Total Monthly Payment (PITI)
Principal + Interest + Taxes + Insurance + PMI + HOA = your true monthly cost.
No PMI needed (20%+ down)
Your Total Monthly Payment
$2,539.28
PITI + PMI + HOA
Monthly Breakdown
💡 Plain English: Your true monthly cost isn't just the mortgage payment — it includes taxes, insurance, and possibly PMI and HOA. Budget for all of it: about $2,539/month.
About the PITI Calculator (Total Monthly Payment)
PITI stands for Principal, Interest, Taxes, and Insurance — the four pieces that make up your true monthly housing payment. Looking at PITI instead of just principal and interest gives you a realistic picture of what owning the home actually costs each month.
How this calculator works
Enter your home price, down payment, interest rate, loan term, plus annual property taxes and homeowners insurance. The calculator adds principal and interest, a monthly tax portion, and a monthly insurance portion to show your full housing payment.
The math, in plain English
PITI = monthly principal + monthly interest + (annual property tax ÷ 12) + (annual homeowners insurance ÷ 12). Principal and interest come from the amortization formula; taxes and insurance are simply divided into monthly amounts.
Key terms
- •PITI — Principal, Interest, Taxes, and Insurance combined
- •Property tax — a local tax based on your home’s assessed value
- •Homeowners insurance — coverage that protects against damage to your home and belongings
Tips & things to know
- ✓Lenders often use PITI (not just principal and interest) when deciding how much you can borrow.
- ✓Property taxes vary widely by location — check the local rate before estimating.
- ✓If you put down less than 20%, add PMI on top of PITI for your real monthly cost.
Frequently asked questions
Does PITI include HOA dues?+
No. If your home has a homeowners association, add the monthly HOA fee to PITI for your complete housing payment.
Why are taxes and insurance paid monthly?+
Most lenders collect them each month into an escrow account and then pay the annual bills on your behalf, so they are part of your monthly payment.
This calculator is for educational purposes only and uses estimates. Always consult a licensed mortgage professional for advice specific to your situation.