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Mortgage Payment Calculator โ€” PITI, PMI & Total Cost

Calculate your monthly mortgage payment including principal, interest, property taxes, and insurance. See how down payment affects PMI and total cost.

Concept Fundamentals
$3,153
Monthly Payment
$2,528
P&I
$510,178
Total Interest
$1,135,178
Total Cost

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PITI under 28% of gross income 20% down eliminates PMI 15-year saves massive interest vs 30-year Shop multiple lenders for best rate

Key figures
$3,153
Monthly Payment
Key figure
$2,528
P&I
Key figure
$510,178
Total Interest
Key figure
$1,135,178
Total Cost
Key figure

Ready to run the numbers?

Why: Your monthly mortgage payment determines affordability. PITI under 28% of gross income is the standard guideline. 20% down eliminates PMI.

How: M = P ร— [r(1+r)^n] / [(1+r)^n - 1]. Principal & Interest use the amortization formula. Add monthly tax, insurance, and PMI if applicable.

PITI under 28% of gross income20% down eliminates PMI
Sources:CFPBFreddie Mac

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Mortgage Payment Calculator

PITI โ€ข Amortization โ€ข Total cost

Sample Scenarios

Home & Loan

Purchase price
$
20% avoids PMI
$
Annual rate
%

Loan Terms & Costs

15 or 30 typical
years
Annual tax
$
Annual premium
$
mortgage_payment.sh
CALCULATED
$ analyze --type=mortgage-payment
P&I
$2,528
Tax
$500
Insurance
$125
Total Payment
$3,153
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Mortgage Payment Calculator
Monthly Payment
$3,153
No PMI
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Calculation Breakdown

Loan Details

Home Price$500,000
Down Payment$100,000 (20.0%)
Loan Amount$400,000
Interest Rate6.5%
Loan Term30 years

Monthly Payment Breakdown

Principal & Interest$2,528
Property Tax$500
Home Insurance$125
Total Payment$3,153

Loan Totals

Total Interest$510,178
Total Cost$1,135,178

Get AI-Powered Analysis

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1. Key Takeaways

  • โ€ข PITI under 28% of gross income
  • โ€ข 20% down eliminates PMI
  • โ€ข 15yr saves massive interest
  • โ€ข Shop multiple lenders

2. Understanding PITI

Principal, Interest, Taxes, Insurance - the four components of monthly housing payment.

P&I

Loan payment. Early = mostly interest; later = mostly principal.

T&I

Property tax, insurance. Often in escrow.

3. Formula

M = P ร— [r(1+r)^n] / [(1+r)^n - 1]. P=principal, r=monthly rate, n=months.

4. Down Payment Guide

3-5%

FHA/Conv. PMI. First-time.

10-15%

Lower PMI. PMI off at 20%.

20%+

No PMI. Best rates.

5. Payment Reference

$400K @ 7%15yr30yr
Payment~$3,595~$2,661
Total Interest~$247K~$558K

6. FAQ

What is PMI? Private mortgage insurance when down <20%.
Escrow? Lender holds T&I, pays when due.
Amortization? Early payments mostly interest.

7. Quick Stats

28%

max housing DTI

20%

no PMI threshold

15/30

yr typical terms

PITI

full payment

8. Sources

CFPB mortgage guides; Freddie Mac, Fannie Mae.

9. Disclaimer

Estimates only. Get official quotes from lenders.

For educational and informational purposes only. Verify with a qualified professional.

๐Ÿ’ก Money Facts

28%

Max housing DTI

โ€” Guideline

20%

No PMI threshold

โ€” Conventional

15/30

Typical terms

โ€” Years

PITI

Full payment

โ€” Standard

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