Home Mortgage Calculator — Full PITI Monthly Payment
Get your complete monthly mortgage cost — principal, interest, property tax, homeowner insurance and PMI — not just the bare P&I payment.
%
years
% / year
Includes principal, interest, property tax and homeowner insurance
2,190.62
per monthPrincipal & interest
80.8%
Property tax
14.6%
Insurance
4.6%
- 1
Loan amount (P)
350,000 − 70,000 = 280,000 - 2
Monthly rate
6.5% ÷ 12 ÷ 100 = 0.005417 - 3
Principal & interest payment
280,000 × 0.005417 × 6.9918 ÷ (6.9918 − 1) = 1,769.79 - 4
Total monthly payment (PITI)
1,769.79 + 320.83 + 100 = 2,190.62
How does this calculator work?
Your full monthly mortgage payment (PITI) = P&I amortisation payment + monthly property tax + monthly homeowner insurance + PMI (if down < 20%). P&I is calculated as (loan × monthly rate × (1 + monthly rate)^n) ÷ ((1 + monthly rate)^n − 1). Enter all fields to see the complete breakdown and the DonutChart split.
Formula
How this is calculated
A bank's mortgage payment quote typically covers only principal and interest (P&I). Your actual monthly cost is higher: lenders bundle property tax and homeowner insurance into an escrow account paid monthly alongside P&I, and if your down payment is below 20% of the home price they add private mortgage insurance (PMI). Together these four components are called PITI — Principal, Interest, Taxes and Insurance.
This calculator first computes P&I with the standard amortisation formula: (P × r × (1+r)ⁿ) ÷ ((1+r)ⁿ − 1), where P is the loan amount (home price minus down payment), r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. It then adds one-twelfth of the annual property tax and insurance to get the full escrow component, and one-twelfth of (loan × PMI rate) if the down payment is below 20%.
The property tax and insurance figures are editable estimates — enter the actual amounts from your county assessor's bill and insurance quote for an accurate result. PMI typically disappears once the loan-to-value ratio drops to 80% (i.e. equity reaches 20%); most lenders remove it automatically at that point. The calculator does not model the PMI cancellation date. All figures are estimates and exclude HOA dues, maintenance, and utility costs.
Frequently asked questions
PITI stands for Principal, Interest, Taxes and Insurance — the four components of a complete monthly mortgage payment. Principal and interest repay the loan; property tax and homeowner insurance are collected in an escrow account and paid on your behalf by the lender. PMI (private mortgage insurance) is sometimes added as a fifth component when the down payment is below 20%.
PMI is legally required to be cancelled when your loan balance reaches 80% of the original appraised value (i.e. you have 20% equity). Under the Homeowners Protection Act you can request cancellation at that point; lenders must automatically cancel it at 78% LTV. Rising home values do not trigger cancellation — only the amortisation of the original balance does.
Use the actual figures from your county tax assessor (often available online) and an insurance quote. This calculator pre-fills illustrative estimates. Property tax averages roughly 1.1% of home value per year in the US but ranges from under 0.5% to over 2.5% by state. Insurance typically runs $800–$2,000 per year for a median home.
Also known as
TG we-Calculate Editorial Team. (2026). Home Mortgage Calculator — Full PITI Monthly Payment [Online calculator]. TG we-Calculate. https://we-calculate.com/calculator/home-mortgage-calculator
TG we-Calculate Editorial Team. "Home Mortgage Calculator — Full PITI Monthly Payment." TG we-Calculate. 2026. https://we-calculate.com/calculator/home-mortgage-calculator.
TG we-Calculate Editorial Team, "Home Mortgage Calculator — Full PITI Monthly Payment," TG we-Calculate, 2026. [Online]. Available: https://we-calculate.com/calculator/home-mortgage-calculator
@misc{wecalculate_home_mortgage_calculator, title = {Home Mortgage Calculator — Full PITI Monthly Payment}, author = {{TG we-Calculate Editorial Team}}, howpublished = {\url{https://we-calculate.com/calculator/home-mortgage-calculator}}, year = {2026}, note = {TG we-Calculate} }
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