Enter your home price, down payment, term and rate to see your full monthly payment — principal, interest, property tax and insurance — updated live as you type.
A monthly mortgage payment is usually made of four parts, known together as PITI: principal, interest, taxes and insurance. The principal and interest repay the loan itself, while property tax and homeowners insurance are typically collected alongside your payment and held in escrow by your lender.
The principal-and-interest portion comes from the standard amortization formula:
M = P · r / (1 − (1 + r)−n)
where P is the loan amount (home price minus your down payment), r is the monthly rate (your APR divided by 12), and n is the number of monthly payments. On top of that we add one-twelfth of your annual property tax and one-twelfth of your annual insurance premium to reach the full monthly figure.
What is PITI?
Principal, interest, taxes and insurance — the four parts of a typical monthly payment. The first two repay your loan; the last two cover property tax and homeowners insurance, usually held in escrow by your lender.
How does the down payment affect my mortgage?
A bigger down payment means you borrow less, lowering your loan amount, monthly payment and total interest. Reaching 20 percent down also usually lets you skip private mortgage insurance.
Does this include PMI or HOA fees?
No. This estimate covers principal, interest, property tax and insurance only. Add PMI (common under 20 percent down) and any HOA dues separately, as they vary widely.