PITI Calculator
PITI Payment
Calculate your full monthly housing payment
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Formula
PITI = P&I + Monthly Tax + Monthly Insurance + PMI, where P&I = L[r(1+r)^n]/[(1+r)^n - 1]
Frequently Asked Questions
What does PITI stand for?
PITI stands for Principal, Interest, Taxes, and Insurance. It represents the four components of a typical monthly mortgage payment. Lenders use PITI to assess your ability to afford a home.
Why is PITI important?
PITI gives you the complete picture of your monthly housing cost, not just the loan payment. Lenders typically require that your PITI payment be no more than 28% of your gross monthly income.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's value. It protects the lender if you default. PMI can be removed once you reach 20% equity.
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