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

PITI Mortgage Calculator Sign

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, this calculator will also calculate the number of hours you will need to allocate to working to pay for each portion of the monthly mortgage payment between now and when the loan is paid off.

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

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PITI Mortgage Calculator

Calculate a mortgage payment amount that includes principal, interest, property tax, insurance, and PMI.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Home price:Home price:Home price:Home price:

Home price:

Enter the dollar amount of the price of the property.

$
Down pmt:Down payment:Down payment amount:Down payment amount:
Down pmt %:
Down pmt:

Down payment amount:

Enter 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 home price and then expand the description and select a percentage rate from drop down menu. Leave the drop-down selected to "Enter" to enter your own down payment amount.

$
Int rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual percentage rate (APR) of the home loan. Enter as a percentage without the percent sign (for 6%, enter 6).

%
# of years:Number of yrs:Mortgage term in years:Mortgage term in number of years:

Mortgage term in number of years:

Enter the term of the home loan in number of years.

#
Ann taxes:Annual taxes:Annual real estate taxes:Annual real estate taxes:
Prop tax %:
Annual taxes:

Annual real estate taxes:

Enter 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 expand the description in this row. Then select the most appropriate percentage rate from drop down menu. Otherwise leave the drop-down selected to "Enter" to enter your own.

$
Ann ins:Annual ins:Annual homeowner insurance:Annual homeowner insurance:
Insurance %:
Annual insurance:

Annual homeowner insurance:

Enter 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 expand the description in this row. Then select the most appropriate percentage rate from drop down menu. Otherwise leave the drop-down selected to "Enter" to enter your own.

$
RHWRHWReal hourly wageReal hourly wage (optional):

Real hourly wage:

Optional: If you would like the PITI mortgage calculator to calculate the number of hours you will have to work to pay for all of the various portions of the monthly payment, enter your real hourly wage in this field. Clicking on the link will open the Real Hourly Wage Calculator in a new window.

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Schedule?Incl schedule?Include amortization schedule?Include amortization schedule?

Include amortization schedule?

If you would like the results to include an amortization schedule, select either "Monthly" or "Annual" from the drop-down menu. Otherwise select "None".

Mtg amt:Mortgage amt:Mortgage loan amount:Mortgage loan amount:

Mortgage loan amount:

Based on your entries, this is how much of the home purchase you plan to finance (home price minus down payment).

LTV:LTV:Loan to value (LTV):Loan to value (LTV):

Loan to Value (LTV):

Based on your entries, 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.

Interest:Interest cost:Interest cost:Interest cost:

Interest cost:

Based on your entries, this is how much interest you will pay on the mortgage between the first payment and the last payment.

Type column:

This column lists the various parts that make up the total mortgage cash outflows. For smaller screens, the abbreviations are defined as follows:

  • PI: Principal and Interest portion.
  • Tax: Property tax portion.
  • Ins: Homeowners insurance portion.
  • PMI: Private Mortgage Insurance. If your down payment is less than 20% of the purchase price, you may be required to purchase PMI on top of PITI payment.
  • Ttl: Total of all PITI portions, plus PMI.

Type

Monthly column:

This column lists the calculated monthly amount for each PITI type listed in the left-hand column.


Monthly

Total column:

This column lists the total of all of each PITI type through the end of the mortgage.


Total

Work hours column:

If you entered your Real Hourly Wage, this column will list how many hours you will need to allocate to working for each PITI payment portion through the end of the mortgage. Hope you like your work!


Work
Hours
PI pmtPI $PI pmtPI payment
Tax pmtTax $Tax pmtTax payment
Ins pmtIns $Insurance pmtInsurance payment
PMI pmtPMI $PMI pmtPMI payment
Ttl pmtTotal $Total pmtTotal payment

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Learn

What is PITI, and why it's often a PITY.

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 I 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 homeownership 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 homeownership costs of a large, expensive, fully-mortgaged home and the ownership costs of a 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.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.