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Mortgage PITI (Principal, Interest, Taxes & Insurance) Calculator Help

Calculate the monthly payments for a mortgage including principal, interest, taxes and insurance (PITI). Enter your sale price, down payment, the interest rate and the term of the loan. This calculator will then show you the monthly principal and interest payment, the total amount of interest you will pay and the total amount of money you will spend over the life of the loan. You can also enter the points and other closing costs and roll those into your loan. Enter the anticipated costs for property tax, homerowner's insurance, and PMI (Private Mortgage Insurance) to get a much more accurate monthly mortgage payment than just principal and interest (P&I). You can even enter an additional payment amount you intend to pay each month to work down your principal and the calculator will show you the anticipated payoff time. You can display and/or print the entire amortization schedule for your loan.

Input Fields:

Title A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
Lender The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
Sale Price The sale price for your property. (NOT the amount of money you plan to borrow.)
Down Payment The amount of money you plan to put as a down payment on your property.
Interest Rate The annual percentage rate you will pay for this loan.
Length of Loan How long you will pay on this loan. Also choose whether 'Length of Loan' is years or months.
First Payment Date The date or month and year when you will make your first payment.
Additional Principal The additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.
Points The number of points (or percentage of the loan amount) you'll be paying to close this loan. Check 'Roll into Loan' if the cost of the loan points is being financed and included in the 'Loan Amount'.
Other Closing Costs Any other costs you'll be paying during the closing of your loan. These might be costs like the appraisal, property taxes, property insurance, title insurance, realtor fees, etc. Check 'Roll into Loan' if your closing costs (not to include loan points) is being financed and included in the 'Loan Amount'.
Annual Property Tax The amount you expect to pay for property tax each year. The default used is 1.25% of the sale price but you can enter any amount. Property taxes are typically adjusted each year for inflation and changing home values. While this calculator does not attempt to adjust the property tax each year, it still gives you a good idea of your loan's overall costs.
Home Insurance You will be required to carry homeowner's insurance as long as you are making payments on a home and the premium is usually collected in your mortgage payment each month then paid each month or year by your mortgage company directly to your insturance carrier. Homeowner's insurance rates vary greatly state to state depending on natural disaster threats and property values. The default value used in the calculation is a national average recently published by the insurance industry.
Monthly PMI Private Mortgage Insurance, commonly known as PMI, is insurance most mortgage lenders require if you owe more than 80% of your home's value. Mortgage lenders are required by law to automatically remove this monthly charge once your loan balance falls to 78% of your home's sale price or value at the time of purchase. You may be able to get it dropped sooner if you have an appraisal that shows an increase in property value that puts you owing less than 80% of the home's current value.

Output Fields:

Monthly Payment 'Principal' + 'Interest' + 'Additional Principal' (where applicable) to be paid each month. Actual payment could include escrow for insurance and property taxes plus private mortgage insurance (PMI).
Payoff Date Your last payment will be due this month if you follow the calculator's payment schedule.
Loan Amount 'Sale Price' - 'Down Payment' + 'Points' (if rolled into loan) + 'Other Closing Costs' (if rolled into loan).
Total Interest Total amount of interest you will pay over 'Length of Loan'.
Total Property Tax The total property tax you'll pay over the length of the loan.
Total Insurance The total homeowner's insurance you'll pay over the length of the loan.
Total PMI The total PMI (Private Mortgage Insurance) cost for this loan. PMI is required until until your balance falls below 80% of the home's sale price or value at the time of purchase. (Mortgage lenders are required by law to automatically drop PMI from the loan when your balance falls below 78% of the sale price.)
Total Monthly Payments The total of your monthly payments over the length of this loan.
Payoff Time Amount of time until the loan is paid off.

Number of Payments The number of payments you will make to pay off the loan.
Annual Payments The amount of money you will pay each year for this loan.
Total Property Cost Total cost of this property when you include the 'Sale Price', 'Points Amount', 'Other Closing Costs' and the 'Total Interest' to be paid on the mortgage.

Buttons and Checkboxes:

Show Amortization When checked, a section will appear below the calculator showing the complete amortization table.
Help Brings up this Help window.
Clear Clear (Use your browser's 'Refresh' or 'Reset' to restore default values.)
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All calculators are made available as self-help tools for your independent use with results based on information provided by the user. All examples are hypothetical and are for illustrative purposes only. Calculated results are believed to be accurate but results are not guaranteed. Mortgage calculator results are based upon conventional program guidelines. Other loan programs are available. Further review by a professional is necessary to obtain exact and complete information and available options for your personal circumstances.
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Updated 04 Jul 2007