Mortgage Payment Calculator
Calculate your total monthly mortgage payment including principal, interest, taxes, and insurance. Free online PITI calculator.
What is a Mortgage Payment Calculator?
A Mortgage Payment Calculator helps you estimate your total monthly mortgage payment including principal, interest, property taxes, and homeowners insurance. This is commonly referred to as PITI (Principal, Interest, Taxes, and Insurance). Knowing your full monthly payment is essential for budgeting and understanding the true cost of homeownership.
Unlike basic mortgage calculators that only show principal and interest, this tool includes taxes and insurance to give you a more complete picture of your monthly housing expense. For strategies to pay off your loan early, use the Mortgage Payoff Calculator.
How to Use This Mortgage Payment Calculator
- Enter Mortgage Amount: Input the total loan amount you plan to borrow or your current mortgage balance.
- Enter Mortgage Term: Input the loan term in years or months (common terms are 15, 20, or 30 years).
- Enter Interest Rate: Input the annual interest rate on your mortgage.
- Enter Property Taxes: Input the yearly property tax amount for the property.
- Enter Home Insurance: Input the yearly homeowners insurance premium.
Understanding Your Mortgage Payment Breakdown
Your total monthly mortgage payment consists of four components. Principal is the amount that goes toward paying down your loan balance. Interest is the cost of borrowing money, calculated on your remaining balance. Taxes are your annual property taxes divided by 12 months. Insurance is your annual homeowners insurance premium divided by 12.
Many lenders require you to pay taxes and insurance into an escrow account, which means these amounts are included in your monthly payment and the lender pays them on your behalf when they are due.
Why PITI Matters
Lenders use your total PITI payment to determine your debt-to-income ratio and how much house you can afford. A general guideline is that your total monthly housing payment should not exceed 28% of your gross monthly income. By including taxes and insurance, this calculator gives you a realistic estimate of your true monthly housing cost. Also explore the Mortgage Loan Points Calculator, Payment Calculator, and Simple Loan Calculator.
Frequently Asked Questions
What is PITI in mortgage terms?
PITI stands for Principal, Interest, Taxes, and Insurance. It represents the four components of a typical monthly mortgage payment. Principal and interest go toward paying off the loan, while taxes and insurance are often held in an escrow account and paid by the lender on your behalf.
Should I include private mortgage insurance (PMI)?
If your down payment is less than 20% of the home's value, you will likely need to pay PMI. This calculator does not automatically include PMI. You can add your annual PMI premium to the insurance amount field to account for it in your total monthly payment.
How accurate is this mortgage payment estimate?
This calculator provides a close estimate based on the information you enter. Your actual monthly payment may differ slightly due to factors like the exact day of loan closing, changes in tax assessments, insurance premium adjustments, and whether your lender requires specific escrow cushion amounts.
What is the difference between mortgage term in years vs months?
You can enter your mortgage term in either years or months. For example, a 30-year mortgage is 360 months. Both options will produce the same result. Using years is more common, but months gives you more precise control if you have a non-standard loan term.
Can I use this calculator for refinancing?
Yes, this calculator works for both new mortgages and refinancing. For refinancing, enter your new loan amount, new interest rate, and new term. Keep your taxes and insurance the same (or adjust them if they have changed) to see what your new monthly payment would be.
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