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Mortgage Payment Calculator

PITI breakdown: principal, interest, tax, insurance, PMI.

🏠 Mortgage Payment Calculator
Estimated monthly payment (PITI)
on a loan at % for yrs
Principal & Interest
Property Tax
Insurance
PMI
HOA
Loan amount
Total interest
Total of PITI payments

How to Use

  1. Enter the home price and down payment %.
  2. Enter the interest rate and term your lender quoted.
  3. Add property tax, home insurance, HOA and (if applicable) PMI.
  4. The total monthly PITI updates live, with a breakdown of every component.

Calculation Method

Principal & interest use the standard amortized formula M = P · [ r(1+r)^n ] / [ (1+r)^n − 1 ]. Property tax and insurance are spread monthly. PMI is added automatically when the down payment is under 20% (typical rate ≈ 0.4–1.0% / yr of the loan). HOA fees are flat additions. Total PITI = P&I + Tax + Insurance + PMI + HOA.

Examples

$400,000 home, 20% down, 6.75% APR, 30 years

Loan of $320,000 → about $2,076 P&I; with ~1.1% property tax and $1,500 / yr insurance, monthly PITI is roughly $2,576.

Frequently Asked Questions

Principal, Interest, Taxes and Insurance — the four components of a full housing payment. Most lenders qualify you on PITI, not just on principal & interest.
On conventional loans, PMI automatically drops when the loan reaches 78% loan-to-value (LTV) and you can request removal at 80% LTV. FHA mortgage insurance often stays for the life of the loan.
A 15-year mortgage has a higher monthly payment but typically a lower rate and saves tens of thousands in interest. A 30-year keeps monthly cash flow flexible.
No — HOA is paid separately to the association, but lenders include it when calculating your debt-to-income ratio.

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Disclaimer

Calculations are estimates based on the information you provide. Actual loan terms, rates, and payments vary by lender, credit score, and other factors. SmartLoanCalcs is not a lender and this is not a loan offer. We are not responsible for decisions made based on these calculations — consider consulting a licensed lender or financial advisor.

Last updated: May 24, 2026