Calculate your complete monthly home mortgage payment including all components: Principal, Interest, Property Taxes, Insurance, PMI (if applicable), and HOA fees. This comprehensive PITI calculator shows exactly what homeownership will cost each month, not just the loan payment. Unlike basic mortgage calculators that only show P&I, this tool provides the full picture. Enter home price, down payment, interest rate, and actual local costs for taxes and insurance. Get a 5-year equity building schedule showing how ownership builds over time.
Enter your details and click Calculate to see results.
Saved Presets is a Supporter feature.
Tool History is a Supporter feature.
Tool Notes is a Supporter feature.
Home purchase price and your down payment. Down payments under 20% trigger automatic PMI calculation.
Annual interest rate and loan term. 30-year is most common; 15-year saves significant interest.
Annual property tax amount (check county records) and homeowners insurance (get quotes for accuracy).
Monthly HOA fee if applicable. Condos and planned communities typically have HOA fees of $100-500/month.
PITI is the standard way lenders calculate housing costs. Principal: loan paydown each payment. Interest: cost of borrowing. Taxes: property taxes escrowed by lender and paid annually. Insurance: homeowners insurance escrowed and paid annually. PMI: private mortgage insurance required when down payment is under 20%.
PMI typically costs 0.5-1.5% of loan amount annually, divided into monthly payments. On a $300,000 loan, PMI runs $125-375/month. PMI can be removed when equity reaches 20% through payments and appreciation. Under FHA loans, MIP (mortgage insurance premium) has different rules and may be permanent depending on loan terms.
Equity = Home Value - Outstanding Loan Balance. Early in a 30-year mortgage, equity grows slowly because most of each payment is interest. After 5 years on a $400,000 home at 6.5% with 20% down, you might have $97,000 equity (original $80,000 down + $17,000 principal paid). Home appreciation adds to equity independently.
Property tax rates vary dramatically by location. National average is about 1.1% of home value annually. High-tax states (New Jersey 2.2%, Illinois 2.1%, Connecticut 1.8%) can significantly impact monthly payment. Low-tax states (Hawaii 0.3%, Alabama 0.4%, Louisiana 0.5%) keep housing costs lower. Always research the specific county before buying.
