Mortgage Calculator with Taxes and Insurance
Calculate your complete PITI payment including taxes, insurance, and fees
Main Specifications
The purchasing price of the property
Amount you need to borrow (Home Value - Down Payment)
Annual interest rate or APR
Term in which you need to pay off the loan
Regularity for making payments
The compounding frequency for interest calculations
First payment due date
Taxes, Insurance & Fees
Expenses paid at closing (excluding PMI)
PMI typically required when down payment < 20%
Typically 0.5% to 1.5% of loan amount annually
Equity percentage when PMI can be removed (typically 20%)
Property tax as percentage of home value (typically 0% to 4%)
Annual homeowner insurance premium (average ~$1,445/year)
Monthly homeowners association fees
Mortgage Summary
Payment Summary
Monthly Payment Breakdown
Total Cost Breakdown Over Loan Term
Understanding PITI Payments
Principal & Interest (P&I)
Your monthly payment toward the loan amount. Early payments are mostly interest, later payments are mostly principal.
Property Taxes
Annual taxes on your property, typically 0-4% of home value. Usually collected monthly by your lender and held in escrow.
Homeowner Insurance
Protects your home and belongings from damage. Required by lenders and typically costs around $1,445 annually.
Private Mortgage Insurance (PMI)
Required when down payment is less than 20%. Protects the lender if you default. Can be removed once you reach 20% equity.
PITI Components
Principal & Interest
Core mortgage payment
Property Tax
Local government taxes
Insurance
Homeowner protection
PMI
Mortgage insurance
HOA Fees
Association dues
Money-Saving Tips
Put down 20% to avoid PMI
Shop around for better insurance rates
Consider property tax appeals if overassessed
Use escrow for automatic tax/insurance payments
Factor in all costs when budgeting
Total housing costs should be ≤28% of gross income
Complete Guide to Mortgage Costs
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance - the four main components of your total monthly mortgage payment. Understanding each component helps you budget accurately for homeownership.
Escrow Account Benefits
- •Automatic Payments: Taxes and insurance paid on time
- •Budget Consistency: Spread annual costs over 12 months
- •Peace of Mind: No risk of missing tax deadlines
Understanding PMI
BPMI (Borrower-Paid)
Monthly PMI payments added to mortgage payment. Can be cancelled when you reach 20% equity.
SPMI (Single-Premium)
One-time upfront payment at closing or financed into loan. Cannot be cancelled.
PMI Removal
Automatically removed at 78% LTV, or request removal at 80% LTV with appraisal.
Important Considerations
Property Tax Variations:
- • Rates vary significantly by location
- • Can increase over time with home value
- • May have homestead exemptions available
- • Assessment appeals possible if overvalued
Insurance Considerations:
- • Shop annually for better rates
- • Consider bundling with auto insurance
- • Higher deductibles can lower premiums
- • Special coverage may be needed (flood, earthquake)