This calculator helps you estimate your monthly mortgage payment, commonly known as PITI,
which includes:
Principal & Interest: The amount you borrowed and the cost of
borrowing.
Taxes: Property taxes paid to your local government.
Insurance: Homeowner's insurance to protect your property.
Knowing your estimated PITI is crucial for budgeting and determining how much house you can
afford.
After calculating your mortgage, use our Real Estate IRR Calculator to analyze the
long-term profitability of the property as an investment.
Estimated Monthly Payment (PITI):
$0.00
Frequently Asked
Questions (FAQ)
What is PITI in a mortgage?
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PITI stands for Principal, Interest, Taxes, and Insurance. It represents
your total monthly housing payment.
Principal: Pays down the loan balance.
Interest: The cost of borrowing money.
Taxes: Property taxes paid to the government.
Insurance: Homeowners insurance premiums.
How much house can I afford?
▼
Lenders typically use the 28/36 rule:
Your housing expenses (PITI) should not exceed 28% of your gross
monthly income.
Your total debt (housing + cars + credit cards) should not exceed 36%
of your gross monthly income.
Should I choose a 15-year or 30-year mortgage?
▼
A 30-year mortgage has lower monthly payments, making it more affordable,
but you pay significantly more interest over the life of the loan. A 15-year
mortgage has higher monthly payments, but you build equity faster and pay much
less interest.