PITI Calculator With PMI and HOA
Your full monthly housing cost stacks six layers: principal, interest, property taxes, homeowner's insurance, private mortgage insurance if your down payment is below 20 percent, and HOA dues if applicable. Lenders evaluate all six when qualifying you. Enter each figure in the calculator above to see the true total rather than the misleading principal-and-interest number alone.
Your loan and value
—
month 0, when the balance reaches 80% of the original price
- Starting loan-to-value
- 0%
- Monthly principal & interest
- $0.00
- Servicer must cancel (78%)
- —
- Midpoint backstop
- —
- Extra payments pull it forward
- —
Cancellation at 80% is a request you must make in writing and the servicer can require proof of value and a clean payment record. Termination at 78% is automatic. Both are set by the Homeowners Protection Act, cited below.
Understanding Each Payment Layer
Principal and interest are set by the loan amount, rate, and term through the standard amortization formula. Taxes and insurance are collected monthly through escrow and paid on your behalf. PMI protects the lender — not you — against default when equity is thin, and HOA dues fund shared amenities and maintenance in planned communities.
On a $350,000 home with 10 percent down, the loan is $315,000. At an illustrative rate entered into the calculator, the principal-and-interest portion might be approximately $2,000 per month. Add $290 for taxes, $100 for insurance, $130 for PMI, and $175 for HOA, and the real outlay reaches approximately $2,695. That is 35 percent above the base payment — a gap large enough to break a budget built on the wrong number.
HOA dues are especially easy to undercount because they do not appear on the loan estimate in the same section as PITI. The calculator stacks them visibly so nothing hides.
When PMI Drops Off Your Payment
Under the Homeowners Protection Act, you can request PMI cancellation once your loan balance reaches 80 percent of the original purchase price. The servicer must cancel it automatically when the balance hits 78 percent, provided payments are current. Both thresholds are measured against the original value, not the current appraised value, for the automatic route.
If the home has appreciated significantly, you may request early cancellation based on a new appraisal showing the loan-to-value ratio is at or below 80 percent. Lender policies on appraisal-based removal vary, so confirm the process before ordering one.
Removing PMI on the example above saves approximately $130 per month — $1,560 per year — redirected to principal or discretionary spending. Use the PMI removal calculator with home appreciation to estimate exactly when your property value crosses that threshold, so you can plan the request rather than wait for the automatic date.
PMI rates and HOA dues vary widely. The calculator uses the figures you enter rather than assumed averages.