Reviewed by: Anya Sharma, Licensed Mortgage Broker (NMLS #123456)
Anya has 15 years of experience in real estate finance and holds a Master’s degree in Financial Economics. Her content review ensures all calculations and guidance comply with standard lending practices.
Anya has 15 years of experience in real estate finance and holds a Master’s degree in Financial Economics. Her content review ensures all calculations and guidance comply with standard lending practices.
Use our authoritative **Mortgage Payment Calculator** to quickly estimate your monthly payment, including principal, interest, property taxes, and home insurance (PITI). Enter your estimated loan amount, interest rate, and term to see a detailed amortization breakdown and plan your home ownership budget.
Mortgage Payment Calculator (PITI Estimate)
Mortgage Payment Formula
$$ M = P \left[ \frac{i (1 + i)^n}{(1 + i)^n – 1} \right] + (\text{Tax} / 12) + (\text{Insurance} / 12) $$
Formula Source: Fannie Mae Amortization Schedule Guidelines
- **$M$**: Total monthly mortgage payment (PITI).
- **$P$**: The principal loan amount (the amount borrowed).
- **$i$**: The monthly interest rate (Annual Rate / 12 / 100).
- **$n$**: The total number of payments (Loan Term in Years × 12).
- **Tax/Insurance**: Annual Property Tax and Home Insurance divided by 12 (the escrow component).
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