Monthly Mortgage Payment Calculator Walkthrough (PITI + PMI)
Updated October 2026
Full walkthrough transcript and chapters
Chapters and full timestamped text walkthrough
The example excludes HOA dues, utilities, maintenance and closing costs.
- 00:00 — Payment components
Monthly Mortgage Payment Calculator Walkthrough: principal, interest, property taxes, insurance and PMI build your real payment.
- 00:06 — Starting loan
Start with the loan amount: purchase price minus down payment. The example uses a $300,000 home and 10% down, leaving a $270,000 loan.
- 00:12 — Rate and term
Use the note interest rate, not APR. A $270,000 loan at 6.5% over 30 years has approximately $1,706.58 in monthly principal and interest.
- 00:18 — Taxes and insurance
Add illustrative property taxes of $250 per month and homeowners insurance of $100 per month. Replace assumptions with parcel and insurance quotes.
- 00:24 — Mortgage insurance
Add illustrative PMI of $112.50 per month. Actual mortgage insurance depends on loan program, down payment and lender pricing.
- 00:30 — Review and share
$1,706.58 principal and interest plus $250 tax, $100 insurance and $112.50 PMI equals $2,169.08 per month. Use Copy Link to save your scenario or compare written Loan Estimates.
Try the monthly payment calculator
Loan Program Comparison: 2026 Benchmarks
Monthly Mortgage Payment Calculator Walkthrough (PITI + PMI) — Use the note rate for amortization, then add taxes, insurance and mortgage insurance. Stress-test assumptions and share only numeric scenario inputs, never personal identifiers.
Historical 2025 one-unit comparison: conforming $806,500; FHA floor $524,225. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Editorial Methodology & Primary Sources
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
- Consumer Financial Protection Bureau (CFPB) — Loan Estimates, APR and borrower disclosures; Regulation Z.
- U.S. Department of Housing and Urban Development (HUD / FHA) — FHA program guidance.
- U.S. Department of Veterans Affairs (VA) — VA loan eligibility and benefits.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — published rate benchmarks.
- U.S. Census state tax collections — state property tax benchmarks; confirm parcel-specific assessments and exemptions with the state revenue department and local assessor.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.