Does this calculator include PMI or mortgage insurance?

No. This tool focuses on principal & interest, property tax, homeowners insurance, and HOA dues. If your down payment is below 20%, you may also have PMI or other mortgage insurance costs that are not included here.

How can I get more accurate tax and insurance numbers?

Ask your lender, agent, or local tax assessor for property tax estimates, and request quotes from insurers for homes in your price range. You can then adjust the tax and insurance rate inputs to match those real‑world numbers instead of relying on generic percentages.

Is the P&I formula the same my lender uses?

Yes, the principal & interest portion uses the standard fixed‑rate mortgage amortization formula. However, actual lender quotes may differ slightly due to rounding, fees, mortgage insurance, and rate lock specifics.

Why is my lender’s estimated escrow different from this calculator?

Lenders may include escrow cushions, more precise tax and insurance estimates, or future projected increases. This calculator uses simple percentage estimates and does not add extra reserves, so expect some differences.

Can I use this calculator for ARMs or interest‑only loans?

It is designed for standard fixed‑rate amortizing mortgages. For ARMs or interest‑only periods, the payment structure can change over time, so you would need a more specialized calculator to model those features accurately.

finance calculator

PITI Mortgage Payment Calculator

Estimate principal & interest plus property tax, insurance, and HOA to see your total monthly PITI payment.

Results

Loan amount: $360,000
Principal & interest: $2,275
Property tax (monthly): $450
Home insurance (monthly): $131
HOA dues (monthly): $0
Total PITI + HOA: $2,857

How to use this calculator

Enter the home price you are considering and the down payment percentage you plan to put down.
Enter the annual interest rate (APR) and the loan term in years (for example, 30 years for a typical fixed mortgage).
Enter your local property tax rate as a percentage of home value per year (check local tax records or estimates from your lender or real estate agent).
Enter a reasonable estimate for homeowners insurance as a percentage of home value per year, or adjust the default based on quotes you have received.
Add the monthly HOA dues if the property is part of a homeowners association or condo association. If there is no HOA, leave this at zero.
Review the outputs: loan amount, principal & interest, monthly property tax, homeowners insurance, HOA dues, and total monthly PITI + HOA payment.

Inputs explained

Home price: The purchase price of the property you are analyzing. This, combined with your down payment percentage, determines the mortgage loan amount.
Down payment (%): The portion of the home price you will pay up front as a percentage. For example, 20% on a $450,000 home means a $90,000 down payment and a $360,000 loan amount.
Interest rate (APR %): The annual percentage rate on the mortgage. We treat this as a fixed rate for the full term and convert it to a monthly rate to calculate principal and interest.
Loan term (years): The length of the mortgage in years—commonly 15, 20, or 30 years. Longer terms lower the monthly principal & interest but increase total interest over the life of the loan.
Property tax rate (% of home value): An estimate of your annual property tax as a percentage of the home’s value. For example, 1.2% means annual tax ≈ home price × 0.012. Actual rates vary significantly by state and locality.
Home insurance rate (% of home value): An estimate of your annual homeowners insurance premium as a percentage of home value. For example, 0.35% means annual premium ≈ home price × 0.0035. Increase or decrease this based on quotes for your specific property and coverage.
HOA dues (monthly): The monthly homeowners association or condo dues for the property, if applicable. These can cover shared amenities, exterior maintenance, and reserves. Enter 0 if the property has no HOA.

How it works

We start with the home price and your down payment percentage to compute the loan amount: Loan amount = Home price × (1 − Down payment %). This is the principal you are borrowing.

Using the loan amount, annual interest rate (APR), and loan term in years, we compute the monthly principal and interest payment with the standard fixed-rate mortgage formula.

Property taxes are approximated as a percentage of the home’s value per year (for example, 1.2% annually). We convert that annual tax bill into a monthly amount by dividing by 12.

Homeowners insurance is similarly estimated as a percentage of the home’s value per year (for example, 0.35% annually), again divided by 12 to produce a monthly insurance estimate.

HOA dues are entered directly as a monthly amount. We treat them separately from PITI but include them in the total monthly housing payment output.

Finally, we add principal & interest, monthly taxes, monthly insurance, and HOA dues to compute the total monthly PITI + HOA payment you can compare against your budget or rent.

Formula

Loan amount = Home price × (1 − Down payment %)\nMonthly rate r = APR ÷ 12\nNumber of payments N = Term years × 12\nPrincipal & interest (P&I) = Loan amount × [r(1 + r)^N] ÷ [(1 + r)^N − 1]\nAnnual property tax = Home price × Tax rate%\nMonthly property tax = Annual property tax ÷ 12\nAnnual insurance = Home price × Insurance rate%\nMonthly insurance = Annual insurance ÷ 12\nTotal monthly PITI + HOA = P&I + Monthly property tax + Monthly insurance + HOA dues

When to use it

Checking whether a potential home fits your monthly budget by estimating the full PITI + HOA payment rather than just the mortgage principal & interest.
Comparing homes in different areas with varying property tax rates and insurance costs—for example, a lower home price in a high‑tax area vs a higher price in a low‑tax area.
Running what‑if scenarios for different down payment amounts, interest rates, or loan terms to see how they change your total monthly housing payment.
Estimating how much of your cash flow will be committed to housing when planning for other financial goals like retirement savings, childcare, or debt payoff.
Working with a lender or agent to sanity‑check pre‑approval numbers by plugging in real‑world tax, insurance, and HOA estimates.

