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Mortgage Payment Calculator with PITI 2026

Finance Tool

Enter your home price, down payment, interest rate, loan term, property tax rate, and homeowner insurance amount to get a complete monthly payment estimate. The calculator separates each PITI component as its own line item and adds PMI automatically when your down payment is under 20 percent. Scroll past the payment summary to see the full amortization schedule, which shows the principal and interest split and remaining loan balance for every year from origination to payoff.

Quick Answer

How do I calculate my monthly mortgage payment with PITI?

Enter your home price, down payment, interest rate, loan term, property tax rate, and homeowner insurance amount. The calculator returns your full PITI payment with each component itemized. For a $350,000 home with 20 percent down at 6.8 percent over 30 years, the full PITI is approximately $2,271 per month including $1,825 principal and interest, $321 property tax, and $125 insurance. PMI is added automatically if your down payment is below 20 percent.

Loan details

$
$
%

PITI components

%
$
%

Total monthly payment (PITI)

$2,271.22

Principal and interest (P&I)$1,825.39
Property tax$320.83
Homeowner insurance$125.00

Loan summary

Home price

$350,000

Down payment

$70,000 (20.0%)

Loan amount

$280,000

Loan term

30 years

Interest rate

6.800%

Total interest paid

$377,141

Total cost of ownership (P+I+tax+insurance)

$887,641

Yearly amortization schedule

How to calculate your monthly mortgage payment

  1. 1

    Enter home price and down payment

    Sets your loan amount. The calculator applies PMI automatically if your down payment is less than 20 percent of the purchase price.

  2. 2

    Set your interest rate and loan term

    Choose a 15-year, 20-year, or 30-year term and enter your rate. Switch terms to compare monthly payments and total interest paid side by side.

  3. 3

    Add property tax and homeowner insurance

    Enter your annual property tax rate as a percentage of home value and your insurance premium to complete the full PITI figure.

  4. 4

    Review your payment breakdown and amortization schedule

    See your monthly PITI with each component itemized, your estimated PMI removal date, and the year-by-year amortization table showing balance and interest paid.

What this mortgage calculator includes

Full PITI breakdown

Principal, interest, property taxes, and homeowner insurance shown as separate line items alongside your total monthly payment.

Automatic PMI calculation

PMI is added when your down payment is under 20 percent and removed at the projected 80 percent LTV month in the amortization schedule.

Complete amortization table

Year-by-year view of principal paid, interest paid, and remaining loan balance from your first payment through the final one.

15 vs 30-year comparison

Switch loan terms instantly to see how the monthly payment and total interest paid change between shorter and longer terms.

Extra payment modeling

Enter an additional monthly principal amount to see how it shortens your payoff date and reduces total interest paid.

Lifetime cost display

Total cost of the loan over its full term shown alongside the monthly payment so you can weigh upfront affordability against long-term cost.

What is PITI and how do I calculate my full mortgage payment?

PITI stands for Principal, Interest, Taxes, and Insurance. Your full monthly mortgage payment includes all four components, not just the principal and interest on your loan. For a $350,000 home with 20% down at 6.8% over 30 years, the PI payment is about $1,831 but the full PITI reaches approximately $2,200 per month after taxes and insurance. Use the mortgage payment guide to understand each component in detail.

Lenders qualify you based on your full PITI payment, not just the loan portion. Most lenders want your total housing expense to stay below 28% of your gross monthly income. The calculator above shows your complete PITI breakdown so you can plan accurately before speaking to a lender. To understand how your mortgage fits into your overall tax picture, use our tax calculator which includes mortgage interest deduction scenarios.

What is PMI and when is it removed?

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the purchase price. It typically costs 0.5 to 1.5% of the loan amount per year. On a $280,000 loan at 0.8% PMI, that adds $187 per month to your payment. Enter your down payment in the calculator above to see the exact PMI amount and the month it is estimated to be removed.

PMI is not permanent. Under the Homeowners Protection Act, according to the Consumer Financial Protection Bureau, lenders must automatically cancel PMI when your loan balance reaches 78% of the original home value. You can request cancellation at 80% LTV. The calculator shows exactly which month your PMI is estimated to be removed based on your amortization schedule. Compare how different down payment amounts affect both PMI duration and total cost using our compound interest calculator to model the opportunity cost of a larger down payment.

How does an amortization schedule work?

An amortization schedule shows how each payment is split between principal and interest over the life of the loan. In the early years of a 30-year mortgage, over 80% of each payment goes toward interest. By the final years, most of the payment goes toward principal. The year-by-year table above shows your exact principal and interest split for each year, along with the remaining balance.

According to Freddie Mac data, homeowners who make one extra mortgage payment per year reduce a 30-year loan term by an average of 4 to 6 years.

