Find the monthly PITI mortgage payment of a fixed rate mortgage with this PITI Mortgage Calculator.
What is PITI?
PITI is an acronym for Principal, Interest, Taxes and Insurance.
To calculate the monthly PITI payment on a mortgage loan, taxes,
and insurance, use the equation:
c = Monthly PITI Payment
r = Monthly Interest Rate (in Decimal Form) =
(Yearly Interest Rate/100) / 12
P = Principal Amount on the Loan
N = Total # of Months for the loan ( Years on the loan x 12)
T = Yearly Property Tax Amount
i = Yearly Homeowner's Insurance Amount
Example: Monthly PITI payment for 30 year fixed-rate loan, with a
principal of $250,000, a yearly interest rate of 6.5%, annual taxes of
$1400, and annual insurance of $500 is :
r = (6.5 / 100) / 12 = .005416667
P = 250,000
N = (30 x 12) = 360
T = $1400
i = $500
The Monthly Payment is $1738.50
More Resources...PITI Payment Video
PITI Payment Tutorial
PITI Wikipedia Article