Calculating your total monthly payment (piti) is straightforward once you know the PITI Mortgage Payment formula and what each input means. This guide explains the method in plain language, walks through a manual calculation, and gives worked examples you can follow — then you can do it instantly with the PITI Mortgage Payment Calculator.
What is PITI Mortgage Payment?
The PITI Mortgage Payment calculation tells you your total monthly payment (piti) from a few simple inputs. The figure you are solving for here is the total monthly payment (piti), expressed in INR.
The PITI Mortgage Payment formula
The core formula is:
Total monthly payment (PITI) = Loan amount × (Annual interest rate ÷ 1200) × (1 + Annual interest rate ÷ 1200)^(Loan term × 12) ÷ ((1 + Annual interest rate ÷ 1200)^(Loan term × 12) - 1) + Annual property tax ÷ 12 + Annual home insurance ÷ 12 + Monthly HOA ÷ society feeHere is what each input means:
- Loan amount — a money amount. Example: ₹3,00,000.
- Annual interest rate — a percentage, such as an annual rate. Example: 6%.
- Loan term — a value measured in years. Example: 30 years.
- Annual property tax — a money amount. Example: ₹3,600.
- Annual home insurance — a money amount. Example: ₹1,200.
- Monthly HOA / society fee — a money amount. Example: ₹0.
How to calculate it step by step
- Write down the loan amount (for example, ₹3,00,000).
- Write down the annual interest rate (for example, 6%).
- Write down the loan term (for example, 30 years).
- Write down the annual property tax (for example, ₹3,600).
- Write down the annual home insurance (for example, ₹1,200).
- Write down the monthly hoa / society fee (for example, ₹0).
- Apply the formula above to get your total monthly payment (piti).
- Double-check the result with the PITI Mortgage Payment Calculator.
Worked examples
Example 1
| Input / Output | Value |
|---|---|
| Loan amount | ₹3,00,000 |
| Annual interest rate | 6% |
| Loan term | 30 years |
| Annual property tax | ₹3,600 |
| Annual home insurance | ₹1,200 |
| Monthly HOA / society fee | ₹0 |
| Total monthly payment (PITI) | ₹2,198.65 |
| Principal & interest only | ₹1,798.65 |
With loan amount of ₹3,00,000, annual interest rate of 6%, loan term of 30 years and annual property tax of ₹3,600, the total monthly payment (piti) works out to ₹2,198.65.
Example 2
With loan amount of ₹6,00,000, annual interest rate of 6%, loan term of 30 years and annual property tax of ₹3,600, the total monthly payment (piti) works out to ₹3,997.30.
| Result | Value |
|---|---|
| Total monthly payment (PITI) | ₹3,997.30 |
| Principal & interest only | ₹3,597.30 |
Example 3
With loan amount of ₹1,50,000, annual interest rate of 6%, loan term of 30 years and annual property tax of ₹3,600, the total monthly payment (piti) works out to ₹1,299.33.
| Result | Value |
|---|---|
| Total monthly payment (PITI) | ₹1,299.33 |
| Principal & interest only | ₹899.33 |
Tips for an accurate result
- Keep your units consistent — mixing, say, months with years or grams with kilograms is the most common source of error.
- Round only at the very end. Rounding inputs early can shift the final answer noticeably.
- Re-run the numbers whenever an input changes, rather than estimating from an old result.
- Annual rates must be converted to the period you are calculating for (for example, divide an annual rate by 12 for a monthly figure).
Prefer not to do the maths by hand? — the PITI Mortgage Payment Calculator does it instantly, for free, with the formula and a worked example built in.
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