How to compare PITI mortgage payment on different loans?


Often borrowers need to compare monthly PITI mortgage payment for different home loan programs. Basically, once you know the details of the loan you could use any of the PITI mortgage payment online calculators to get an idea.

What information do I need to calculate the PITI mortgage payment?

The mortgage loan details affecting your monthly PITI mortgage payment are basically the following:

  • Sales price of the property;
  • The down payment amount;
  • The mortgage interest rate and amortization schedule and the type of the loan - interest-only, adjustable rate mortgage (ARM) or fixed rate mortgage (FRM);
  • Loan-to-value ratio (LTV) and PMI - if you have 80% LTV or lower, PMI (private mortgage insurance) will not be required and your PITI payment will be lower;
  • Estimate of property taxes in your area;
  • Homeowners insurance.

However, even if you use a mortgage PITI payment web calculator you should not make decisions based solely on the web information and comparisons; rather, you should seek personalized advice from certified professionals regarding any personal real estate and finance issues.

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