True Monthly Payment Calculator (PITI)
Your numbers
Two fields. Rate, taxes, insurance, and PMI are pre-filled from current national data — all editable.
Under 20% adds PMI to the payment automatically
How we calculate this
Most mortgage calculators show principal and interest and stop — the number that gets you into trouble. Your real monthly payment adds property taxes, homeowners insurance, HOA dues, and (under 20% down) PMI. Lenders call the bundle PITI, and it's what your escrow payment will actually be.
Principal & interest uses the standard amortization formula at the current 30-year national average rate (Freddie Mac's weekly survey). Property taxes apply the national average effective rate to the home's value — not the loan amount, a shortcut many tools take that understates taxes by exactly your down-payment percentage. PMI applies automatically when your down payment is under 20%, at the midpoint of Freddie Mac's published range, and every line in the breakdown sums exactly to the total.
What we don't model: local tax levies (the national 0.90% average spans ~0.3% in Hawaii to over 2% in New Jersey — get your county's real rate), rate buydowns, and escrow cushions your servicer may add. The assumptions panel flags all of it.
Real scenarios
The classic 20% down: $400k home, $2,535/mo
With $80,000 down on a $400,000 home at 6.52%, principal and interest is $2,027 — but taxes add $300 and insurance $208, landing at $2,535. That's $508/mo of "hidden" cost a P&I-only calculator never shows you: about 20% more than the number you were budgeting around.
10% down on a $350k home: PMI shows up
A $35,000 down payment leaves a $315,000 loan and triggers PMI at $158/mo, for a $2,624 total. Note the comparison: the cheaper house with the smaller down payment costs almost $90/mo more than the pricier house above. Down payment percentage moves the payment more than sticker price near these ranges.
PMI is temporary — if you make it so
That $158/mo is $1,896 a year. You can request PMI removal once you reach 20% equity through payments or appreciation, and servicers must drop it automatically at 22%. Set a reminder — nobody at the bank is rushing to cancel it for you.