Tips & cautions

Ask your lender or real estate agent for realistic property tax and insurance estimates in your target area; using actual numbers will make your PITI estimate much more accurate than guessing.
Remember that taxes and insurance can change over time—especially after reassessment or policy changes. Build some cushion into your budget rather than assuming these costs will stay flat forever.
If you are putting less than 20% down, you may also owe private mortgage insurance (PMI). This calculator does not include PMI; use a dedicated PMI or mortgage‑with‑PMI calculator to add that cost on top of PITI.
HOA dues can increase over time, particularly if the association needs to build reserves or cover major repairs. Review HOA financials and recent history of dues increases when evaluating a property.
Use the total PITI + HOA number when discussing debt‑to‑income (DTI) ratios with lenders; they typically care about your full housing payment, not just the P&I portion.
Assumes a fixed-rate mortgage with level payments; it does not handle adjustable‑rate mortgages (ARMs), interest‑only periods, or negative amortization products.
Uses simple percentages of home value for property tax and insurance, which are rough estimates. Actual bills can differ based on local mill rates, exemptions, coverage levels, and underwriting.
Does not include PMI, mortgage insurance premiums, special assessments, utilities, or maintenance costs, all of which also affect your real monthly housing spend.
Does not perform a full underwriting analysis or loan qualification; it focuses on estimating payments, not whether a lender will approve your application.
Ignores future changes in tax law, reassessment, insurance markets, or HOA policy that could materially change non‑P&I components over time.

Worked examples

Example 1: 20% down on a $450,000 home

Home price = $450,000; down payment = 20%; loan amount = $360,000.
APR = 6.5%; term = 30 years; compute P&I using the standard formula (roughly in the mid‑$2,200s per month).
Property tax rate = 1.2% ⇒ annual tax ≈ $5,400 ⇒ monthly tax ≈ $450.
Insurance rate = 0.35% ⇒ annual insurance ≈ $1,575 ⇒ monthly insurance ≈ $131.25.
No HOA ⇒ HOA = $0. Total PITI ≈ P&I + $450 + $131.25.
Interpretation: compare this total to your budget and pre‑approval to gauge affordability.

Example 2: Adding HOA dues

Use the same $450,000 home with 20% down and similar rates.
Assume HOA dues = $250 per month for a townhouse community.
Total monthly housing cost becomes P&I + tax + insurance + $250 HOA.
Interpretation: a property with HOA fees can have a significantly higher monthly cost than a similar non‑HOA property even if taxes and insurance are similar.

Example 3: Comparing two tax environments

Scenario A: Home price = $400,000, tax rate = 0.7%. Scenario B: Home price = $350,000, tax rate = 2.0%.
Run the calculator for each scenario with the same down payment, rate, term, insurance rate, and HOA.
You may find that a slightly more expensive home in a low‑tax area has a similar or even lower monthly PITI than a cheaper home in a high‑tax area.
Interpretation: location and tax rate can be just as important as purchase price when evaluating affordability.

Deep dive

Use this PITI mortgage payment calculator to estimate your full monthly housing cost, including principal and interest, property taxes, homeowners insurance, and HOA dues. Enter your home price, down payment, interest rate, term, tax and insurance rates, and HOA to see your total monthly PITI + HOA payment.

This tool is ideal for homebuyers and homeowners who want a realistic view of their monthly mortgage burden, not just the loan payment. It helps you budget accurately, compare properties in different tax and HOA environments, and understand how down payment, rates, and term choices affect your housing costs.

FAQs

Does this calculator include PMI or mortgage insurance?: No. This tool focuses on principal & interest, property tax, homeowners insurance, and HOA dues. If your down payment is below 20%, you may also have PMI or other mortgage insurance costs that are not included here.
How can I get more accurate tax and insurance numbers?: Ask your lender, agent, or local tax assessor for property tax estimates, and request quotes from insurers for homes in your price range. You can then adjust the tax and insurance rate inputs to match those real‑world numbers instead of relying on generic percentages.
Is the P&I formula the same my lender uses?: Yes, the principal & interest portion uses the standard fixed‑rate mortgage amortization formula. However, actual lender quotes may differ slightly due to rounding, fees, mortgage insurance, and rate lock specifics.
Why is my lender’s estimated escrow different from this calculator?: Lenders may include escrow cushions, more precise tax and insurance estimates, or future projected increases. This calculator uses simple percentage estimates and does not add extra reserves, so expect some differences.
Can I use this calculator for ARMs or interest‑only loans?: It is designed for standard fixed‑rate amortizing mortgages. For ARMs or interest‑only periods, the payment structure can change over time, so you would need a more specialized calculator to model those features accurately.

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This PITI mortgage payment calculator provides approximate monthly housing payment estimates based on user-entered assumptions. It does not constitute a loan offer, underwriting decision, or financial advice. Actual payments, property taxes, insurance premiums, HOA dues, and eligibility will depend on your lender, local tax authorities, insurers, and HOA. Always review official loan estimates, tax bills, and insurance quotes and consult qualified professionals before making home-buying decisions.