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
MichaelBartmess.PITI Monthly Payment

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


PITI is an acronym for Principal, Interest, Taxes and Insurance. This equation calculates the monthly PITI payment on a mortgage loan, including taxes and insurance escrowed.


  • 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


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