PITI Mortgage Calculator: Insurance, Mortgage Payment, Tax, PMI

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Explains what "PITI" means, and helps you estimate the full PITI house payment so you can make a fully informed home buying decision.

This free online PITI Mortgage Calculator will calculate and total the monthly principal, interest, tax, insurance, and private mortgage insurance (PMI) payments that normally come attached to a home loan.

Plus, unlike other online financial mortgage calculators, the PITI mortgage calculator on this page will also calculate the number of hours you will need to allocate to working in order to pay for each portion of the monthly mortgage payment between now and when the loan term expires.

If you only want to calculate the mortgage principal and interest (PI) payment, please visit the Monthly House Payment Calculator.

What is PITI?

In case you're not familiar with the term, PITI is an acronym that stands for "Principal, Interest, Tax, and Insurance," where Tax refers to property taxes and Insurance refers to homeowner insurance.

If you've ever taken out a mortgage to purchase a home, you will know that lending institutions don't trust you to pay your insurance and property taxes on your own. And because they don't trust you, they build those payments into your monthly mortgage payment.

I guess I can understand why it's important to the lending institution that you stay current on your insurance and property taxes. After all, if your home burns down and you stop making your mortgage payments the lending institution doesn't want to foreclose on a smoldering pile of charred rubble. Nor do they want to get stuck with a mountain of back-taxes if you default on your mortgage.

And speaking of a lack of trust, the lending institutions go one step further (to the delight of private mortgage insurers) by forcing you to pay private mortgage insurance premiums if your loan-to-value ratio is greater than 80% (less than a 20% down payment).

When you add up the earnest, principal, interest, property tax, insurance, and PMI payments and then calculate how many hours you will need to work to make all of those payments (the PITI mortgage calculator will do this for you), you can understand why refer to PITI payments as ...

PITY Payments

I call them "PITY" payments because it's a pity that we didn't choose the Grow Slow, Pay As You Go method of home buying instead of the instant gratification method promoted by real estate and mortgage companies. Because had we done so we could have gotten wealthy just by investing the interest charges we wouldn't have had to pay to the lending institutions.

If you've spent any time on this site at all, you've no doubt ran across countless references to the term "Opportunity Cost," and now understand that it refers to the value lost when choosing one alternative action or inaction over all other possible alternatives. Well, because housing represents such a large percentage of our household budgets, it also stands to reason that nowhere will you find greater opportunity costs than in the area of home buying.

For example, if you buy a more expensive home versus and a less expensive home, you will suffer the opportunity cost of lost interest earnings that could have been earned with all the savings you would realize with the less expensive home. After all, the smaller and less costly the home, the lower will be the home ownership costs (property taxes, insurance, mortgage interest, utilities, repairs, maintenance, etc.).

As I hope you will discover throughout this home mortgage calculators section, the difference between the home ownership costs of a large, expensive, fully-mortgaged home and the ownership costs of small, inexpensive, paid-for home can literally determine whether you will spend your life living paycheck to paycheck or if you will achieve financial freedom.

With that, let's use the PITI Mortgage Calculator to calculate and total the monthly principal, interest, tax, insurance, and PMI payments, and then estimate how many hours you have to allocate to working in order to make all of those payments.

Calculator: Insurance, Mortgage Payment, Tax,
and Private Mortgage Insurance (PMI)
Calcy sign introducing PITI Mortgage Calculator


Instructions: Enter the price of the property, the down payment, and the annual percentage rate (APR).

Next enter the home loan term in years, the annual property taxes, the annual insurance, and your real hourly wage (optional), then click the "Calculate PITI Mortgage Payment" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the PITI Mortgage Calculator.

Help Home price ($):
Help Down payment ( $):
Help Annual interest rate (%):
Help Number of years (#):
Help Annual real estate taxes ( $):
Help Annual homeowner insurance ( $):
Help Real hourly wage ($):
Help Mortgage loan amount:
Help Loan to Value (LTV):
Payment Type Monthly Total Work Hours
Help PI payment:
Help Property tax payment:
Help Insurance payment:
Help PMI payment:
Help Total payment:

PITI Mortgage Calculator Glossary of Terms

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Home price: The dollar amount of the price of the property.

Down payment: The dollar amount of the down payment. If you want the PITI mortgage calculator to calculate the down payment for you, be sure you have entered the property price and then select a percentage rate from drop down menu.

Annual interest rate: The annual percentage rate (APR) of the home loan.

Number of years: The term of the home loan in number of years.

Annual real estate taxes: The dollar amount of the annual property taxes. If you want the PITI mortgage calculator to calculate the annual property taxes for you, be sure you have entered the property price and then select the most appropriate percentage rate from drop down menu.

Annual homeowner insurance: The dollar amount of the annual homeowner insurance. If you want the PITI mortgage calculator to calculate the annual insurance for you, be sure you have entered the property price and then select the most appropriate percentage rate from drop down menu.

Real hourly wage: If you would like the PITI mortgage calculator to calculate the number of hours you will have to work to pay all of principal, interest, property taxes, insurance, and PMI payments, enter your real hourly wage in this field. If you don't know your Real Hourly Wage, be sure to visit the Real Hourly Wage Calculator.

Amortization schedule: This is the breakdown of each periodic payment made to repay the amount borrowed. Each line of the amortization schedule shows the total amount paid for the period, along with the portion that went to pay down the principal and the amount that was used to pay the current period interest charges. The last column is the new balance owed following that period's payment (previous balance minus principal portion of current payment). The PITI mortgage calculator allows you to choose whether or not you want the results to include a monthly amortization, an annual amortization, or no amortization schedule at all.

Mortgage loan amount: This is how much of the home purchase you plan to finance (home price minus down payment).

Loan to Value (LTV): This will be your starting loan to value ratio. This value is used to determine any private mortgage insurance that may be added to your monthly payment.

PI payment: The first column shows how much your monthly principal and interest payment will be. The second column shows the total of all principal and interest payments for the number of years you entered. If you entered your real hourly wage, the third column will show you how many hours you will need to work to make all of the principal and interest payments.

Property tax payment: The first column shows how much your monthly property tax payment may be. The second column shows the total of all estimated property tax payments for the number of years you entered. If you entered your real hourly wage, the third column will show you how many hours you will need to work to make all of the property tax payments.

Insurance payment: The first column shows how much your monthly insurance payment may be. The second column shows the total of all estimated insurance payments for the number of years you entered. If you entered your real hourly wage, the third column will show you how many hours you will need to work to make all of the insurance payments.

PMI payment: If your down payment is less than 20% of the purchase price, you may be required to purchase private mortgage (PMI). The first column shows how much your monthly PMI payment may be. The second column shows the total of all estimated PMI payments for the number of years you entered (PMI premiums decline to zero as your LTV decreases). If you entered your real hourly wage, the third column will show you how many hours you will need to work to make all of the PMI payments.

Total payment: The first column shows the monthly total of all principal, interest, tax, insurance and PMI payments. The second column shows the total of all estimated PITI-PMI payments for the number of years you entered. If you entered your real hourly wage, the third column will show you how many hours you will need to work to make all of the PITI-PMI payments.

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