Mortgage Payment Calculator
Your real mortgage payment is PITI — principal, interest, taxes, and insurance — not just the loan payment the bank advertises. This calculator shows the complete monthly cost for any loan.
How this calculator works
The principal-and-interest piece uses the standard amortization formula at your rate divided by 12, over the term in months. Property tax and insurance are annual amounts split into 12 monthly pieces, and PMI is added directly. The total is the PITI payment lenders use in your debt-to-income ratio — the number that decides how much house you can actually afford.
Frequently asked questions
What does PITI stand for?
Principal, interest, taxes, and insurance. Principal and interest repay the loan; property taxes and homeowners insurance are typically collected into escrow by the lender and paid on your behalf; PMI is private mortgage insurance required when your down payment is under 20%.
When does PMI go away?
PMI automatically ends when your loan balance reaches 78% of the original home value, and you can usually request removal at 80% — or refinance to drop it. On an average mortgage this happens around year 8–12 unless you pay extra principal.
Is the total payment what I actually pay each month?
Close — lenders also escrow a small cushion and some areas add HOA fees, flood insurance, or transfer fees. For a precise figure, use the lender's loan estimate: this calculator gives you the PITI core before those extras.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.