Mortgage Calculator (PITI)
Your full monthly house payment, when PMI ends, and what extra payments save.
- Principal & interest —
- Property tax —
- Insurance —
- PMI —
- HOA —
Loan balance
Amortization schedule
How this was calculated
Results are estimates for general information and planning, not financial advice. Banks and institutions may calculate differently (rounding, fees, rate changes). Confirm figures with your lender or a qualified adviser before deciding.
About the Mortgage Calculator (PITI)
A US mortgage payment is usually more than the loan repayment. Lenders collect PITI — principal, interest, property tax and homeowners insurance — and, with less than 20% down on a conventional loan, private mortgage insurance (PMI); a condo or planned community adds HOA dues. This calculator adds them all up, shows the full amortization schedule, and works out the month PMI can be cancelled or ends under the Homeowners Protection Act.
Add extra payments — every month, once a year, a one-time lump sum, or a biweekly plan — to see your new payoff date and the interest saved. In affordability mode, enter your income and debts to see the home price the 28/36 debt-to-income guidelines point to. Amounts are in US dollars; nothing you enter leaves your browser.
How to use it
- Enter the home price, your down payment (in dollars or as a %), the loan term and the interest rate, and choose the month of the first payment.
- Add the yearly property tax (a % of the price or an amount), homeowners insurance and, if the loan is more than 80% of the price, the PMI rate from your Loan Estimate. Add HOA dues if you pay them.
- Choose when PMI should stop: when you ask for it at 80% (the earliest), or when it ends automatically at 78%.
- Open Extra payments to add an amount every month, once a year or once, or to switch to biweekly payments.
- Read the monthly payment and its parts, the payoff date, the PMI dates and the schedule; download the schedule as CSV. Switch to How much house can I afford? to work backwards from your income.
Examples
Property tax 1.2% · insurance $1,500 a year · PMI 0.5% of the loan
Monthly payment $2,950.44 = P&I $2,275.44 + tax $400 + insurance $125 + PMI $150 · total interest $459,160
The scheduled balance reaches 80% of the price with payment 95 (you can ask for PMI to be cancelled) and 78% with payment 109 (PMI ends automatically).
Paid off 6 years 1 month sooner (287 payments) · $108,917 less interest · PMI can be cancelled after payment 64
290 payments instead of 360 · $104,708 less interest
Half the monthly P&I every two weeks is 26 halves — 13 full payments — a year.
$500 a month of other debts · $60,000 down · 6.5% for 30 years · 1.2% tax · $1,500 insurance · 0.5% PMI
About $397,971: a $2,800 monthly housing payment is 28% of income, and 33% with the debts
Common uses
- Budget the full monthly cost of a home before you make an offer.
- Check the payment on a Loan Estimate, and the month PMI should come off.
- See how much interest an extra $100 or $500 a month saves.
- Find a price range that fits the 28/36 guidelines for your income.
The payment formula
P&I = L × r × (1 + r)^n ÷ ((1 + r)^n − 1), where L is the loan (price − down payment), r the annual rate ÷ 12 and n the number of monthly payments. At 0% it is L ÷ n.
Monthly payment = P&I + property tax ÷ 12 + insurance ÷ 12 + PMI + HOA. PMI is entered as a yearly % of the original loan, the way it is usually quoted: 0.5% of $360,000 is $1,800 a year, $150 a month. Each month, interest is charged on the balance (balance × r) and the rest of the P&I reduces it; extra payments go straight to the balance.
When PMI ends (Homeowners Protection Act)
For borrower-paid PMI on a home loan for your principal residence made on or after 29 July 1999:
- Cancellation on request: you can ask your servicer to cancel PMI once the balance reaches 80% of the original value — either on the original amortization schedule or through your actual payments, so extra payments bring it forward. You need a good payment history, must be current, and may be asked to show that the home’s value has not fallen and that there is no second lien on it.
- Automatic termination: PMI ends when the balance is first scheduled to reach 78% of the original value, if you are current. Extra payments do not move this date.
- Final termination: PMI cannot be required beyond the month after the midpoint of the loan term.
“Original value” is the lesser of the sale price and the appraised value; the calculator uses the price you enter. Loans the lender classes as high-risk have different dates, and FHA, VA and USDA mortgage insurance is not covered by the Act. Source: 12 U.S.C. § 4901 and § 4902.
The 28/36 affordability guideline
- 28%: the CFPB’s home-loan toolkit gives the rule of thumb that your total monthly home payment should be at or below 28% of your monthly income before taxes (Your home loan toolkit).
- 36%: Fannie Mae’s maximum total debt-to-income ratio for manually underwritten loans is 36% of stable monthly income — up to 45% with the required credit score and reserves, and up to 50% for loans underwritten through its Desktop Underwriter (Selling Guide B3-6-02).
The calculator finds the highest price whose full housing payment (P&I, tax, insurance, PMI and HOA) stays within both 28% of your gross monthly income and 36% minus your other monthly debt payments. Both percentages can be changed. Lenders apply their own limits.
Extra and biweekly payments
Every extra dollar reduces the balance, so less interest is charged in every later month — which is why early extra payments save the most. A biweekly plan pays half the monthly P&I every two weeks: 26 half-payments, or 13 full payments, a year. The calculator models it as one-twelfth of a payment extra each month; how much you save in practice depends on when your servicer applies the money. Check that your loan has no prepayment penalty first.
Limitations
- Fixed-rate loans only: adjustable-rate (ARM) payments change when the rate resets.
- Property tax, insurance and HOA are kept the same for the whole term; in reality they usually rise.
- Interest is calculated monthly on the balance without rounding to the cent, so a lender’s schedule can differ by a few cents.
- Closing costs, points, prepayment penalties and FHA, VA or USDA insurance and fees are not included.
- The affordability result is a guideline, not a loan approval: lenders also look at credit, savings, employment and their own limits.
Privacy
Everything is calculated in your browser. Nothing you enter is uploaded or stored.
Frequently asked questions
What does PITI stand for?
Principal, interest, (property) taxes and insurance — the four parts of a typical monthly mortgage payment when your lender collects taxes and insurance through an escrow account. PMI and HOA dues come on top where they apply.
When can I stop paying PMI?
Under the Homeowners Protection Act you can ask for borrower-paid PMI to be cancelled once your balance reaches 80% of the home’s original value (by schedule or by actual payments), and it ends automatically when the balance is scheduled to reach 78%. For the $360,000 loan above at 6.5%, that is payment 95 and payment 109 — or payment 64 with $200 a month extra.
Do biweekly payments really save money?
Yes, because they add up to one extra monthly payment a year, all of which reduces the balance. On a $360,000, 30-year loan at 6.5% that saves about $104,700 of interest and 70 payments. You get the same effect by adding one-twelfth of your payment every month.
How much house can I afford with the 28/36 rule?
Keep the total housing payment at or below 28% of your gross monthly income, and all debt payments including housing at or below 36%. On $10,000 a month, that is $2,800 for housing and $3,600 for all debts; with $500 of other debts, housing is capped by the 28% at $2,800. Use the affordability mode to turn that into a price for your rate, taxes and down payment.
Is property tax included in my mortgage payment?
Usually, if your loan has an escrow account: the servicer collects one-twelfth of the yearly tax and insurance with each payment and pays the bills for you. Without escrow you pay them yourself, but they are still part of the cost of owning the home.
Why is most of my early payment interest?
Interest is charged on the balance, which is largest at the start. In the first month of the $360,000 loan at 6.5%, $1,950 of the $2,275.44 P&I is interest and only $325.44 reduces the loan; by the last years almost all of it is principal.