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PITI Monthly Payment

Last modified by
on
Sep 29, 2022, 12:51:24 AM
Created by
on
Oct 20, 2014, 5:55:11 AM
PITI=(r12)⋅P1-(1+(r12))-N+PT12+INS12
(P)Loan Principal
(r)Annual Interest Rate
(N)Loan Duration (years)
(PT)Annual Property Tax
(INS)Annual Insurance Amount
Tags
Mortgages and Loans Finance: Mortgage Real Estate
UUID
a4af9e4d-581d-11e4-a9fb-bc764e2038f2

The PITI Calculator computes the monthly Principal, Interest, Taxes and Insurance (PITI) payment on a fixed rate loan including principal, interest, taxes and insurance.

INSTRUCTIONS:  Choose units and enter the following:

  • (P) Principal Loan Amount
  • (N) Number of Years 
  • (r) Annual Interest Rate %
  • (PT) Yearly Property Tax Amount
  • (INS) Annual Homeowner's Insurance Amount

PITI Payment (PITI):  The calculator returns the payment in U.S. dollars.  However this can be automatically converted to compatible units via the pull down menu.

The Math / Science

PITI is an acronym for Principal, Interest, Taxes and Insurance. This equation calculates the monthly PITI payment on a mortgage loan, and includes the commonly escrowed amounts for real estate taxes and insurance.

Usage

Example: Monthly PITI payment for 30 year fixed-rate loan, with a principal of $250,000, a yearly interest rate of 6.5%, annual taxes of $1400, and annual insurance of $500 is :

  • r = 6.5%
  • P = 250,000
  • N = (30 x 12) = 360
  • T = $1400
  • i = $500

From the equation, the Monthly Payment will be $1738.50

See Also
This equation, PITI Monthly Payment, references 1 page
This equation, PITI Monthly Payment, is used in 1 page
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