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# PITI Monthly Payment

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Equation / Last modified by mike on 2015/07/30 06:11
`"PITI"_"monthly" = `

PITI Monthly Payment

Variable | Instructions | Datatype |
---|---|---|

`(r)"% Annual Interest Rate"` | Annual interest rate as percent (i.e, 7.9) | Decimal (%) |

`(N) "Total No. of Months"` | Total number of months for the loan ( Years on the loan x 12) | Decimal |

`(P)"Principal"` | Principal Amount on the Loan | Decimal |

`(T)"Annual Tax"` | Yearly Property Tax Amount | Decimal |

`(I)"Annual Insurance Amount"` | Yearly homeowner's Insurance Amount | Decimal |

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ID

MichaelBartmess.PITI Monthly Payment

UUID

a4af9e4d-581d-11e4-a9fb-bc764e2038f2

The PITI equation calculates the monthly payment on a fixed rate loan including principal, interest, taxes and insurance.

# Description

PITI is an acronym for **P**rincipal, **I**nterest, **T**axes and **I**nsurance. This equation calculates the monthly **PITI** payment on a mortgage loan, including taxes and insurance escrowed.

## INPUTS

- r = Annual Interest Rate %
- P = Principal Amount on the Loan
- N = Total # of Months for the loan ( Years on the loan x 12)
- T = Yearly Property Tax Amount
- i = Yearly Homeowner's Insurance Amount

# Usage

Example: Monthly PITI payment for 30 year fixed-rate loan, with a principal of $250,000, a yearly interest rate of 6.5%, annual taxes of $1400, and annual insurance of $500 is :

- r = 6.5%
- P = 250,000
- N = (30 x 12) = 360
- T = $1400
- i = $500

From the equation, the Monthly Payment will be $1738.50

# See Also

This equation,

**PITI Monthly Payment**, references 1 equation/constant.**Equations and Constants **

This equation,

**PITI Monthly Payment**, is used in 1 equation/constant.**Equations and Constants **