Question 1

What is PITI?

Accepted Answer

PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. The calculator adds property tax and homeowner insurance to your principal-and-interest payment for a complete estimate.

Question 2

How accurate are the results?

Accepted Answer

The mortgage math uses the standard fixed-rate amortization formula. Results are mathematically exact for the inputs you provide. Actual mortgage offers may differ based on lender fees, PMI rules, and escrow requirements.

Question 3

Should I choose a 15-year or 30-year mortgage?

Accepted Answer

A 15-year mortgage has a higher monthly payment but builds equity faster and typically costs far less in total interest. A 30-year mortgage has lower monthly payments and more cash-flow flexibility but higher total interest. Compare both terms with the term selector above.

Question 4

When does PMI get removed?

Accepted Answer

Private Mortgage Insurance is typically required when your loan-to-value ratio exceeds 80%. This calculator automatically drops PMI from monthly costs once the amortized balance falls below 80% of the original home price.

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