PITI calculator

How this calculator works

This calculator estimates your monthly PITI payment—the total housing cost most lenders discuss when qualifying borrowers. PITI stands for Principal and Interest, Taxes, and Insurance. Many monthly budgets also include HOA dues and private mortgage insurance (PMI), so this tool shows those as separate lines when they apply.

You enter home price, down payment, mortgage rate, loan term, property tax rate, monthly insurance, optional HOA dues, and an annual PMI rate. The calculator computes the loan amount (home price minus down payment), monthly principal and interest using standard fixed-rate amortization, monthly property tax as a percentage of home price divided by twelve, and monthly PMI when loan-to-value exceeds 80%.

Escrow total combines property tax, insurance, and PMI—the amounts lenders often collect monthly and pay on your behalf. Monthly PITI adds principal and interest, escrow, and HOA. Annual PITI multiplies the monthly total by twelve for yearly budgeting.

This is a planning estimate. Actual escrow deposits, PMI cancellation timing, tax reassessments, and insurance renewals will differ from a single static input set.

What affects the result

Every major input shifts the monthly payment or its breakdown.

• Home price and down payment set the loan amount and loan-to-value ratio. A larger down payment reduces principal and interest and may eliminate PMI.
• Mortgage rate and loan term change the monthly principal-and-interest payment on a given loan size. A lower rate or longer term lowers P&I, but a longer term increases total interest over time.
• Property tax rate scales with home value. Higher effective tax rates in your county or city consume more of the monthly budget.
• Monthly insurance is a fixed dollar premium estimate. Actual quotes vary by coverage, deductible, and property characteristics.
• PMI annual rate applies only when LTV exceeds 80%. Set the rate to zero if you put 20% down or use a loan program without borrower-paid PMI.
• HOA dues add a flat monthly amount common in condos and planned communities. They are not part of escrow but are part of many lenders' housing expense calculations.

Real-world examples

1. Typical first-time buyer. A $400,000 home with $80,000 down (20%), 6.5% rate, 30-year term, 1.2% property tax, $150/month insurance, $0 HOA, and 0% PMI produces a PITI with no PMI line—useful as a baseline before shopping rate quotes.

2. Low down payment with PMI. Same home with $40,000 down (10%) and 0.5% annual PMI adds a monthly PMI line until LTV falls below 80% through paydown or appreciation. Compare this total to the 20% down scenario to see the true cost of a smaller down payment.

3. Condo with HOA. A $320,000 condo with $64,000 down, 6.25% rate, 30-year term, 1.0% tax, $125/month insurance, $275/month HOA, and 0.55% PMI shows how association fees raise the payment even when P&I is moderate.

4. Rate sensitivity. Holding price and down payment constant, compare 5.75% versus 6.75%. A 1 percentage point rate change can add hundreds to monthly P&I—often more impact than a modest insurance estimate adjustment.

Common mistakes

• Equating PITI with the full cost of homeownership. Maintenance, utilities, landscaping, and furniture sit outside PITI but belong in your housing budget.
• Using list price without adjusting tax rate. Property tax is tied to assessed value, which may differ from the purchase price after reassessment.
• Forgetting PMI when putting less than 20% down. Quotes that show P&I only understate the payment lenders use for qualification.
• Treating escrow as optional. Even if you waive escrow (where allowed), you still owe tax and insurance—only the payment timing changes.
• Ignoring HOA special assessments. Regular HOA dues are modeled; one-time assessments are not.
• Using APR instead of the note rate. Principal and interest should use the mortgage note rate from your loan estimate, not the APR which includes fees.

When to use this calculator

Use this calculator when a realtor or lender quotes a monthly payment and you want to see how principal, interest, tax, insurance, PMI, and HOA combine. It helps before making an offer, when comparing two homes with different tax or HOA burdens, and when deciding whether a larger down payment is worth eliminating PMI.

Pair with the home affordability calculator to see whether the home price fits your income and debt-to-income targets. Use the PMI calculator for a dedicated PMI estimate and cancellation timeline. Read the escrow, taxes, and insurance guide for how lenders collect and adjust escrow.

Frequently asked questions

What is escrow and why is it separate from P&I? Escrow is the account your servicer uses to pay property taxes and insurance on schedule. Lenders collect a portion each month with your mortgage payment so those bills are funded when due. Escrow in this calculator equals tax, insurance, and PMI—not principal and interest.

When does PMI apply? Conventional loans commonly require PMI when the starting loan-to-value ratio exceeds 80%. This calculator applies your PMI rate to the loan amount while LTV is above 80%. Actual PMI varies by credit score and insurer; PMI typically cancels once you reach 20% equity.

Are property taxes always a percentage of home price? Many planning models use an effective annual rate because tax is tied to value. If you know a fixed annual tax bill for a specific property, divide by twelve for a monthly amount and back into an equivalent percentage for comparison across listings.

Does PITI include closing costs? No. Down payment and closing costs are due at closing but are not part of the recurring monthly PITI payment modeled here.

How is this different from the loan payment calculator? The loan payment calculator focuses on principal, interest, amortization, and total borrowing cost for a given loan amount. This PITI calculator starts from home price and down payment and adds tax, insurance, PMI, and HOA for a full monthly housing payment estimate.

Related calculators

Check how much home your income supports with the home affordability calculator. Model PMI duration and premium separately with the PMI calculator. Verify principal and interest amortization with the loan payment calculator. Estimate cash needed at closing with the closing costs calculator.