PITI stands for Principal, Interest, Taxes, and Insurance. It is the all-in monthly housing cost many lenders use to evaluate affordability. HOA fees may be added in some underwriting cases.
Mortgage & Home Equity Calculator
Estimate your full monthly mortgage payment (PITI) or calculate home equity loan and HELOC payments with LTV analysis, draw periods, and repayment schedules.
Last updated: 2026-03-27
Mortgage calculator
Enter mortgage details
Include taxes, insurance, and HOA to estimate your full monthly housing payment.
Total Monthly Payment (PITI)
$2,362.85
Principal + interest + taxes + insurance
Principal & Interest
$1,862.85
Monthly Property Tax
$350.00
Monthly Insurance
$150.00
Loan Amount
$280,000.00
Total Interest Paid
$390,624.92
Total Cost (PITI x 360 months)
$850,624.92
See how extra payments accelerate payoff → Loan Payoff Calculator
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Example scenarios
Apply a preset to compare common homebuying situations quickly.
First-Time Buyer
$350,000 home, 20% down, 30-year fixed
Common conventional mortgage scenario that shows full monthly PITI with taxes and insurance.
Result: $2,362.85/mo total PITI, $390,624.92 total interest
15-Year Fixed
$200,000 home, 10% down, 15-year term
Shorter term increases monthly payments but sharply reduces lifetime interest paid.
Result: $1,834.66/mo total PITI, $102,238.79 total interest
Condo with HOA
$450,000 condo, 25% down, HOA included
Illustrates how HOA can materially change the true monthly payment lenders use in underwriting.
Result: $3,189.84/mo total PITI, $491,344.18 total interest
HELOC — Home Renovation
$400K home, $250K mortgage, $50K HELOC draw
Home equity line of credit with 10-year draw period and 20-year repayment. Shows interest-only payments during draw phase.
Result: Home equity mode: $354.17/mo draw phase, $434.85/mo repayment phase
How Your Mortgage Payment is Calculated
A mortgage calculator helps you estimate the true monthly cost of owning a home. Most buyers focus on the purchase price, but your actual monthly obligation includes several components that lenders evaluate together. Understanding each piece lets you budget accurately and compare loan scenarios before committing.
Understanding PITI: The Full Payment
Lenders use PITI — principal, interest, taxes, and insurance — to assess affordability. Principal is the portion that reduces your loan balance each month. Interest is the cost your lender charges for borrowing. Property taxes and homeowners insurance are typically collected into an escrow account and paid on your behalf. Some properties also include HOA fees, which can add hundreds to your monthly cost for condos and planned communities.
P&I payment formula
M = P[r(1+r)^n] / [(1+r)^n - 1]
P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. At 0% APR, the payment simplifies to loan amount divided by term months.
How Down Payment Affects Your Mortgage
A larger down payment reduces your loan amount, which directly lowers both your monthly payment and total interest paid over the life of the loan. Putting down at least 20% typically eliminates the need for private mortgage insurance (PMI), an additional monthly cost that protects the lender if you default. PMI can add $50 to $300 or more per month depending on loan size and credit profile.
Choosing Between 15-Year and 30-Year Terms
A 30-year mortgage offers lower monthly payments, making homeownership more accessible. A 15-year mortgage comes with higher monthly payments but dramatically reduces total interest — often saving tens of thousands of dollars. Many buyers start with a 30-year term and make extra payments when cash flow allows, combining flexibility with interest savings.
Property tax rates vary significantly by location, typically ranging from 0.5% to 2.5% of assessed home value annually. Always verify your county's rate for a more accurate estimate. Homeowners insurance costs depend on coverage level, location, and home characteristics.
This calculator provides estimates for educational and planning purposes. Actual obligations can vary by lender, escrow policy, local tax assessments, and insurance underwriting. Consult a mortgage professional for binding quotes.
Frequently Asked Questions
Common questions about mortgage payments, PITI, and homebuying tradeoffs.
Mortgage principal and interest is calculated with the standard amortization formula M = P[r(1+r)^n] / [(1+r)^n - 1], where P is loan amount, r is monthly interest rate, and n is number of monthly payments.
A 15-year mortgage usually has higher monthly payments but much less total interest. A 30-year mortgage lowers monthly obligations but increases lifetime cost. Compare both with your own numbers before deciding.
A higher down payment reduces loan amount, which lowers monthly principal and interest and total interest paid. It also affects whether private mortgage insurance may be required by lenders when down payment is below 20%.
Property tax rates vary by county and state, but many buyers start estimates around 1.0% to 1.5% of home value annually. Always verify your local tax rate for a more accurate monthly payment estimate.
A HELOC (home equity line of credit) has a draw period with interest-only payments, then converts to fully amortized repayment. A home equity loan (HEL) provides a lump sum with fixed principal-and-interest payments from day one. HELOCs typically have variable rates while HELs have fixed rates.
Combined loan-to-value (CLTV) adds your remaining mortgage balance plus the new equity draw, then divides by current home value. Most lenders cap combined LTV at 80–85%. Higher CLTV may require PMI or result in higher interest rates.
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Disclaimer
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates based on the inputs provided. Consult a qualified mortgage professional for personalized advice.
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