Loan details
Ownership costs
Monthly payment · PITI
$3,259
Loan of $405,000 · down payment $45,000 · lifetime interest $505,079
Principal & interest
$2,528
Property taxes
$413
1.10% of home value / yr
Homeowners insurance
$150
$1,800 / yr
PMI (mortgage insurance)
$169
Drops at 78% LTV
Show the mathExpand →
Monthly P&I uses the standard amortization formula:
M = L · r(1 + r)n / ((1 + r)n − 1)
L = loan amount · r = monthly rate (annual ÷ 12) · n = total months (years × 12).
Taxes = price × property-tax-rate ÷ 12. Insurance = annual ÷ 12. PMI applies when down payment is under 20%, estimated at 0.5%/yr of the loan.
Real quotes include title, escrow, and origination fees we don't model here — shop 3 lenders and compare the Loan Estimate line-by-line.
How this calculator runs the math
Full PITI, not just P&I
Most calculators stop at principal & interest. We add property taxes, homeowners insurance, PMI (when applicable), and HOA so the monthly number reflects real life.
PMI fires below 20% down
Standard conforming loans. PMI is estimated at 0.5% of the loan / year and drops automatically at 78% LTV under federal law.
Doesn't include closing costs
Title, escrow, origination, and appraisal are one-time — they belong in the refinance break-even calculator, not the monthly payment.