How much is my full mortgage payment with taxes and insurance? Find out instantly with our free PITI calculator. Your true monthly housing cost includes principal, interest, property taxes, homeowners insurance, PMI, and HOA fees — not just the mortgage rate you see quoted.
Home: $400,000 · Down: 20% ($80,000) · Loan: $320,000 · 30 years @ 6.5% · Tax: $3,600/yr · Insurance: $1,200/yr
Principal & Interest = $2,022.62
Property Tax = $3,600 ÷ 12 = $300.00
Home Insurance = $1,200 ÷ 12 = $100.00
PMI = $0.00 (down payment ≥ 20%, so no PMI)
Total PITI = $2,022.62 + $300.00 + $100.00 = $2,422.62 / month
Home: $300,000 · Down: 5% ($15,000) · Loan: $285,000 · 30 years @ 6.5% · Tax: $2,400/yr · Insurance: $1,000/yr · PMI rate: 0.5%
Principal & Interest = $1,801.44
Property Tax = $2,400 ÷ 12 = $200.00
Home Insurance = $1,000 ÷ 12 = $83.33
PMI = $285,000 × 0.5% ÷ 12 = $118.75 (charged until LTV falls to 80% — about 9 years here)
Total PITI = $1,801.44 + $200.00 + $83.33 + $118.75 = $2,203.52 / month
Home: $400,000 · Down: 20% ($80,000) · Loan: $320,000 · 15 years @ 5.75% · Tax: $3,600/yr · Insurance: $1,200/yr
Principal & Interest = $2,657.49
Property Tax = $300.00 · Home Insurance = $100.00 · PMI = $0.00
Total PITI = $3,057.49 / month — but total interest is roughly $158,000 vs $408,000 on the 30-year loan.
M = Monthly principal & interest payment
P = Loan amount (home price − down payment)
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Total number of monthly payments (years × 12)
P = Principal — the part that pays down your loan balance
I = Interest — the cost of borrowing the money
T = Taxes — annual property tax split into 12 monthly payments
I = Insurance — homeowners insurance split into 12 monthly payments
PMI = Private Mortgage Insurance — required when down payment < 20%
HOA = Homeowners association fees, if your community charges them
Lenders often collect the tax and insurance portions in an escrow account, so your "true" monthly payment includes them even though they are not part of the loan itself. This calculator adds every piece together so you never get surprised by the difference between the quoted mortgage rate and your real monthly bill.
0% interest rate: M = P ÷ n (no interest charged, loan split evenly).
100% down payment: loan = $0, so P&I = $0 — you only pay tax, insurance, and HOA.
0% down payment: LTV = 100%, so PMI applies at your entered PMI rate.
PMI removal: the calculator estimates how many months pass until your balance reaches 80% LTV, then stops charging PMI.
The base mortgage payment that pays down your loan balance plus the interest charged on it. This is the number most rate quotes show — and it is only part of the story.
Paid to your local government based on your home's assessed value. Lenders typically collect 1/12 of the annual bill each month into escrow and pay it for you.
Protects your home against fire, theft, storms, and liability. Almost always required by your lender and usually paid monthly through the same escrow account.
Private Mortgage Insurance is required when your down payment is under 20%. HOA fees cover shared community maintenance where applicable. Both can add hundreds per month.
PITI stands for Principal, Interest, Taxes, and Insurance — the four core components of a real monthly mortgage payment. When lenders quote a mortgage rate, they are only talking about the principal and interest portion. Your actual housing cost also includes property taxes and homeowners insurance, which most borrowers pay through an escrow account held by the lender.
This is why two identical loans at the same rate can have very different monthly bills: a home in a high-tax county with costly insurance will have a much higher PITI than the same-priced home somewhere taxes are low. Shopping purely on the interest rate ignores thousands of dollars per year in tax and insurance costs.
Your down payment determines your loan-to-value ratio (LTV) — the loan amount divided by the home price. A 20% down payment gives you an 80% LTV, which is the magic threshold: at or below 80% LTV, lenders do not require Private Mortgage Insurance. Below 20% down, PMI protects the lender (not you) against default risk.
For example, on a $300,000 home with 5% down, your LTV is 95% and PMI at 0.5% adds about $119 per month. With 20% down, that same home has zero PMI — a saving of roughly $1,400 per year on top of the smaller loan balance. Under the federal Homeowners Protection Act, you can request PMI removal once your LTV reaches 80%, and the lender must cancel it automatically at 78% LTV.
| Down Payment | Loan Amount | LTV | PMI Required? |
|---|---|---|---|
| 0% ($0) | $300,000 | 100% | Yes |
| 5% ($15,000) | $285,000 | 95% | Yes |
| 10% ($30,000) | $270,000 | 90% | Yes |
| 20% ($60,000) | $240,000 | 80% | No |
Most lenders use the 28/36 rule to size your mortgage. Your total PITI payment should not exceed 28% of your gross monthly income, and your total debt payments (PITI plus car loans, student loans, credit cards, and other debts) should not exceed 36%.
This is exactly why PITI matters so much: if you only budgeted for principal and interest, you could be approved for a payment that pushes your true housing cost far above 28% once taxes and insurance are added. Run the calculator above, then check the required income below.
| Monthly PITI | Min. Monthly Income | Min. Annual Income |
|---|---|---|
| $1,500 | $5,357 | $64,286 |
| $2,000 | $7,143 | $85,714 |
| $2,422.62 | $8,652 | $103,826 |
| $3,000 | $10,714 | $128,571 |
Example: a $2,422.62 PITI payment (the $400,000 home from Example 1) needs roughly $8,652 of gross monthly income — about $103,826 per year — to stay within the 28% guideline.
Educational Purposes Only: This PITI calculator is provided for educational and informational purposes only. Results are estimates based on the information you provide and standard amortization formulas. They do not constitute financial advice, loan approval, or a commitment to lend. Actual payments depend on many factors including your credit profile, exact property tax assessments, insurance premiums, PMI terms, HOA dues, and specific lender underwriting criteria. Always consult with a qualified mortgage professional and review official loan documents before making financial decisions.