Private Mortgage Insurance protects the lender when your down payment is under 20%. It is added to your monthly payment until you reach 20% equity.

How much home can I afford?

A common guide is the 28/36 rule: housing ≤ 28% of gross income and total debt ≤ 36%.

Mortgage Calculator

Full PITI monthly payment, PMI, total interest, payoff date and amortization schedule.

Home price

Down payment

Unit

Term (years)

Rate (%)

Property tax (%/yr)

Insurance (/yr)

PMI (%)

HOA (/mo)

Monthly payment (PITI)

$২৩,৫৭৪.৫৬

Principal & interest

$২০,০৭৪.৫৬

Total interest

$২৪,১৭,৮৯৪.৮০

Payoff

July 2046

📐 About This Calculator

A mortgage payment combines principal & interest (P&I) with property tax, insurance, PMI and HOA — together called PITI. PMI applies when the down payment is under 20%.

P&I = L × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1] L = loan amount = price − down payment r = monthly rate, n = months TOTAL MONTHLY = P&I + tax/12 + insurance/12 + PMI/12 + HOA

Variable Definitions:

• L = Loan amount (price − down payment)
• r = Monthly interest rate
• n = Number of monthly payments

✅ Best used for:

• Home-purchase budgeting
• Comparing down-payment scenarios
• Understanding PITI

⚠️ Limitations:

• Assumes a fixed rate for the whole term
• Excludes closing costs and rate changes

📖 How a Mortgage Payment is Calculated

What is PITI?

Principal, Interest, Taxes and Insurance — the four parts of a typical monthly housing payment. Lenders assess affordability on the full PITI, not just P&I.

PMI and the 20% rule

If your down payment is below 20% of the home price, lenders usually require Private Mortgage Insurance until you build enough equity.

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