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Free Mortgage Calculator with PMI and Taxes

Calculate your full PITI payment — principal, interest, taxes, and insurance — for any loan type. No signup, no ads tracking.

20.0% down
Annual property tax rate — varies by county, typically 0.5%–2.5%
Annual homeowners insurance premium — typically $800–$2,000/yr
Private Mortgage Insurance — lender protection when LTV > 80%
Homeowners Association fee — enter 0 if your community has none

Conventional: PMI required when down payment is below 20% of the home price. PMI cancels automatically once LTV reaches 80%.

Monthly PITI breakdown
P&I $2,129/mo · 81%
Taxes $400/mo · 15%
Insurance $100/mo · 4%
Monthly PITI
$2,629
Total interest
$446,428
Payoff date
May 2056
Total paid
$946,428
Biweekly payments
Pay half your monthly payment every 2 weeks (26 payments/yr)
Extra monthly payment
Applied directly to principal each month
$0
$0$500$1,000
To qualify for this payment, you typically need ~$9,389/month gross income ($112,670/year) — based on the 28% front-end rule.
Outstanding balance
Principal vs Interest per payment
Principal
Interest
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What is a PITI mortgage payment?

PITI represents the four parts of a complete monthly mortgage payment: Principal (the portion that reduces your loan balance), Interest (the cost of borrowing), Taxes (property taxes escrowed monthly), and Insurance (homeowners insurance plus PMI if required).

Lenders use your total PITI payment to determine whether you qualify. The standard guideline is that your PITI should not exceed 28% of your gross monthly income — the front-end debt-to-income ratio.

How to use this mortgage calculator

Enter your home price, down payment (in dollars or click % to switch), interest rate, and loan term. Select your loan type — Conventional, FHA, VA, or USDA — and the calculator applies the correct insurance rules automatically.

Results update instantly. Use the biweekly toggle to see interest savings from accelerated payments, or drag the extra payment slider to find how much time and money you save by adding principal each month.

How much mortgage can I afford? (28% rule)

The 28% front-end rule says your total PITI payment should not exceed 28% of your gross monthly income. If you earn $7,000/month gross, your maximum PITI is $1,960/month. Lenders also look at your back-end DTI (all debt payments / income), which should generally stay below 43%.

This calculator shows your required income automatically in the results panel. Keep in mind that qualifying income and comfortable income are different — many financial planners suggest keeping housing costs below 25% to leave room for savings and emergencies.

Understanding PMI: when you need it and when it drops off

PMI (Private Mortgage Insurance) is required on conventional loans when your down payment is less than 20% — meaning your LTV exceeds 80%. PMI protects the lender and typically costs 0.5%–1.5% of the loan amount annually, added to your monthly payment.

The good news: on conventional loans, PMI cancels automatically when your loan balance reaches 80% of the original home value through normal amortization. This calculator highlights the exact month PMI drops and how much you save. With FHA loans, MIP is permanent on most loans — another reason to consider refinancing once you hit 20% equity.

Biweekly vs monthly payments: how much can you save?

Biweekly mortgage payments mean you pay half your monthly payment every two weeks. Because there are 52 weeks in a year, you end up making 26 half-payments — the equivalent of 13 full monthly payments instead of 12. That one extra payment per year goes entirely to principal, reducing your balance faster and compounding interest savings over the life of the loan. Toggle the biweekly switch above to see your exact savings.

Frequently asked questions

Everything you need to know about mortgage calculations.

Mortgage terms explained

PITI
Principal, Interest, Taxes, Insurance — the four components of a complete monthly mortgage payment.
LTV (Loan-to-Value)
Your loan balance divided by the home's value. LTV of 80% means you owe 80% and own 20% equity. Lenders use LTV to price risk.
PMI
Private Mortgage Insurance — required on conventional loans when LTV exceeds 80%. Protects the lender, not the borrower.
MIP
Mortgage Insurance Premium — the FHA equivalent of PMI. Includes a 1.75% upfront fee plus an annual premium (~0.55%).
DTI
Debt-to-Income ratio — total monthly debt payments divided by gross monthly income. Lenders use DTI to qualify borrowers (front-end and back-end).
Amortization
The schedule of fixed payments that gradually pay off both principal and interest. Early payments are mostly interest; later payments are mostly principal.
Escrow
An account managed by the lender to collect and pay property taxes and homeowners insurance on your behalf.
HOA
Homeowners Association fee — monthly or annual payment for shared building or neighborhood amenities and maintenance.

The mortgage payment formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M
Monthly principal & interest payment
P
Loan amount (home price minus down payment, plus any upfront fees)
r
Monthly interest rate (annual rate ÷ 12)
n
Total number of monthly payments (loan term in years × 12)
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Results are illustrative only and do not constitute financial advice. Actual mortgage terms, rates, and insurance costs vary by lender, location, and borrower profile. Always consult a qualified mortgage professional.

What PITI means and why it matters

PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a complete monthly mortgage payment. Most calculators show only principal and interest. Numrica includes all four because lenders qualify borrowers on the full PITI payment, not just the loan portion. A $400,000 home at 7% for 30 years has a principal and interest payment of $2,661 — but with property taxes, homeowners insurance, and PMI, the real monthly cost is often $3,200–$3,600.

The standard lender qualification rule is the 28% front-end ratio: your total monthly PITI should not exceed 28% of gross monthly income. If your PITI is $3,000, lenders expect at least $10,700/month ($128,000/year) in gross income. This calculator shows the income you need to qualify alongside the payment breakdown.

PMI: what it is and when it cancels

Private Mortgage Insurance (PMI) is required on conventional loans when the down payment is below 20% — meaning the loan-to-value (LTV) ratio exceeds 80%. PMI protects the lender, not the borrower, and typically costs 0.5%–1.5% of the loan balance annually, added to your monthly payment. On a $350,000 loan, that is $1,750–$5,250 per year.

PMI cancels automatically once your loan balance reaches 80% of the original appraised home value — either through regular amortization or extra principal payments. This calculator shows the exact month when PMI cancels, which is one of the most useful outputs for planning extra payments. An extra $200/month on a typical 30-year mortgage can eliminate PMI 3–5 years earlier.

Biweekly payments: how they work

Switching from monthly to biweekly payments results in 26 half-payments per year — equivalent to 13 full monthly payments instead of 12. That extra annual payment goes entirely to principal reduction. On a $400,000 30-year loan at 7%, biweekly payments eliminate about 4.5 years of payments and save over $50,000 in interest. The calculator shows this comparison side by side so you can see the exact savings for your loan parameters.