David is a Chartered Financial Analyst and a licensed mortgage loan originator with 15 years of experience helping homebuyers navigate the complexities of mortgage payments, including PITI.
Understand your complete housing payment. This PITI calculator helps you find the missing component of your monthly mortgage. Enter any three variables to solve for the fourth.
Mortgage PITI Calculator
PITI Formula
PITI = P&I + Taxes + Insurance
Solve for Principal & Interest (P&I):
P&I = PITI – Taxes – Insurance
Solve for Taxes:
Taxes = PITI – P&I – Insurance
Solve for Insurance:
Insurance = PITI – P&I – Taxes
Formula Variables
- (PITI) Total Monthly Payment: Your complete monthly housing payment required by the lender, held in escrow.
- (P&I) Principal & Interest: The portion of your payment that goes directly to paying off the loan balance and the interest charged.
- (T) Taxes: The monthly portion of your annual property tax bill.
- (I) Insurance: The monthly portion of your annual homeowners’ insurance premium (and PMI, if applicable).
Related Calculators
- Mortgage Payment Calculator (P&I)
- Home Affordability Calculator
- Loan Interest Calculator
- Mortgage Principal Calculator
What is PITI?
PITI is an acronym for Principal, Interest, Taxes, and Insurance. It represents the four components that make up a total monthly mortgage payment. Lenders use PITI to determine your home affordability and to manage your loan payments, often collecting the “T” and “I” portions into an escrow account to pay them on your behalf.
Understanding your PITI is crucial for budgeting. While your Principal and Interest (P&I) payment is fixed (on a fixed-rate loan), your Taxes and Insurance can change annually. This means your total PITI payment can increase or decrease over the life of your loan. This calculator helps you see how each component contributes to the total cost.
How to Calculate PITI (Example)
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Find your P&I:
First, use a mortgage calculator to find your principal and interest payment. Let’s say your P&I is $1,500.
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Find your Monthly Taxes:
Look up your annual property tax bill (e.g., $3,600) and divide by 12. ($3,600 / 12 = $300).
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Find your Monthly Insurance:
Get your annual homeowners’ insurance premium (e.g., $1,200) and divide by 12. ($1,200 / 12 = $100).
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Add Them Together:
Sum all three components: $1,500 (P&I) + $300 (Taxes) + $100 (Insurance) = $1,900. Your total monthly PITI payment is $1,900.
Frequently Asked Questions (FAQ)
Why does my PITI payment change?
Your P&I is fixed, but your property taxes are reassessed by the county, and your insurance premiums can be adjusted by your provider. If either of these goes up, your lender will adjust your monthly escrow payment, changing your total PITI.
What is an escrow account?
An escrow account is a special account managed by your lender where they collect the “T” (Taxes) and “I” (Insurance) portions of your monthly payment. They then pay your tax and insurance bills for you when they are due, ensuring they are always paid on time.
Does PITI include HOA fees?
No. PITI traditionally only includes Principal, Interest, Taxes, and Insurance. If you have Homeowners’ Association (HOA) fees, you must pay those separately, and they should be added to your PITI to determine your true total housing cost.
What is PMI and is it included in PITI?
Private Mortgage Insurance (PMI) is often required if you put down less than 20% on a conventional loan. If you have PMI, the monthly premium is typically included in the “I” (Insurance) part of your PITI payment, held in your escrow account.