🏠 PITI Calculator
Calculate Principal, Interest, Taxes, and Insurance
How to Use This Calculator
Enter Loan Details
Input the mortgage loan amount, interest rate, and loan term (typically 15 or 30 years).
Enter Property Costs
Enter annual property tax, annual home insurance, and monthly PMI (if applicable). These are typically paid through an escrow account.
Review PITI Payment
See your total monthly PITI payment (Principal, Interest, Taxes, Insurance), along with breakdown by component. This is your total monthly housing cost.
Formula
Monthly P&I = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
Monthly Tax = Annual Tax ÷ 12
Monthly PITI = P&I + Tax + Insurance + PMI
Example Calculation:
If loan $300,000, rate 6%, term 30 years, tax $3,600/year, insurance $1,200/year:
• Monthly P&I: ~$1,799
• Monthly tax: $3,600 ÷ 12 = $300
• Monthly insurance: $1,200 ÷ 12 = $100
• Monthly PITI: $1,799 + $300 + $100 = $2,199
About PITI Calculator
A PITI calculator helps you calculate your total monthly mortgage payment, including Principal, Interest, Taxes, and Insurance. PITI represents your complete monthly housing cost, not just the loan payment. Understanding your PITI payment is essential for budgeting and determining how much house you can afford. Lenders use PITI to calculate your debt-to-income ratio and determine loan eligibility. This calculator shows you the breakdown of each component and your total monthly housing cost.
When to Use This Calculator
- Home Buying: Calculate total monthly housing costs before buying
- Affordability: Determine how much house you can afford
- Budget Planning: Plan your monthly budget around housing costs
- Loan Pre-qualification: Estimate PITI for loan pre-qualification
Understanding PITI Components
- Principal: Loan repayment amount
- Interest: Cost of borrowing money
- Taxes: Property taxes (typically paid through escrow)
- Insurance: Homeowner's insurance (typically paid through escrow)
- PMI: Private Mortgage Insurance (if down payment less than 20%)
Why Use Our Calculator?
- ✅ Complete Payment: See total monthly payment including all costs
- ✅ PITI Breakdown: Understand each component of payment
- ✅ Budget Planning: Plan your housing budget accurately
- ✅ Affordability: Determine true housing affordability
- ✅ 100% Free: No registration or payment required
Frequently Asked Questions
What does PITI stand for?
PITI stands for Principal, Interest, Taxes, and Insurance - the four components of a total monthly mortgage payment. Principal and interest go toward paying off your loan, while taxes and insurance are typically held in an escrow account and paid by your lender on your behalf.
How much should I budget for property taxes and insurance?
Property taxes typically range from 0.5-2% of home value annually, varying significantly by location. Home insurance typically costs $1,000-$2,000 per year, depending on home value, location, and coverage. Your lender or real estate agent can provide local estimates. These costs are often paid through an escrow account.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home value. PMI protects the lender if you default. It's typically 0.5-1% of the loan amount annually, added to your monthly payment until you have 20% equity. You can request PMI removal once you reach 20% equity.
Does PITI include HOA fees?
No, PITI does not include HOA (Homeowners Association) fees. HOA fees are separate monthly or annual fees paid to the homeowners association for maintenance and amenities. When budgeting for housing, add HOA fees to your PITI payment to get your total monthly housing cost.