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Mortgage Loan Calculator (PITI)
Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. This calculator also allows you to enter your estimated insurance and property taxes. Press the "View Report" button for a full yearly or monthly amortization schedule.
Definitions
- Mortgage amount
- Original or expected balance for your
mortgage.
Interest rate
- Annual interest rate for this mortgage.
Term in years
- The number of years over which you will
repay this loan. The most common mortgage
terms are 15 years and 30 years.
Monthly payment (PI)
- Monthly principal and interest payment
(PI).
Monthly payment (PITI)
- Monthly payment including principal,
interest, home owners insurance and property
taxes.
Annual property taxes
- The annual amount you expect to pay
in property taxes. This amount is divided
by 12 to determine the monthly property
tax included in PITI.
Annual home insurance
- The annual amount you expect to pay
in home owners insurance. This amount
is divided by 12 to determine the monthly
home owners insurance included in PITI.
Total payments
- Total of all monthly payments over the
full term of the mortgage. This total
payment amount assumes that there are
no prepayments of principal.
Total interest
- Total of all interest paid over the
full term of the mortgage. This total
interest amount assumes that there are
no prepayments of principal.
Prepayment type
- The frequency of prepayment. The options
are: none, monthly, yearly, and one-time
payment.
Prepayment amount
- Amount that will be prepaid on your
mortgage. This amount will be applied
to the mortgage principal balance, based
on the prepayment type.
Start with payment
- This is the payment number that your
prepayments will begin with. For a one
time payment, this is the payment number
that the single prepayment will be included
in. All prepayments of principal are assumed
to be received by your lender in time
to be included in the following month's
interest calculation. If you choose to
prepay with a one-time payment for payment
number ZERO, the prepayment is assumed
to happen before the first payment of
the loan.
Savings
- Total amount of interest you will save
by prepaying your mortgage.
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