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How to calculate a US mortgage payment
Enter a home price, down payment, loan rate and term to estimate the monthly PITI payment.
Choose the loan structure
Select a fully amortizing fixed-rate loan to repay principal, or full-term interest-only to see interest charges and the balloon principal due at the end.
Enter purchase and loan details
Add the home price, down payment, annual interest rate and loan term. The calculator derives the loan amount and LTV.
Add ownership costs
Enter annual property tax and homeowners insurance, then select PMI and enter an estimated annual PMI rate when LTV is above 80%.
Review the monthly estimate
Use the PITI total and detailed monthly values to compare scenarios. For full-term interest-only, payments during the term exclude the separately displayed balloon principal due. Taxes, insurance and PMI are held constant for this estimate.
Frequently Asked Questions
What does PITI mean?
PITI means principal, interest, taxes, and insurance—the main components of a broad monthly mortgage estimate.
When is PMI usually required?
Many conventional mortgages require private mortgage insurance when the down payment is below 20 percent, although lender rules vary.
Does this include closing costs?
No. Closing costs, lender fees, points, HOA dues, maintenance and utilities are excluded.
Why can a real payment change?
Property taxes, insurance premiums, PMI and adjustable loan rates can change over time.
Is an interest-only mortgage cheaper?
It can have a lower monthly payment, but the principal is not repaid. In this calculator's full-term interest-only option, the original loan balance is shown separately as a balloon payment due at the end of the term.
How is loan-to-value calculated?
Loan-to-value is the loan amount divided by the home price, expressed as a percentage.
Is the PMI amount a lender quote?
No. Enter an annual PMI rate that reflects your best estimate; actual pricing and cancellation rules vary by lender, loan type, LTV and borrower profile.