Full PITI Payment Breakdown
Separates your monthly payment into principal, interest, property tax, insurance, and PMI so you see every component of your housing payment clearly.
Mortgage Calculator
Free mortgage calculator to estimate monthly payments, property taxes, homeowners insurance, PMI, and amortization schedule.
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Complete Monthly Mortgage (PITI) Formula
Last reviewed: September 2026Calculation Formula
Total Monthly PITI = M_PI + (Annual Property Tax ÷ 12) + (Annual Home Insurance ÷ 12) + Monthly PMI
where M_PI = P × [r(1 + r)^n] / [(1 + r)^n - 1]
Variables & Definitions
- P:
- Loan principal financed (Home Purchase Price - Down Payment)
- r:
- Periodic monthly interest rate (annual interest rate ÷ 12 ÷ 100)
- n:
- Total monthly amortization periods (years × 12)
- M_PI:
- Principal & Interest baseline monthly payment
- PITI:
- Principal, Interest, Taxes, and Insurance combined monthly payment
Core Assumptions
- Fixed-rate mortgage throughout the entire amortization period (15, 20, or 30 years).
- Property taxes and hazard insurance are held in escrow and disbursed equally across 12 monthly payments.
- Private Mortgage Insurance (PMI) is required for conventional loans with less than a 20% down payment.
- Does not include local Homeowners Association (HOA) fees or supplemental special assessments.
Disclaimer: Calculations provided are estimates for financial planning and budgeting only. Actual escrow requirements, interest rates, closing costs, and points will be determined by your lender and detailed in your official Loan Estimate (LE) and Closing Disclosure (CD). Consult a licensed mortgage professional.
Worked Example: $400,000 Home Purchase with 10% Down (30-Year Fixed at 6.75%)
A homebuyer purchases a $400,000 property with a $40,000 (10%) down payment, financing $360,000 over 30 years with a 1.2% annual property tax rate, $1,500/year homeowners insurance, and 0.75% annual PMI:
| Principal & Interest (P&I) | $2,334.82 per month |
| Property Taxes (1.2% annual) | $400.00 per month ($4,800/yr) |
| Homeowners Hazard Insurance | $125.00 per month ($1,500/yr) |
| Private Mortgage Insurance (PMI) | $225.00 per month ($2,700/yr) |
| Total Monthly Outflow (PITI) | $3,084.82 per month |
💡 While putting 10% down enables purchasing sooner, it adds $225/month in PMI until the homeowner reaches 20% equity ($80,000), at which point PMI can be petitioned for cancellation.
How to use Mortgage Calculator
- 1
Enter the home purchase price and your upfront down payment (as a cash amount or percentage of purchase price).
- 2
Input your mortgage interest rate (annual APR) and select the repayment term (typically 15 or 30 years).
- 3
Optionally include annual property tax rates, homeowner hazard insurance, and PMI (Private Mortgage Insurance) to calculate your complete monthly escrow payment.
- 4
Review the detailed monthly PITI payment breakdown and long-term amortization schedule.
Why use this tool?
Visual Equity Amortization Schedule
View a month-by-month and year-by-year schedule of how your principal balance decreases and your home equity builds over time.
15-Year vs 30-Year Loan Comparison
Toggle between term lengths to see how a 15-year loan dramatically cuts total lifetime interest compared to a 30-year loan.
Continue your workflow
Shopping between multiple mortgage lenders or broker pre-approvals? Use the Compare 3 competing mortgage or refinance quotes.
Need an amortization schedule for a HELOC, personal loan, or auto debt? Try the Amortize any fixed-rate installment loan.
Planning furniture or appliance purchases for your new home? Check the Calculate consumer installment plans.
Frequently asked questions
What is included in a monthly mortgage payment (PITI)?
A standard mortgage payment is comprised of PITI: Principal (repaying the loan balance), Interest (the lender charge for borrowing), Taxes (annual property taxes escrowed monthly), and Insurance (homeowners hazard insurance plus PMI if applicable).
What down payment is needed to avoid paying PMI?
On conventional mortgages, a down payment of 20% or more avoids Private Mortgage Insurance (PMI). If you put down less than 20%, lenders require PMI (typically 0.5%–1.5% of the loan amount annually) until your loan balance reaches 80% of the original home value.
How much interest does a 15-year mortgage save compared to a 30-year mortgage?
On a $350,000 loan at 6.5% interest, a 30-year term incurs approximately $446,000 in total interest. The same loan on a 15-year term at 5.75% incurs only about $170,000 in interest — saving over $276,000 in financing charges while building equity twice as fast.
What are escrow accounts in mortgage lending?
An escrow account is a holding account managed by your mortgage servicer. A portion of each monthly payment is deposited into escrow to ensure property taxes and homeowners insurance bills are paid automatically on your behalf when they come due each year.
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