Mortgage Loan Calculator (PITI)

Definitions

Mortgage amount
Original or expected balance for your 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.

Interest rate
Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance and the origination fee and or point(s) which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.

Monthly payment (PI)
Monthly principal and interest payment (PI).

Monthly payment (PITI)
Monthly payment including principal, interest, property taxes, and homeowners insurance.

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 homeowners insurance. This amount is divided by 12 to determine the monthly homeowners 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 with which your prepayments will begin (0-360 for a 30-year term or 0-180 for a 15-year, for example). For a one-time payment, this is the point in the amortization schedule at which your payment will be applied. 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.

Report amortization
Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.