# PITI Mortgage Payment Calculator

Calculate your monthly mortgage payment accurately, including principal, interest, taxes, and insurance. Input the loan amount, interest rate, property taxes, and insurance costs to get a clear breakdown of your total housing expenses. Stay informed about your mortgage obligations and plan your budget effectively.

## What is PITI?

PITI is an acronym that denotes the four aspects of a mortgage payment:

Principal — The payment on the loan balance

Interest — The cost of borrowing the money

Taxes — The property taxes you will pay and

Insurance — Homeowner and mortgage insurance where applicable.

## What is PMI?

Private mortgage insurance (PMI) is the insurance you will need to pay against the loan to protect the lender in the event that you default on the mortgage. PMI is required if your down payment is less than 20% of the total value of the property; that is, you borrow more than 80% of the property value. It is no longer required when you have paid off more than 20% of the property value.

This mortgage repayment calculator uses the following PMI rates:

*30-Year Fixed Mortgages*

95.01-97% LTV = 0.9%,

90.01-95% LTV = 0.78%,

85.01-90% LTV = 0.52%,

80.01-85% LTV = 0.32%.

*15-Year Fixed Mortgages*

95.01-97% LTV = 0.79%,

90.01-95% LTV = 0.56%,

85.01-90% LTV = 0.23%,

80.01-85% LTV = 0.21%.

If required, you can manually adjust the annual PMI rate. The PMI should be calculated according to your loan-to-value (LTV), credit score, and debt-to-income (DTI) ratio.

You may also be interested in our free Escrow Calculator or Piggyback Loan Calculator