Please enter valid positive numbers for all fields.
Estimated Monthly Payment:
Principal & Interest:
Property Taxes:
Home Insurance:
HOA Fees:
Total Loan Amount:
Understanding Your PITI Mortgage Payment
When calculating the true cost of homeownership, looking solely at the loan principal and interest isn't enough. Most homeowners pay a "PITI" payment—which stands for Principal, Interest, Taxes, and Insurance. Our calculator above provides a comprehensive breakdown of these costs so you can determine exactly how much home you can afford.
1. Principal and Interest (PI)
The bulk of your mortgage payment goes toward repaying the money you borrowed (principal) and the cost of borrowing that money (interest). In the early years of a standard 30-year fixed-rate mortgage, the majority of your payment covers interest, while a smaller portion reduces the principal balance. As time goes on, this ratio flips.
Example: On a $300,000 loan at 6.5% interest, your Principal & Interest payment alone would be approximately $1,896 per month.
2. Property Taxes (T)
Local governments assess property taxes to fund schools, roads, and emergency services. These are calculated annually but are typically divided by 12 and collected monthly by your lender into an escrow account. The lender then pays the tax bill on your behalf when it is due.
3. Homeowners Insurance (I)
Lenders require you to maintain homeowners insurance to protect the property against fire, theft, and other damages. Like property taxes, the annual premium is usually divided into monthly installments and included in your mortgage payment.
4. HOA Fees
If you are buying a condo or a home in a planned community, you may be subject to Homeowners Association (HOA) fees. While these are often paid directly to the association rather than the lender, they significantly impact your monthly budget and debt-to-income ratio. Our calculator includes a field for HOA fees to give you the most accurate total monthly obligation.
How Interest Rates Affect Your Buying Power
Even a small change in interest rates can drastically alter your monthly payment. For example, on a $400,000 loan:
At 5.0% interest, the PI payment is roughly $2,147.
At 7.0% interest, the PI payment jumps to $2,661.
That is a difference of over $500 per month for the same house, solely due to the interest rate. Use the calculator above to test different rate scenarios to see how they fit your budget.
function calculateMortgage() {
// Get input values
var homePrice = parseFloat(document.getElementById('homePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var loanTerm = parseFloat(document.getElementById('loanTerm').value);
var propertyTax = parseFloat(document.getElementById('propertyTax').value);
var homeInsurance = parseFloat(document.getElementById('homeInsurance').value);
var hoaFees = parseFloat(document.getElementById('hoaFees').value);
// Validation logic
if (isNaN(homePrice) || homePrice < 0) homePrice = 0;
if (isNaN(downPayment) || downPayment < 0) downPayment = 0;
if (isNaN(interestRate) || interestRate < 0) interestRate = 0;
if (isNaN(loanTerm) || loanTerm <= 0) loanTerm = 30; // Default to 30 if invalid
if (isNaN(propertyTax) || propertyTax < 0) propertyTax = 0;
if (isNaN(homeInsurance) || homeInsurance < 0) homeInsurance = 0;
if (isNaN(hoaFees) || hoaFees < 0) hoaFees = 0;
// Check for critical missing values
if (homePrice === 0 && interestRate === 0) {
document.getElementById('errorMsg').style.display = 'block';
document.getElementById('resultBox').style.display = 'none';
return;
}
document.getElementById('errorMsg').style.display = 'none';
// Calculation Logic
var loanAmount = homePrice – downPayment;
// Handle case where down payment exceeds home price
if (loanAmount 0 && loanAmount > 0) {
monthlyPI = loanAmount * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
} else if (loanAmount > 0) {
// If interest rate is 0
monthlyPI = loanAmount / numberOfPayments;
}
var monthlyTax = propertyTax / 12;
var monthlyIns = homeInsurance / 12;
var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyIns + hoaFees;
// Display Results
document.getElementById('resPI').innerText = "$" + monthlyPI.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('resTax').innerText = "$" + monthlyTax.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('resIns').innerText = "$" + monthlyIns.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('resHOA').innerText = "$" + hoaFees.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('resLoanAmount').innerText = "$" + loanAmount.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('totalMonthly').innerText = "$" + totalMonthlyPayment.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
// Show result box
document.getElementById('resultBox').style.display = 'block';
}