Mortgage Calculator with Taxes, Insurance & PMI

See your true monthly housing cost — not just principal and interest, but property tax, homeowners insurance, PMI and HOA dues too.

Quick answer

A mortgage calculator estimates your full monthly housing payment: principal and interest plus property tax, homeowners insurance, PMI and HOA dues. A $240,000 loan at 6.5% for 30 years is $1,516.96 a month before taxes and insurance. Putting 20% down avoids PMI on a conventional loan.

$
$
%
yrs
%
$
%
$
Total monthly payment
$2,867
Principal & interest
$2,205
Property tax
$366.67
Insurance
$125
PMI
$170
Loan amount
$340,000
For a $400,000 home with $60,000 down (15%), you borrow $340,000. Your all-in housing payment is about $2,866.90 per month, of which $2,205.23 goes to the bank. Because your down payment is under 20%, you also pay $170.00/month of PMI until you reach 20% equity. Over 30 years, interest alone totals $453,884.

Key takeaways

  • PITI = principal, interest, taxes and insurance.
  • PMI applies when you put down less than 20% on a conventional loan.
  • Taxes and insurance can add hundreds of dollars a month.
PMI — Private mortgage insurance: a monthly fee that protects the lender when your down payment is under 20%.

How the mortgage calculator works

Your lender calculates principal and interest (P&I) with the standard amortization formula. Most US lenders also collect property tax and insurance through escrow, so they are part of the monthly bill. If you put down less than 20% on a conventional loan, private mortgage insurance (PMI) is added until you reach 20% equity.

Formula

Monthly = P&I + (price × tax% ÷ 12) + (insurance ÷ 12) + PMI + HOA P&I = L × r(1+r)^n ÷ ((1+r)^n − 1), L = price − down payment PMI = L × PMI% ÷ 12 (only when down payment < 20%)

Standard formula. Further reading: CFPB – Buying a house · Investopedia – Amortization

Worked example

A $300,000 home with $60,000 down (20%) at 6.5% for 30 years: P&I = $1,516.96. Add 1.2% property tax ($300/mo) and $1,200/yr insurance ($100/mo) for a total of $1,916.96. No PMI is due at 20% down.

Change any number above and the plain-English explanation updates instantly with your own figures.

Frequently asked questions

What is PMI and when does it go away?

Private mortgage insurance protects the lender when you put down less than 20%. On conventional loans it can be removed at 20% equity and ends automatically at 22%.

What is included in PITI?

PITI means principal, interest, taxes and insurance — the four parts of a typical monthly mortgage payment.

15-year or 30-year mortgage?

A 15-year loan has higher payments but a lower rate and far less total interest. A 30-year loan is more affordable month to month.

How much house can I afford?

A common guideline is keeping total housing costs under about 28% of gross monthly income, and all debt payments under 36%.

Are property taxes the same everywhere?

No. US effective property tax rates range from roughly 0.3% to over 2% of home value depending on state and county.

Embed this calculator

Add this free calculator to your website or blog. Copy the code below:

Need a branded, white-label version for your business? Contact us.

Remove branding → Pro. Your colours, no "Powered by" link, from $7.50/mo.See plans

Results are estimates for educational purposes and are not financial advice.

Written and reviewed by Muhammad Asif, founder of CalcPane · Formulas verified by automated tests · Updated