Total Mortgage Payment With Everything Included (PITI + PMI)
Quick answer
Lenders call it PITI: Principal, Interest, Taxes and Insurance. Add mortgage insurance (PMI) if you put less than 20% down, and HOA dues if you have them, and you have your total mortgage payment with everything included.
Calculate my total house paymentPITI explained
Principal & interest: set by your loan amount, rate and term. In our example that's $2,971/month.
Taxes: property tax divided by 12 — $521/month at 1.25% of $500,000.
Insurance: fire / property insurance — $250/month in our example.
Mortgage insurance: 0.55% of the loan per year — $221/month — until you reach about 20% equity.
The total
For a $500,000 home with 3.5% down at 6.25% for 30 years: principal & interest $2,971, property tax $521, fire insurance $250, and mortgage insurance $221 — a total house payment of about $3,963 per month.
Why principal and interest change over time
Your total payment stays the same, but early on most of principal & interest goes to interest. Each year, more goes to principal. The year slider under the payment wheel in the calculator shows this.
Common questions
When does PMI go away?
You can ask the lender to remove PMI once your balance reaches 80% of the original price. Extra payments count toward this. Lenders usually also want a good payment history and sometimes a new appraisal.
Is mortgage interest tax deductible?
Often, under 26 U.S.C. § 163(h)(3), within limits. Talk to a licensed tax professional about your situation.
Examples are estimates for education only, not financial, tax or legal advice. Your lender's numbers may differ.