Buying a home is one of the most significant financial decisions you will make. While the listing price gives you a general idea of the cost, your actual monthly obligation involves much more than just the loan repayment. Use this PITI (Principal, Interest, Taxes, and Insurance) Calculator to get a realistic view of your monthly housing costs, including Private Mortgage Insurance (PMI) estimates.
15 Years
30 Years
Please enter valid positive numbers for all fields.
Estimated Total Monthly Payment
$0.00
Principal & Interest:
$0.00
Property Taxes:
$0.00
Homeowners Insurance:
$0.00
Private Mortgage Insurance (PMI):
$0.00
HOA Fees:
$0.00
Total Amount Financed:
$0.00
function calculateMortgage() {
// Get inputs by ID
var homePrice = parseFloat(document.getElementById("homePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var propertyTaxYearly = parseFloat(document.getElementById("propertyTax").value);
var homeInsuranceYearly = parseFloat(document.getElementById("homeInsurance").value);
var hoaFeesMonthly = parseFloat(document.getElementById("hoaFees").value);
var pmiRate = parseFloat(document.getElementById("pmiRate").value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm) ||
isNaN(propertyTaxYearly) || isNaN(homeInsuranceYearly) || isNaN(hoaFeesMonthly) || isNaN(pmiRate)) {
document.getElementById("errorMsg").style.display = "block";
document.getElementById("resultSection").style.display = "none";
return;
}
if (homePrice <= 0 || loanTerm <= 0) {
document.getElementById("errorMsg").style.display = "block";
return;
}
document.getElementById("errorMsg").style.display = "none";
// 1. Calculate Loan Principal
var loanPrincipal = homePrice – downPayment;
if (loanPrincipal < 0) loanPrincipal = 0;
// 2. Calculate Principal & Interest (P&I)
// Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPI = 0;
if (interestRate === 0) {
monthlyPI = loanPrincipal / numberOfPayments;
} else {
var mathPower = Math.pow(1 + monthlyInterestRate, numberOfPayments);
monthlyPI = loanPrincipal * (monthlyInterestRate * mathPower) / (mathPower – 1);
}
// 3. Calculate Monthly Property Tax
var monthlyTax = propertyTaxYearly / 12;
// 4. Calculate Monthly Insurance
var monthlyInsurance = homeInsuranceYearly / 12;
// 5. Calculate PMI
// Usually PMI is applied if Down Payment < 20% of Home Price
// PMI formula roughly: (Loan Amount * PMI Rate) / 12
var monthlyPMI = 0;
var downPaymentPercentage = (downPayment / homePrice) * 100;
if (downPaymentPercentage 0) {
monthlyPMI = (loanPrincipal * (pmiRate / 100)) / 12;
}
// 6. Total Monthly Payment
var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyInsurance + monthlyPMI + hoaFeesMonthly;
// Output Formatting Helper
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
});
// Update HTML
document.getElementById("resultSection").style.display = "block";
document.getElementById("totalPaymentDisplay").innerHTML = formatter.format(totalMonthlyPayment);
document.getElementById("piDisplay").innerHTML = formatter.format(monthlyPI);
document.getElementById("taxDisplay").innerHTML = formatter.format(monthlyTax);
document.getElementById("insDisplay").innerHTML = formatter.format(monthlyInsurance);
document.getElementById("pmiDisplay").innerHTML = formatter.format(monthlyPMI);
document.getElementById("hoaDisplay").innerHTML = formatter.format(hoaFeesMonthly);
document.getElementById("loanAmountDisplay").innerHTML = formatter.format(loanPrincipal);
}
Understanding Your Mortgage Breakdown
When lenders assess your ability to repay a loan, they look at the PITI calculation. This ensures you can afford not just the loan itself, but the associated costs of homeownership.
1. Principal & Interest (P&I)
This is the core component of your mortgage. Principal pays down the loan balance, while Interest is the cost of borrowing that money. Early in your loan term (e.g., the first 5-7 years of a 30-year mortgage), the majority of this payment goes toward interest, not principal.
2. Property Taxes
Local governments collect property taxes to fund schools, police, and infrastructure. Lenders typically collect this monthly and hold it in an escrow account to pay the bill on your behalf when it's due. Tax rates vary significantly by county.
3. Homeowners Insurance
Lenders require you to insure the property against hazards like fire or storms. Like taxes, this premium is often divided by 12 and added to your monthly mortgage payment.
4. Private Mortgage Insurance (PMI)
If you put down less than 20% of the home's value, lenders usually require PMI. This protects the lender (not you) if you default. The calculator above automatically estimates PMI based on your down payment and entered PMI rate (typically 0.5% to 1.5% of the loan amount annually).
SEO Tip: A higher credit score can significantly lower your interest rate. On a $300,000 loan, a 1% difference in interest rate can save you over $60,000 over the life of the loan.
How to Lower Your Monthly Payments
Increase your Down Payment: Reaching 20% equity eliminates the need for PMI, immediately reducing your monthly outlay.
Shop for Insurance: Homeowners insurance rates vary. Getting quotes from multiple providers can save hundreds per year.
Recast or Refinance: If interest rates drop, refinancing can lower your monthly obligation. Recasting involves paying a lump sum to reduce principal while keeping the same rate and term, lowering monthly payments.