🏠 Home Loan Calculator
Calculate mortgage payments (PITI)
How to Use This Calculator
Enter Loan Amount
Input the mortgage loan amount - the principal amount you're borrowing to purchase or refinance your home.
Enter Interest Rate and Term
Enter the annual interest rate and loan term (typically 15 or 30 years). This determines your principal and interest payment.
Enter Property Costs (Optional)
Enter annual property tax, annual home insurance, and monthly PMI (if applicable). These are added to your monthly payment for a complete PITI calculation.
Review Total Payment
See your total monthly payment (PITI: Principal, Interest, Taxes, Insurance), along with breakdown and total interest paid.
Formula
Monthly P&I = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
Total Monthly Payment = P&I + (Annual Tax ÷ 12) + (Annual Insurance ÷ 12) + PMI
Where:
• P = Principal (Loan Amount)
• r = Monthly interest rate
• n = Number of monthly payments
• PITI = Principal, Interest, Taxes, Insurance
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
• Total monthly payment (PITI): ~$2,199
About Home Loan Calculator
A home loan (mortgage) calculator helps you calculate your total monthly mortgage payment, including principal, interest, taxes, and insurance (PITI). This gives you a complete picture of your housing costs, not just the loan payment. Understanding your total monthly payment is essential for budgeting and determining how much house you can afford. This calculator shows you the breakdown of your payment and helps you plan for homeownership.
When to Use This Calculator
- Home Buying: Calculate total monthly housing costs
- Mortgage Planning: Plan your mortgage payments
- Affordability Analysis: Determine how much house you can afford
- Refinancing: Compare current vs. new mortgage payments
Understanding PITI
- 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 payment components
- ✅ Budget Planning: Plan your housing budget
- ✅ Affordability: Determine how much you can afford
- ✅ 100% Free: No registration or payment required
Frequently Asked Questions
What is PITI?
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.
How much should I budget for property taxes and insurance?
Property taxes typically range from 0.5-2% of home value annually, varying by location. Home insurance typically costs $1,000-$2,000 per year, depending on home value and location. Your lender or real estate agent can provide local estimates.
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.
Can I avoid PMI?
You can avoid PMI by making a down payment of 20% or more. Some lenders offer lender-paid PMI (built into the interest rate) or piggyback loans (second mortgage) to avoid PMI. You can also request PMI removal once you reach 20% equity.