Calculate your complete monthly mortgage payment including principal, interest, taxes, insurance (PITI) and HOA fees. Free PITI calculator with all 50 states tax rates and affordability analysis.
20.0% down
≈ $250/month
≈ $117/month
Used to calculate debt-to-income ratio (housing should be ≤28% of income)
PITI stands for Principal, Interest, Taxes, and Insurance — the four main components of your monthly mortgage payment. This is your true housing cost, not just the loan payment.
Lenders typically want your total housing payment (PITI + HOA) to be no more than 28% of your gross monthly income. This ensures you can comfortably afford your mortgage.
Private Mortgage Insurance (PMI) is required when you put down less than 20%. It typically costs 0.3-1.5% of the loan amount annually and can be removed once you reach 20% equity.
Property tax rates vary dramatically by state and locality. New Jersey averages 2.49% while Hawaii averages just 0.28%. Always check local rates for accuracy.
| Situation | Assessment |
|---|---|
| Debt-to-income ratio under 28% | ✓ Excellent affordability |
| Debt-to-income ratio 28-36% | ✓ Acceptable but tight |
| Debt-to-income ratio over 36% | ✗ May struggle to qualify |
| Down payment 20% or more | ✓ No PMI required |
| Down payment 10-19% | ✓ PMI required but manageable |
| Down payment under 10% | ✗ Higher PMI costs |
When budgeting for a home purchase, it's crucial to understand that your monthly mortgage payment includes more than just principal and interest. PITI — Principal, Interest, Taxes, and Insurance — represents your complete housing payment, and our mortgage payment calculator helps you plan for all these costs.
Many first-time homebuyers are surprised to learn that property taxes and insurance can add hundreds of dollars to their monthly payment. Property taxes alone can range from less than $100 per month in low-tax states to over $1,000 per month in high-tax areas like New Jersey or New York.
Lenders use the 28/36 rule to determine how much house you can afford. Your total housing payment (PITI plus HOA fees) should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%. This ensures you have enough income left for other expenses and savings.
Property tax rates vary dramatically across the United States. States like New Jersey (2.49%), Illinois (2.27%), and New Hampshire (2.18%) have the highest rates, while Hawaii (0.28%), Alabama (0.41%), and Louisiana (0.55%) have the lowest. Our calculator includes current rates for all 50 states to give you accurate estimates.
Private Mortgage Insurance (PMI) is required on conventional loans when you put down less than 20%. PMI typically costs 0.3-1.5% of the loan amount annually. You can request PMI removal once you reach 20% equity, or it's automatically removed at 22% equity. Some loan programs like VA loans don't require PMI, while FHA loans have mortgage insurance premiums with different rules.
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A $400,000 home in Texas with 20% down, 6.5% rate, 30-year term:
For a household earning $10,000/month, this represents 27.4% of income — within the recommended 28% limit.