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Your full PITI payment, including PMI.
By Jessica Martinez · Real Estate Finance Editor · Updated June 2026Your full PITI payment, including PMI.
By Jessica Martinez · Real Estate Finance Editor · Updated June 2026Estimate for planning. Not financial advice.
Principal and interest come from a standard amortization formula applied to your loan balance, rate and term. Property tax and homeowners insurance are simply divided by twelve to get their monthly share. PMI, when your down payment sits under 20%, is the loan balance times the annual PMI rate, also divided by twelve. Add all four together and you get the number a lender actually bills you each month, which is almost always higher than the principal and interest figure most rate quotes lead with.
On a $400,000 home with 10% down at 7% over 30 years, principal and interest alone runs about $2,395 a month. Add $400 in monthly tax, $125 in monthly insurance and $150 of PMI at a 0.5% annual rate on the loan balance, and the full payment lands near $3,070. That gap between the $2,395 quote a loan officer might lead with and the $3,070 you actually owe is exactly why PITI matters for budgeting.
New buyers fixate on principal and interest, then get blindsided at closing. Your true payment is PITI, meaning principal, interest, taxes and insurance, plus PMI if you put down less than 20 percent of the price. Taxes and insurance alone can add several hundred dollars a month on top of the loan payment, and PMI piles on further until you reach 20% equity in the property.
Crossing 20% down, or 20% equity later through paydown and appreciation, eliminates PMI entirely, which is why many buyers target that number specifically. This calculator drops PMI automatically once your down payment hits 20%, so you can see exactly what that milestone is worth to your monthly budget before you get there.
Principal, Interest, Taxes and Insurance - the full components of a mortgage payment.
When your down payment (or equity) is below 20% of the home's value.
Lenders usually collect taxes and insurance monthly and pay them on your behalf.
Yes - typically once you reach 20% equity.
No - it's an estimate.
The property tax and insurance figures on this page are placeholders you set by hand. To ground them in a real ZIP code, run the state-by-state property tax estimator first, then bring those numbers back here. If you already own the place and are wondering whether a lower rate is worth the paperwork, the refinance break-even calculator answers that directly.