PITI Mortgage Calculator for homebuyers is an invaluable tool that is a must in a homebuyer’s toolkit. It stands for principal, interest, tax (property) & insurance (homeowners). It can be used for calculating payments for both convention and Federal Housing Administration loans.

Homebuyers looking to use this tool will need to know the interest rate, term and loan amount. They will also need to find out the annual or monthly payments for property tax and homeowners insurance. Once these figures are fed in, the tool is able to generate an amortization schedule.

Without this tool, getting the schedule would be a difficult matter where math Factors are involved. These factors are the loan payments required for every $1000 of the proposal value. It will depend on the interest rate & the term of the proposal.

Here’s an illustration that shows how it works when the homebuyer is not using a mortgage calculator with PITI. Let’s say the homebuyer wants a $250k loan and is willing to pay a 5% interest rate on it, for a term of either 15 or 30 years. In order to find the amortization schedule for each term, the homebuyer needs to start by opening up a factor chart to find that the factor for a 15 year loan at a 5% interest rate is 7.91 and for a 30 year loan it is 5.37.
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The homebuyer then has to multiply this factor by 250 (since it is a $250,000 proposal), which provides a per $1000 loan amount payment of either $1977.50 or $1342.50 (for a term of 15 or 30 years, respectively). For those who have no inclination for these calculations, the best solution is to simply use the home loan calculator with taxes and insurance figures as input, plus of course the amount, interest and term.

Another notable aspect is that the tool can be used for FHA loans as well, so a homebuyer would be well advised to consider doing an FHA vs conventional loan comparison before making a decision. An FHA loan is insured by the Federal Housing Administration which means a lender doesn’t have to carry a risk and is able to offer a sweeter deal. Homebuyers whose credit isn’t good enough for lenders can get their proposal approved by going through the FHA.

Want to find the best online mortgage payment calculator, then visit HomeFellas and see for yourself what a great mortgage calculator piti can do!