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Housing

Mortgage Payment (PITI) Calculator

Estimate your full monthly mortgage payment: principal, interest, property tax, insurance, PMI and HOA.

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Many physician/professional loans skip PMI; enter 0 for those.

Your results will appear here.
Adjust the numbers, then press Calculate.

Assumptions
  • Fixed-rate loan. Property tax and insurance vary a lot by location; check local rates. PMI is charged only below 20% down, as a yearly % of the loan.

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The price of a home is only part of what you'll pay each month. Property taxes, insurance, mortgage insurance and HOA dues can add a third or more to the principal and interest. This calculator estimates your full monthly payment so you can budget for the real number.

What this calculator does

Enter the home price, down payment, interest rate, loan term, property tax rate, yearly home insurance, monthly HOA dues and the PMI rate if you'll put down less than 20%. It shows:

  • your total monthly payment,
  • the principal and interest,
  • the monthly property tax, insurance and PMI, and
  • the interest you'd pay over the life of the loan.

The chart breaks down your monthly payment.

The formula in plain English

Loan amount = home price × (1 − down payment %).

Principal and interest = the standard mortgage payment for that loan, rate and term.

Property tax = home price × tax rate ÷ 12.

Insurance = yearly premium ÷ 12.

PMI = loan amount × PMI rate ÷ 12, only if your down payment is below 20%.

Total payment = principal and interest + tax + insurance + PMI + HOA.

Lifetime interest = principal and interest × number of payments − loan amount.

A worked example

Dr. Thomas is buying a $550,000 home with 10% down at 6.4% for 30 years. Property tax is about 1%, insurance is $2,400 a year, there's no HOA, and PMI is 0.6%.

  • Loan: $495,000.
  • Principal and interest: about $3,096.
  • Property tax: about $458.
  • Insurance: $200.
  • PMI: about $248.
  • Total: about $4,002 a month.
  • Lifetime interest: about $620,000.

With a physician loan and no PMI, the payment would drop to about $3,754. With 20% down, the loan would be $440,000 and the payment about $3,410.

Why it matters at each career stage

If you're: Resident / fellow

Buying during residency can make sense if you'll stay at least five years, but it ties up cash and limits flexibility. Run the full payment here and compare it with rent.

If you're: Employed

Many new attendings buy soon after training. Make sure the total payment leaves room for retirement savings, student loans and an emergency fund. A common guide is to keep housing under about 28% of gross income.

If you're: Practice owner

Business income can make mortgage approval more complex. Lenders often average two years of tax returns. Plan ahead if you're starting or buying a practice around the same time as a home.

Lowering your payment

Shop for rates. A rate 0.25% lower saves real money over 30 years.

Avoid PMI. A 20% down payment or a professional loan removes it.

Appeal property taxes. If your assessment seems high, many counties have an appeal process.

Shop insurance. Compare home insurance quotes every year or two.

Consider a less expensive home. The simplest way to lower every part of the payment.

Paying the loan off faster

Extra principal payments shorten the loan and cut interest, and they help you reach 20% equity sooner so PMI can come off. Even one extra payment a year, or rounding up each month, can take years off a 30-year mortgage. Check that your loan has no prepayment penalty, and ask your servicer to apply extra payments to principal.

Costs beyond the payment

Homeownership also includes maintenance and repairs (often about 1% of the home's value a year), utilities, furnishing and closing costs when you buy. Budget for these before you decide how much house to buy.

Next, see how much house you can afford, compare a physician mortgage, decide whether to rent or buy, and read our guide to buying a home in healthcare.

FAQ

Frequently asked questions

What does PITI stand for?

Principal, interest, taxes and insurance — the four main parts of a monthly mortgage payment. PMI and HOA dues are often added too.

When is PMI required?

Conventional loans usually require private mortgage insurance when you put down less than 20%. Many physician or professional loans skip PMI even with a small down payment.

How can I get rid of PMI?

On conventional loans, you can usually ask to remove PMI once you reach 20% equity, and it ends automatically at 22% based on the original value. Paying extra principal or a rise in home value can get you there sooner.

Why do property taxes vary so much?

Property tax rates are set locally and range from well under 1% to more than 2% of home value a year. Check your county's actual rate.

Should I choose a 15-year or 30-year loan?

A 15-year loan has a higher payment but a lower rate and much less interest. A 30-year loan gives more flexibility. Compare both payments here.

Keep going

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