Calculate your monthly mortgage payment with taxes, insurance, and HOA. Includes full amortization schedule.
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PITI stands for Principal, Interest, Taxes, and Insurance — the four main components of a full mortgage payment. Most lenders use your PITI to calculate your debt-to-income ratio when qualifying you for a loan.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's purchase price. Once your equity reaches 20% — either through payments or appreciation — you can request PMI removal. It typically cancels automatically at 22% equity.
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus fees like origination costs, making it a better comparison tool between lenders. This calculator uses the interest rate for the monthly payment calculation.
The traditional guideline is the 28/36 rule: your housing payment should be no more than 28% of your gross monthly income, and total debt payments no more than 36%. Lenders typically allow up to 43% DTI for qualification purposes.
A 15-year mortgage has a higher monthly payment but you pay far less total interest and build equity faster. A 30-year mortgage has a lower payment but costs significantly more over time. The right choice depends on your cash flow, other financial goals, and how long you plan to stay.