Mortgage Calculator
Your full monthly mortgage payment: loan, taxes, insurance, PMI and HOA.
Good to know. Lenders quote the loan; the mailbox brings the tax bill and the insurance renewal too.
Not financial advice. Uses only the numbers and rates you enter — no live data.
How it works
In plain words
The loan is the price minus the down payment. Its monthly principal and interest come from the standard repayment formula. Property tax is a share of the price each year, and insurance a yearly bill; both are divided by 12. PMI is a yearly share of the loan, charged while you owe more than 80% of the price.
The formula
Loan P = price × (1 − down%) Principal and interest = P × i ÷ (1 − (1 + i)^−n) Monthly = P&I + price × tax% ÷ 12 + insurance ÷ 12 + P × PMI% ÷ 12 + HOA
Worked example
A 400,000 home with 10% down is a 360,000 loan. At 6.5% over 30 years, principal and interest is 2,275.44. Add 366.67 of property tax (1.1% a year), 125.00 of insurance and 150.00 of PMI (0.5% of the loan a year) for a monthly payment of 2,917.11.
Sources
- Brealey, Myers and Allen, Principles of Corporate Finance, chapter 2 The standard formulas for loan payments, compounding and present value, the same as a spreadsheet’s PMT and FV.
- Homeowners Protection Act of 1998 Mortgage insurance can be cancelled on request once the loan reaches 80% of the original value, and ends automatically at 78%.
Sources checked September 29, 2026. 8 automated tests check its answers on every change.
About the mortgage calculator
The price of a home is not the payment. Lenders in the US quote the full monthly cost as PITI: principal, interest, taxes and insurance. This calculator adds all four, plus mortgage insurance and any homeowners association (HOA) fee, so you can compare homes by what they will really cost each month.
Principal and interest is the loan itself, paid back over the term at a fixed rate. It stays the same every month. Property tax is set by your local government as a share of the home’s value, about 1.1% a year on average in the US and far more in some states. Homeowners insurance is a yearly bill that lenders require.
PMI (private mortgage insurance) protects the lender, not you. On a conventional loan with less than 20% down, it usually costs 0.3–1.5% of the loan a year. It stops once you owe 80% of the original price, which the calculator works out from your payments. FHA loans have their own insurance rules, which work differently.
Outside the US, leave tax, insurance and PMI at 0 and add any building insurance or service charge as a monthly fee. The loan part works the same everywhere.
Questions people ask
What does PITI mean?
Principal, interest, taxes and insurance: the four parts of a typical US monthly mortgage payment. Many lenders collect the taxes and insurance through an escrow account.
How can I avoid PMI?
Put at least 20% down, or pay the loan down to 80% of the home’s original price and ask your lender to cancel it. Lenders must drop it automatically at 78%.
What is the monthly payment on a 400,000 home with 10% down?
At 6.5% over 30 years, principal and interest is 2,275.44. With typical US property tax, insurance and PMI it comes to about 2,917 a month.
Does a 15-year mortgage cost more each month?
Yes, noticeably, but it usually has a lower rate and costs far less interest in total. Try both terms above.