PITI Mortgage Payment Calculator
You can use this PITI mortgage payment calculator to calculate the amount of money you will need to repay a mortgage on a monthly basis. It also estimates the associated PMI, homeowner insurance, taxes, and interest components. Furthermore, this PITI mortgage payment calculator determines the total payments you will need to make, including total PITI and one-time down payment, during the life of the mortgage as well as offering you a repayment schedule.
The mortgage payment calculator is very easy to use. Simply complete the following steps:
- Input the total price of the property
- Input the down payment amount in the form of the percentage of the total value of the property (or specify a fixed amount)
- Input the annual percentage rate you will pay on the mortgage
- Input your annual rate of PMI, if required
- Input the duration of the loan in years
- Input details of the insurance and property taxes you will pay on an annual basis
- Select the currency from the drop-down menu
- Click on the "Calculate" button to generate the results.
What is PITI?
PITI is an acronym that denotes the four aspects of a mortgage payment:
Principal — The payment on the loan balance
Interest — The cost of borrowing the money
Taxes — The property taxes you will pay and
Insurance — Homeowner and mortgage insurance where applicable.
What is PMI?
Private mortgage insurance (PMI) is the insurance you will need to pay against the loan to protect the lender in the event that you default on the mortgage. PMI is required if your down payment is less than 20% of the total value of the property; that is, you borrow more than 80% of the property value. It is no longer required when you have paid off more than 20% of the property value.
This mortgage repayment calculator uses the following PMI rates:
30-Year Fixed Mortgages
95.01-97% LTV = 0.9%,
90.01-95% LTV = 0.78%,
85.01-90% LTV = 0.52%,
80.01-85% LTV = 0.32%.
15-Year Fixed Mortgages
95.01-97% LTV = 0.79%,
90.01-95% LTV = 0.56%,
85.01-90% LTV = 0.23%,
80.01-85% LTV = 0.21%.
If required, you can manually adjust the annual PMI rate. The PMI should be calculated according to your loan-to-value (LTV), credit score, and debt-to-income (DTI) ratio.
You may also be interested in our free Escrow Calculator or Piggyback Loan Calculator