance & PMI. Free tool for any currency worldwide.
What Is a Monthly Mortgage Payment Calculator?
A PITI mortgage calculator estimates your true total monthly home loan payment — not just principal and interest, but also property tax, homeowners insurance, PMI, and HOA fees (together known as PITI). It helps you understand the real cost of borrowing before you commit to one of the largest financial decisions of your life.
Who Should Use This Tool?
First-time homebuyers checking affordability, real estate investors analyzing financing costs, and anyone comparing loan terms, down payment sizes, or interest rates before applying for a mortgage.
How to Use the Mortgage Payment Calculator
1. Enter the total home price. 2. Enter your down payment as a percentage or amount. 3. Input your lender's annual interest rate. 4. Enter the loan term in years (e.g. 30). 5. Optionally add annual property tax, annual home insurance, and monthly HOA fees. 6. Click Calculate to see your full PITI breakdown and amortization schedule.
Understanding Your PITI Results & Amortization Schedule
The result shows your total monthly housing payment broken into Principal & Interest, Property Tax, Home Insurance, PMI (automatically added if your down payment is below 20%), and HOA fees. Keep your total housing cost below 28% of your gross monthly income for a healthy financial position. The amortization schedule below tracks your Principal & Interest portion only, matching how most lenders present it.
Frequently Asked Questions
Q: What is included in a PITI mortgage payment?
A: PITI stands for Principal, Interest, Taxes, and Insurance. It represents your complete monthly housing cost: Principal (loan balance payoff), Interest (lender fee), Property Taxes (escrow), and Home Insurance (plus PMI if down payment is under 20%).
Q: What is the monthly payment on a $300,000 mortgage?
A: At a 6.5% interest rate on a 30-year fixed loan, the principal and interest payment is $1,896.20 per month. Adding average property taxes and insurance typically brings the total monthly PITI payment to between $2,200 and $2,500.
Q: What is the monthly payment on a $400,000 mortgage?
A: At a 6.5% interest rate on a 30-year fixed loan, principal and interest is $2,528.27 per month. With property taxes and insurance added, total monthly payments typically range between $3,050 and $3,300.
Q: What is PMI and when do I have to pay it?
A: Private Mortgage Insurance (PMI) is typically required when your down payment is below 20% of the home price. It protects the lender and is automatically removed once your equity reaches 20%.
Q: What is a safe monthly mortgage payment (28% Rule)?
A: Most financial advisors follow the 28% rule — your total monthly housing costs (PITI) should not exceed 28% of your gross monthly income. For example, on a $7,000 monthly income, keep housing costs below $1,960.