Mortgage Calculator
Calculate PITI monthly payments with amortization schedules, and estimate how much home you can afford based on income and debt ratios.
PITI Mortgage Calculator
Full monthly housing payment: Principal, Interest, Taxes, and Insurance (PITI) on a fixed-rate home loan.
Home Affordability Calculator
Estimate the maximum loan amount based on gross monthly income, existing debt, and a front-end housing ratio.
Formulas
EMI = P × r(1+r)n / ((1+r)n − 1)
PITI = EMI + tax/12 + insurance/12
PITI = EMI + tax/12 + insurance/12
How to use this mortgage calculator
- PITI: Enter loan amount, interest rate, term, annual property tax, and home insurance to get your full monthly housing payment.
- Review breakdown: See principal & interest vs total interest paid, plus an amortization schedule and chart.
- Affordability: Enter monthly income, other debt payments, rate, term, and max housing ratio to estimate the largest loan you can support.
Mortgage formulas
EMI (monthly P&I) = P × [r(1+r)n] / [(1+r)n − 1]
PITI = EMI + (property tax / 12) + (insurance / 12)
Max loan = max P&I × [(1+r)n − 1] / [r(1+r)n]
Where P is loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is total months. PITI adds escrowed tax and insurance to principal and interest.
Real-world uses
- Home shopping: Compare monthly PITI across listings before making an offer.
- Refinancing: Model how a lower rate or shorter term changes payments and total interest.
- Budget planning: Use the affordability panel with the 28% front-end ratio common in lending guidelines.
- Amortization review: See how much of each year's payments go to interest vs principal over a 30-year term.
Frequently Asked Questions
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Principal and interest repay the loan; taxes and insurance are often escrowed by the lender.
The EMI (equated monthly installment) formula spreads the loan principal plus interest evenly over n monthly payments at rate r. It is the same formula used for auto loans and personal loans on fixed terms.
The 28% rule suggests spending no more than 28% of gross monthly income on housing (P&I). Lenders also consider total debt (including car loans and credit cards) against income — often capped around 36–43%.