Calculate your total monthly mortgage payment, including Principal, Interest, Taxes, and Insurance.
Your Estimated Monthly PITI Payment
$0.00
Enter your loan details to see your estimated monthly mortgage cost.
Understanding Your PITI Mortgage Payment
When you take out a mortgage, your total monthly payment often extends beyond just the principal and interest. The acronym PITI represents the four main components that make up your complete housing expense:
Principal: This is the actual amount of money you borrowed to buy your home. Your monthly principal payment goes towards reducing your outstanding loan balance.
Interest: This is the cost of borrowing the money. The interest rate on your mortgage determines how much you'll pay in interest over the life of the loan.
Taxes: This refers to your annual property taxes, which are typically paid monthly as part of your mortgage payment. Your mortgage lender collects these funds in an escrow account and pays the taxing authority on your behalf.
Insurance: This includes your annual homeowner's insurance premium, which protects you and the lender against damage to the property. Like property taxes, this is usually collected monthly and held in an escrow account. Some lenders may also require Private Mortgage Insurance (PMI) if your down payment is less than 20%, which would also be included in this portion.
How the PITI Mortgage Calculator Works
This calculator first determines the Principal and Interest (P&I) portion of your monthly payment using the standard mortgage payment formula. Then, it adds the monthly breakdown of your property taxes and homeowner's insurance to arrive at the total PITI payment.
P&I Calculation: The formula for the monthly principal and interest payment (M) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal loan amount
i = Monthly interest rate (Annual rate / 12)
n = Total number of payments (Loan term in years * 12)
Total PITI:
Total Monthly PITI = Monthly P&I + (Annual Property Taxes / 12) + (Annual Homeowner's Insurance / 12)
Why PITI Matters
Understanding your PITI payment is crucial for budgeting and determining how much house you can afford. It provides a more accurate picture of your total monthly housing expense than just looking at the principal and interest. Many lenders use PITI to calculate your debt-to-income ratio, a key factor in mortgage approval.
Example: If you borrow $300,000 at 6% annual interest for 30 years, with $3,600 in annual property taxes and $1,200 in annual homeowner's insurance:
Your monthly P&I payment would be approximately $1,798.65.
Your monthly tax payment would be $3,600 / 12 = $300.00.
Your monthly insurance payment would be $1,200 / 12 = $100.00.
Your total estimated monthly PITI payment would be $1,798.65 + $300.00 + $100.00 = $2,198.65.
function calculatePITI() {
var principal = parseFloat(document.getElementById("principal").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseFloat(document.getElementById("loanTerm").value);
var annualTaxes = parseFloat(document.getElementById("annualTaxes").value);
var annualInsurance = parseFloat(document.getElementById("annualInsurance").value);
var monthlyPitiResultElement = document.getElementById("monthlyPitiResult");
var resultDetailsElement = document.getElementById("resultDetails");
monthlyPitiResultElement.style.color = "#28a745"; // Default to success green
// Validate inputs
if (isNaN(principal) || principal <= 0 ||
isNaN(interestRate) || interestRate < 0 ||
isNaN(loanTerm) || loanTerm <= 0 ||
isNaN(annualTaxes) || annualTaxes < 0 ||
isNaN(annualInsurance) || annualInsurance 0) {
monthlyPI = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle case of 0% interest rate
monthlyPI = principal / numberOfPayments;
}
// Calculate monthly Taxes and Insurance
var monthlyTaxes = annualTaxes / 12;
var monthlyInsurance = annualInsurance / 12;
// Calculate Total PITI
var totalPiti = monthlyPI + monthlyTaxes + monthlyInsurance;
// Display the result
monthlyPitiResultElement.textContent = "$" + totalPiti.toFixed(2);
resultDetailsElement.innerHTML = "Estimated monthly Principal & Interest: $" + monthlyPI.toFixed(2) +
"Estimated monthly Taxes & Insurance: $" + (monthlyTaxes + monthlyInsurance).toFixed(2);
}