This is why making extra principal payments early in the loan has the biggest impact. An extra $200 per month in year 1 saves far more interest than the same $200 in year 25, because it reduces the balance on which future interest is calculated. You can download the full amortization table as a CSV to analyze it in a spreadsheet or share it with a financial advisor.

Frequently asked questions

What is PITI in a mortgage payment?
PITI stands for Principal, Interest, Taxes, and Insurance. It represents your complete monthly mortgage payment, not just the loan repayment. Principal reduces your loan balance. Interest is the cost of borrowing. Taxes are your annual property tax divided by 12. Insurance is your homeowner insurance premium divided by 12. Lenders use your total PITI to calculate your debt-to-income ratio when qualifying you for a loan. Most lenders want your PITI to stay below 28 percent of your gross monthly income.
How do I calculate my monthly mortgage payment?
The formula is M = P times r times (1+r) to the power of n, divided by (1+r) to the power of n minus 1. P is your loan amount, r is your monthly interest rate which is the annual rate divided by 12, and n is your total number of payments. On a $280,000 loan at 6.8 percent over 30 years, r equals 0.00567 and n equals 360. This gives a principal and interest payment of $1,825 per month. Add property taxes and insurance to get your full PITI.
What is PMI and when is it removed?
PMI stands for Private Mortgage Insurance and is required when your down payment is less than 20 percent of the home price. It typically costs 0.5 to 1.5 percent of the loan amount per year. On a $280,000 loan at 0.8 percent PMI, that adds $187 per month. According to the Homeowners Protection Act, lenders must automatically cancel PMI when your loan balance reaches 78 percent of the original home value. You can request cancellation at 80 percent LTV without waiting for automatic removal.
How much should I put down on a house?
A 20 percent down payment eliminates PMI and reduces your monthly payment significantly. However, 3 to 10 percent down payments are standard for first-time buyers using FHA or conventional loans. On a $350,000 home, 20 percent down is $70,000 and eliminates PMI, while 5 percent down is $17,500 but adds approximately $150 to $200 per month in PMI. The calculator shows your exact PMI cost at any down payment percentage so you can compare the tradeoff.
What is an amortization schedule?
An amortization schedule shows how each monthly payment is split between principal and interest over the life of the loan. In the early years of a 30-year mortgage, over 80 percent of each payment goes toward interest. By the final years, most of the payment goes toward principal. The year-by-year table in the calculator shows your exact principal paid, interest paid, and remaining loan balance for each year from origination through payoff. You can download this table as a CSV file.
How does the interest rate affect my monthly payment?
A 1 percent increase in interest rate on a $300,000 30-year mortgage adds approximately $170 to $180 per month. Over 30 years, that difference adds up to over $60,000 in extra interest. The difference between a 6 percent and 7 percent rate on a $400,000 mortgage is about $240 per month and over $86,000 in total interest. Use the calculator to compare rates side by side by changing the interest rate field and noting the monthly payment change.
What is the average property tax rate in the US?
The national average effective property tax rate is approximately 1.1 percent of assessed home value per year. Rates vary significantly by state: New Jersey averages over 2.2 percent, Illinois over 2.0 percent, and Texas over 1.8 percent. At the low end, Hawaii averages under 0.3 percent and Alabama under 0.4 percent. Enter your local property tax rate in the calculator for an accurate PITI estimate. Your county assessor website shows your exact rate.
How much is homeowner insurance per month?
Average homeowner insurance in the US costs between $1,200 and $2,000 per year, which is $100 to $167 per month. Rates vary by location, home value, age of the home, and coverage level. Coastal homes in hurricane zones and homes in wildfire-prone areas typically pay significantly more. The calculator defaults to $1,500 per year as a national average estimate. Contact your insurance provider for an accurate quote for your specific property and location.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay significantly less total interest and build equity faster. On a $300,000 loan at 6.5 percent, the 30-year payment is about $1,896 per month and total interest is $382,000. The 15-year payment is about $2,613 per month but total interest is only $170,000, saving over $212,000. A 30-year mortgage has lower monthly payments but costs more over time. Use the calculator to compare your specific numbers by switching the loan term.
How do I pay off my mortgage faster?
Making one extra principal-only payment per year can reduce a 30-year mortgage by 4 to 6 years. Adding $200 per month in extra principal on a $280,000 30-year loan at 6.8 percent saves approximately $84,000 in total interest and pays off the loan about 6 years early. The extra payment has the biggest impact in early years because it reduces the balance on which all future interest is calculated. Use the extra payment field in the calculator to model your specific scenario.

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How to Calculate Your Mortgage Payment (2026 Guide)The real mortgage payment formula including PITI, PMI, and escrow with actual 2026 numbers.Compound Interest Explained: Formula and Real ExamplesHow compound interest works and why early mortgage payments save the most interest.Freelance Rate vs Salary: The Real Financial ComparisonHow homeownership costs factor into the freelance vs salary decision.