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Mortgage Calculator with Taxes, Insurance and PMI

Enter a home price, down payment and rate to see your real monthly payment, not just principal and interest. It adds property tax, homeowners insurance, PMI and HOA dues, the way a lender's estimate does.

By Suman Sharma · Updated

Mortgage calculator · PITILocal
$
%

$80,000 down

% APR
Taxes, insurance, HOA & PMI
% / yr

US average is about 1% of the home's value a year.

$/ yr
$/ mo
% / yr

Only charged with less than 20% down.

$/ mo

Optional. Paid on top of every monthly payment.

Monthly payment
$2,539
$320,000 loan · 30 years
  • Principal & interest$2,023
  • Property tax$367
  • Insurance$150
Down payment
$80,000
20% of price
Total interest
$408,142
Total cost
$914,142
All payments over the loan

How to use this tool

  1. Enter the home price and down payment

    Type the price and your down payment as a percentage. The dollar amount shows underneath.

  2. Set the rate and term

    Enter the interest rate from your lender's quote and choose a 30, 20, 15 or 10-year fixed loan.

  3. Add taxes, insurance, HOA and PMI

    Open the extra costs section to match your area. Add an extra principal payment to see how much sooner you'd be mortgage-free.

Example

A $350,000 home with 10% down, so PMI applies for the first few years.

Input

  • Home price: $350,000
  • Down payment: 10% ($35,000)
  • Rate: 6.75%, 30-year fixed
  • Property tax 1.2% a year, insurance $1,500 a year, PMI 0.5%, no HOA

Result

  • Loan amount: $315,000
  • Principal & interest: $2,043.08 a month
  • Tax $350 + insurance $125 + PMI $131.25
  • Monthly payment: $2,649.33
  • PMI ends after payment 112 (about 9 years 4 months), and the payment drops to $2,518.08
  • Total interest over 30 years: $420,510

With 20% down on the same home the loan is $280,000 and there's no PMI from day one. Try it in the calculator to see the difference.

What goes into a mortgage payment

Lenders call the core of a monthly payment PITI: principal, interest, taxes and insurance. Many buyers also pay PMI and HOA dues. A calculator that only shows principal and interest can be hundreds of dollars a month short.

  • Principal and interest: the loan itself, paid off in equal monthly amounts over the term.
  • Property tax: set by your county, usually quoted as a yearly percentage of the home's assessed value. Across the US it averages roughly 1%, but it ranges from well under 0.5% to over 2% depending on the state.
  • Homeowners insurance: required by lenders. Enter your yearly premium.
  • PMI: private mortgage insurance, charged on conventional loans when you put down less than 20%. It commonly costs about 0.3% to 1.5% of the loan a year.
  • HOA dues: monthly fees for condos and many planned communities.

When does PMI go away?

Under the federal Homeowners Protection Act, PMI on a conventional loan ends automatically once your balance is scheduled to reach 78% of the home's original value, as long as you're current on payments. You can ask your lender to cancel it earlier, at 80%. The calculator shows roughly when that happens and what your payment drops to afterwards.

FHA loans work differently: their mortgage insurance premium often lasts for the life of the loan unless you put down at least 10%.

How much house can I afford?

A common guideline is the 28/36 rule: keep your total housing payment under 28% of your gross monthly income, and all your debt payments together under 36%. On a $100,000 salary that's about $2,333 a month for housing. Lenders may approve more, but leaving room in your budget makes the home easier to keep.

Ways to lower your payment

  • Put 20% down: you skip PMI and borrow less.
  • Compare lenders: even 0.25% off the rate saves thousands over 30 years.
  • Consider a 15-year loan: the payment is higher, but rates are usually lower and you pay far less interest in total.
  • Shop for insurance and check the property tax history before you make an offer.

Monthly payment by loan amount

Principal and interest only, before taxes, insurance and PMI.

  • $200,000: $1,264 at 6.5% for 30 years, or $1,688 at 6% for 15 years
  • $300,000: $1,896 at 6.5% for 30 years, or $2,532 at 6% for 15 years
  • $400,000: $2,528 at 6.5% for 30 years, or $3,375 at 6% for 15 years
  • $500,000: $3,160 at 6.5% for 30 years, or $4,219 at 6% for 15 years

What a 30-year loan really costs

Over 30 years at 6.5%, a $300,000 loan costs about $383,000 in interest, more than the loan itself. In the early years most of each payment is interest: in the first month of that loan, about $1,625 of the $1,896 goes to interest and only about $271 to principal.

Extra principal payments early on have the biggest effect. Even one extra payment a year can take several years off a 30-year mortgage.

Common errors

  • Typing the rate with a decimal comma

    The fields only read digits and a dot, so 6,75 is read as 675%. Type 6.75.

  • Entering property tax in dollars

    The tax field is a yearly percent of the price. If a listing shows $4,200 a year on a $350,000 home, enter 1.2 (4,200 ÷ 350,000 × 100).

  • A down payment of 100% or more

    Then there's nothing left to borrow and no payment shows. Keep the down payment below the home price.

  • Expecting PMI with 20% or more down

    PMI only applies under 20% down, so at 20% the PMI line shows $0 even if a PMI rate is filled in. That's correct, not a bug.

Frequently asked questions

How is a mortgage payment calculated?

Principal and interest use the standard amortization formula: P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r the monthly rate and n the number of payments. Property tax, insurance, PMI and HOA are then added on top.

What is the monthly payment on a $400,000 house?

With 20% down ($80,000) and a 6.5% 30-year fixed rate, principal and interest come to about $2,023 a month. Adding 1.1% property tax and $1,800 a year of insurance brings it to roughly $2,539. Your rate, taxes and insurance will change the number.

Do I have to pay PMI?

On a conventional loan, usually only if you put down less than 20%. It ends automatically when your balance is scheduled to hit 78% of the original home value, and you can request removal at 80%.

Is a 15-year or 30-year mortgage better?

A 30-year loan has a lower monthly payment. A 15-year loan has a higher payment but usually a lower rate, and you pay much less interest overall. Try both terms in the calculator to compare.

Does this include closing costs?

No. Closing costs are paid once, at purchase, and often run 2% to 5% of the loan amount. This calculator focuses on the ongoing monthly payment.

What is the monthly payment on a $300,000 mortgage?

At 6.5% for 30 years, principal and interest are about $1,896 a month. Taxes, insurance and any PMI come on top, often adding $400 to $800 depending on where you live.

How much income do I need for a $400,000 house?

With 20% down and a 6.5% rate, the full payment including taxes and insurance is roughly $2,500 a month. Under the 28% guideline, that needs about $109,000 a year of gross income, before other debts.

How much do extra mortgage payments save?

A lot, early in the loan. On a $320,000 loan at 6.5% for 30 years, paying $200 extra a month clears it 6 years and 7 months sooner and saves about $105,400 in interest. Enter an extra principal payment in the calculator to see your own numbers.

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