Workbench
The PITI workbench
In short
Enter the figures from your own quote and bills. The workbench calculates principal and interest with the standard amortization formula, converts yearly taxes and insurance to monthly, adds mortgage insurance and dues, and shows the escrowed payment separately from the total. Every field starts empty.
Last reviewed against the primary sources listed below.
PITI Workbench · https://calculatemonthlypayment.com/piti-workbench.html · General education only; nothing you entered was stored.
How to read your result
The result lists each part of the monthly housing cost you entered and the total. Parts you left blank are not counted, so check that every line you expect is there.
- Principal and interest come from the loan terms you entered.
- Tax, insurance and dues are your own monthly figures.
- Mortgage insurance appears only if you entered it.
What to do next
Compare your total with page one of a Loan Estimate, which shows estimated taxes, insurance and assessments for the loan you were quoted.
Two totals
The payment to the servicer is principal and interest plus escrowed taxes, insurance and mortgage insurance. The full monthly cost adds HOA dues paid separately.
What it leaves out
- Utilities and maintenance.
- Changes after an escrow analysis.
- Anything not on your own quotes.
Line-item questions
How do I calculate a mortgage payment with taxes and insurance?
Calculate principal and interest from the loan amount, rate and term, then add one twelfth of the yearly property tax and insurance, plus any mortgage insurance. The workbench does this from your inputs.
Is this a mortgage calculator with PMI and HOA?
Yes. Enter monthly mortgage insurance and HOA dues and they are added as separate lines.