# How to calculate a mortgage payment for a house?

Answer:To calculate a mortgage payment for a fixed rate loan you will need to know the home loan amount and term, the interest rate, the yearly taxes, any PMI and homeowner's insurance in the least. Input these figures into a mortgage payment calculator. The web provides free useful tools for a good estimation of house payments.

Mortgage loans payment calculation can vary depending on the type of your mortgage. Adjustable rate mortgages (ARMs) have more features than the standard 30-year fixed rate mortgage (FRM) and there will be various ARM calculators. You'll have t use one matching your particular loan type.

## Calculating Monthly Home Loan PITI Payment with Minimal Use of Calculators

The PITI is the complete monthly mortgage payment you are required to pay on a mortgage. PITI stands for Principal, Interest, Taxes and Insurance. To calculate principal and interest you only need the home loan term, amount and rate.

Assume a fixed rate loan of $250,000 at 6% for 30 years. Your PI payments are $1498.88 monthly using a very simple mortgage calculator for fixed rate mortgages. To arrive at complete calculation of mortgage payments, consider the following:

- Depending on your down payment you may or may not be required to pay for private mortgage insurance.
- Property taxes will differ by area; homeowner's insurance amount depends on the coverage. When you know the yearly amounts of property taxes and homeowner's insurance, divide them by 12 and add them to the PI payment. Those can be escrowed, or you could pay them with the mortgage payment.

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