PITI Calculator: Principal, Interest, Taxes & Insurance
Estimate a full monthly mortgage payment: principal and interest plus property tax, homeowners insurance, and PMI when the down payment is under 20%.
Worked example
- Home price
- $400,000.00
- Down payment
- $40,000.00 (10%)
- Loan amount (P)
- $360,000.00
- Annual interest rate
- 6.5%
- Loan term (years)
- 30
- Annual property tax (T)
- $4,800.00
- Annual homeowners insurance (H)
- $1,500.00
- PMI (annual % of loan)
- 0.5%
- Monthly principal & interest (M)
- $2,275.44
- Property tax per month
- $400.00
- Homeowners insurance per month
- $125.00
- PMI per month
- $150.00
- Total PITI per month
- $2,950.44
Formula
PITI adds the costs many lenders collect each month on top of the loan payment: one twelfth of the annual property tax and one twelfth of the annual homeowners insurance.
With less than 20% down (loan-to-value above 80%), the calculator also adds PMI, here an annual percentage of the loan divided by 12. At 80% loan-to-value or lower, PMI is set to $0. HOA dues, if any, are added on top of PITI.
PITI = M + T ÷ 12 + H ÷ 12 + PMI
PITI = 2,275.44 + 4,800 ÷ 12 + 1,500 ÷ 12 + 360,000 × 0.5% ÷ 12 = 2,950.44
Estimates are informational only. They do not include closing costs, maintenance, utilities, or lender-specific fees. This is not financial, tax, or legal advice.
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