Mortgage Calculator with Taxes, Insurance & PMI
Use this free mortgage calculator to estimate your monthly payment with principal, interest, property tax, home insurance, PMI and HOA — plus total interest and how extra payments shorten the loan.
Taxes, insurance & extra costs
Monthly payment
$2,572.62
$2,022.62principal & interest + $400 tax + $150 insurance
Loan amount
$320,000
$80,000 down
Total interest
$408,142
56% of payments
Payoff time
30 yr
360 payments
Total of payments
$728,142
Principal vs interest (life of loan)
Estimates only, for general information — not a loan offer or financial advice. Actual payments depend on your lender's APR, closing costs, escrow rules, and local tax and insurance rates. Confirm figures with your lender before making a decision.
Mortgage calculator examples by home price
Worked monthly payments at 20% down on a 30-year fixed loan unless noted, each including property tax, homeowners insurance and PMI. Open one to adjust any input.
How the mortgage calculator works out your monthly payment
This mortgage calculator splits a fixed-rate mortgage payment into two moving parts. Principal and interest (P&I) is the amount that actually repays the loan, calculated from the loan amount, the interest rate, and the term so the balance reaches zero on the last scheduled payment. The rest of what you send each month — property tax, homeowners insurance, mortgage insurance (PMI), and any HOA dues — is not loan repayment at all; it is money the lender usually collects into an escrow account and pays out on your behalf. Lenders call the full figure PITI (principal, interest, taxes, insurance).
The loan amount is the home price minus your down payment, so a larger down payment lowers both the monthly P&I and the total interest. Two thresholds matter: put down less than 20% and most conventional loans add PMI until you build enough equity; put down 20% or more and PMI is waived from the start. This calculator models that automatically and stops charging PMI once the assumption no longer applies.
Interest is front-loaded. In the first years, most of each payment covers interest and only a little reduces the balance; the ratio flips slowly over the term. That is why a small extra amount added to principal early has an outsized effect: every dollar that skips ahead avoids years of future interest on that dollar. Enter an extra monthly payment in the mortgage calculator above and it re-amortizes the loan to show how many months you cut and how much interest you save.
Term length is the other big lever. A 15-year loan has a noticeably higher monthly payment than a 30-year loan at the same rate, but the total interest is far lower because the balance is exposed to interest for half as long. A 30-year loan keeps the monthly cost affordable and preserves cash flow. Comparing the two side by side — payment you can sustain vs. lifetime cost — is usually more useful than chasing a slightly lower rate.
The rate still matters, and a mortgage calculator makes the gap concrete. On a $400,000 home with 20% down (a $320,000 loan over 30 years), principal and interest is about $2,023 a month at 6.5% and $2,129 at 7% — roughly $106 more every month and about $38,000 more over the life of the loan. Run each lender quote through the calculator with the same price, down payment and escrow costs so you are comparing the loans, not the assumptions.
What this mortgage calculator does not include: closing costs and points, rate changes on an adjustable-rate mortgage, lender fees, and the fact that property tax and insurance premiums rise over time, so your escrow portion — and therefore your total payment — will drift upward even though P&I stays fixed. Treat the output as a planning baseline and confirm exact numbers with a lender’s Loan Estimate before committing.
Key formulas (reference)
Monthly principal & interest: M = P × [ r(1+r)^n ] / [ (1+r)^n − 1 ] P = loan amount (home price − down payment) r = annual interest rate ÷ 12 n = term in years × 12 If r = 0, M = P ÷ n. Monthly PMI ≈ (loan amount × annual PMI rate) ÷ 12, charged while the down payment is under 20%. Total monthly payment = M + property tax/12 + insurance/12 + PMI + HOA.
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Frequently Asked Questions
What does the monthly mortgage payment include?
The headline figure is PITI plus HOA: principal and interest (the part that repays the loan), property tax, homeowners insurance, private mortgage insurance (PMI) if your down payment is under 20%, and any HOA dues. Only principal and interest is set by the loan itself; the rest is usually collected into an escrow account and can change year to year.
How much house can I afford?
A common guideline is keeping the total housing payment at or below about 28% of gross monthly income, and total debt payments under about 36%. Enter a price and down payment here to see the monthly PITI, then compare it against that share of your income. Lenders also weigh credit score, reserves, and existing debt.
How does the down payment affect the payment?
The loan amount is the price minus the down payment, so a bigger down payment lowers both the monthly principal and interest and the total interest paid. Reaching 20% down also removes PMI on most conventional loans, which can cut the payment by tens to hundreds of dollars a month.
What is PMI and when does it stop?
Private mortgage insurance protects the lender when your down payment is below 20%. On a conventional loan it can typically be cancelled once the loan balance falls to about 80% of the original value, and it usually drops automatically at 78%. FHA mortgage insurance rules differ and often last the life of the loan.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has a higher monthly payment but far less total interest, because the balance accrues interest for half as long. A 30-year loan keeps the monthly cost lower and preserves cash flow. Model both here and pick based on the payment you can comfortably sustain, not only the lifetime cost.
How much do extra payments save?
Because interest is front-loaded, extra principal early in the loan avoids years of future interest. Adding even $100–$200 a month typically shortens a 30-year loan by several years and saves five figures in interest. Enter an extra monthly amount above to see the exact months and dollars saved for your numbers.
How accurate is this mortgage calculator?
The principal and interest figure uses the standard amortization formula, so for a fixed-rate loan it matches what a lender calculates to within rounding. The escrow part is only as accurate as your inputs: use the actual property tax rate for the county and a real insurance quote, and remember both usually rise over time. Closing costs, points and adjustable-rate changes are not modeled.
Is this the same as an APR?
No. The interest rate drives the payment math; the APR also folds in points and lender fees to express the loan's all-in cost as a yearly percentage. Two loans with the same rate can have different APRs. Use the lender's Loan Estimate to compare APRs before deciding.