Free mortgage calculator — monthly payment & PITI
Enter home price and down payment to get the loan amount, then see principal & interest (P&I) plus optional property tax, home insurance, and HOA as an estimated PITI monthly total. Enter the term in years or months (30 years = 360 payments), try extra payments, and open the full amortization schedule. For P&I-only loans (auto, personal), use the loan calculator.
How to use this mortgage calculator
- Enter home price and down payment (percent or dollar amount)—loan amount updates automatically.
- Set annual interest rate (%) and term (years or months).
- Optional: property tax and insurance per year, HOA, PMI, and annual tax/insurance increases for PITI.
- Optional: loan start date, biweekly payments (amortizing), and extra payments.
- Review P&I, PITI breakdown, total interest, payoff date, and year-by-year or month-by-month schedule; CSV, print, or copy link.
Example: $400,000 home, 20% down, 6.5% for 30 years
With 20% down, the loan amount is $320,000. On a fixed amortizing schedule, P&I is about $2,022 per month before taxes and insurance. If you add $4,800/year in property tax and $1,200/year in insurance, that is roughly $500 more per month—PITI near $2,522 (plus HOA if any). Early years are mostly interest; extra principal payments shorten the term—try them in the calculator above.
Home price, down payment, and loan amount
Loan amount = home price − down payment. A larger down payment lowers the financed balance and monthly P&I. Many U.S. lenders discuss 20% down to avoid private mortgage insurance (PMI). Enter a PMI rate when your down payment is under 20%; the calculator estimates monthly PMI until loan balance reaches 80% of home price. Optional annual increases for property tax and insurance start in year two.
What is PITI?
Principal and Interest on the mortgage, plus Property Taxes, Insurance, and often Association (HOA) fees. It is a common way to express total monthly housing cost next to income. This calculator converts annual tax and insurance into monthly amounts and adds HOA; your servicer may escrow on a different schedule.
Mortgage payment formula (P&I, amortizing)
M = P × r × (1 + r)n ÷ ((1 + r)n − 1)
P = loan amount, r = annual rate ÷ 12, n = months. PITI adds tax, insurance, and HOA on top of M. Rounding differs by lender; use results for planning, not as a binding loan estimate.
Amortization schedule & extra payments
The payment table shows each period’s interest, principal, and balance—the same engine as our amortization calculator. Optional monthly, yearly, or one-time extras reduce total interest and can show months saved vs no extras. Export CSV or print for your records.
Frequently asked questions
What is PITI on a mortgage?
P&I on the loan plus property tax, insurance, and HOA when you enter them. Annual tax and insurance are split into monthly estimates and added to your payment summary.
How is loan amount calculated from home price and down payment?
Home price minus down payment (percent or dollar). The derived loan amount feeds rate and term for P&I.
How do I estimate my monthly mortgage payment?
Fill home price, down payment, rate, and term; read P&I and optional PITI. Use biweekly or extras to compare payoff time and interest.
Does this include property taxes and homeowners insurance?
Yes—enter annual amounts for tax and insurance; HOA is monthly. Escrow timing varies by lender; totals are estimates.
How is this different from the loan calculator?
Loan calculator starts from loan amount (P&I only). This page starts from home price and down payment and adds PITI fields.
Can I export the schedule or share my scenario?
Copy link to share the same inputs with others; CSV and print are in the schedule toolbar.