Mortgage Calculator
Full monthly payment (PITI) with property tax, insurance, PMI and HOA.
Formula
About this calculator
A mortgage payment is much more than principal and interest. Lenders bundle four costs into a single monthly figure known as PITI — Principal, Interest, Taxes and Insurance — and many borrowers also pay private mortgage insurance (PMI) and homeowners-association (HOA) dues on top. This calculator adds all of them together so the number you see is the number that actually leaves your account each month.
The principal-and-interest portion comes from the standard amortizing-loan formula, where P is the amount borrowed (home price minus down payment), r is the monthly interest rate, and n is the number of monthly payments. Property tax is estimated as an annual percentage of the home's value, homeowners insurance as a fixed annual premium, and both are divided by twelve to reach a monthly figure. HOA dues, where they apply, are added directly.
PMI deserves special attention. If your down payment is under 20% of the purchase price, lenders typically require PMI to protect themselves — usually charged as an annual percentage of the loan amount. The good news is it is not forever: once your loan balance falls to 80% of the original home price, PMI automatically drops off. This calculator tracks that threshold month by month and reports the exact month your PMI ends, along with the total PMI you will have paid by then.
Example: a $400,000 home with $80,000 down (20%) financed at 6.5% over 30 years costs about $2,023 per month in principal and interest. Add roughly $367 in property tax at 1.1%, $150 in insurance, and — because the down payment reaches 20% — no PMI, for a total around $2,540 a month before any HOA dues. Drop the down payment to 10% and PMI kicks in, raising the early payments until the balance crosses the 80% mark.
Frequently asked questions
What does PITI mean?
PITI stands for Principal, Interest, Taxes and Insurance — the four core components of a typical monthly mortgage payment. PMI and HOA dues are often added on top where they apply.
When does PMI go away?
Private mortgage insurance is generally required when your down payment is under 20%. It automatically stops once the loan balance reaches 80% of the original home value; this calculator shows the exact month that happens.
How much house can I afford?
A common guideline is keeping your total monthly housing payment (PITI plus HOA) under about 28% of your gross monthly income, though lenders also weigh your other debts. Use the full payment figure here, not just principal and interest.
Why is my payment higher than a basic loan calculator shows?
A basic loan calculator only shows principal and interest. A real mortgage payment also includes property tax, homeowners insurance, PMI (if applicable) and HOA dues, which this calculator adds in full.
Related calculators
⚠️ Estimates are for general information only. Property tax, insurance and PMI rates vary by location and lender, and this tool does not include closing costs. Confirm exact figures with your lender.