Mortgage Calculator
Full PITI payment — principal, interest, taxes, insurance, PMI, and HOA all in one place.
Understanding Your Mortgage
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components that make up a typical monthly mortgage payment. Lenders use your total PITI payment to calculate your debt-to-income ratio.
When is PMI required?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's value (i.e., your loan-to-value ratio exceeds 80%). PMI typically costs 0.2%–1.5% of the loan amount per year and can be removed once you reach 20% equity.
Fixed vs. Adjustable Rates
This calculator uses a fixed interest rate. With a fixed-rate mortgage, your principal and interest payment stays the same for the life of the loan. Adjustable-rate mortgages (ARMs) start lower but can change after an initial fixed period.
Amortization
Early in your loan, most of your payment goes toward interest. Over time, more goes toward principal as the balance shrinks. This is called amortization — the gradual paydown of your loan balance through scheduled payments.