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Mortgage Calculator: Monthly Payment With Taxes, Insurance and PMI
Work out the full monthly cost of a home loan, not just principal and interest. Add property tax, homeowners insurance, PMI and HOA dues to see your PITI payment, when PMI drops off, and how much interest you pay over the life of the loan.
- Principal, interest, taxes, insurance, PMI and HOA
- The month PMI ends, using the federal 78% rule
- Amortization schedule with CSV download
Mortgage calculator
Home and loan
$40,000
Enter down payment as
The interest rate on your Loan Estimate, not the APR.
Loan term
Shows calendar dates for payoff and PMI.
Taxes, insurance and fees
Use the figures from your Loan Estimate or county tax bill. Leave a field empty or at 0 if it does not apply.
$4,400 a year
Enter property tax as
Only charged when you put down less than 20%. Your lender quotes the rate.
Pay it off faster
Extra money paid toward principal. Leave these at 0 to see the standard schedule.
Payment schedule
Paid with every 12th payment.
A bonus, tax refund or sale proceeds.
Where your principal and interest go
- Principal 44% · $360,000
- Interest 56% · $459,164
- Loan balance
- Interest paid to date
Your payment at nearby ratesShow
| Interest rate | Principal and interest | Monthly payment |
|---|---|---|
| 5.5% | $2,044.04 | $2,710.71 |
| 6% | $2,158.38 | $2,825.05 |
| 6.5% (yours) | $2,275.44 | $2,942.11 |
| 7% | $2,395.09 | $3,061.76 |
| 7.5% | $2,517.17 | $3,183.84 |
Amortization schedule view
Amortization schedule by yearShow
| Year | Interest | Principal | Closing balance |
|---|---|---|---|
| 1 | $23,281.54 | $4,023.74 | $355,976.26 |
| 2 | $23,012.05 | $4,293.23 | $351,683.03 |
| 3 | $22,724.54 | $4,580.74 | $347,102.29 |
| 4 | $22,417.74 | $4,887.54 | $342,214.75 |
| 5 | $22,090.42 | $5,214.86 | $336,999.89 |
| 6 | $21,741.18 | $5,564.10 | $331,435.79 |
| 7 | $21,368.54 | $5,936.74 | $325,499.05 |
| 8 | $20,970.92 | $6,334.36 | $319,164.69 |
| 9 | $20,546.72 | $6,758.56 | $312,406.13 |
| 10 | $20,094.07 | $7,211.21 | $305,194.92 |
| 11 | $19,611.15 | $7,694.13 | $297,500.79 |
| 12 | $19,095.83 | $8,209.45 | $289,291.34 |
| 13 | $18,546.04 | $8,759.24 | $280,532.10 |
| 14 | $17,959.42 | $9,345.86 | $271,186.24 |
| 15 | $17,333.52 | $9,971.76 | $261,214.48 |
| 16 | $16,665.67 | $10,639.61 | $250,574.87 |
| 17 | $15,953.13 | $11,352.15 | $239,222.72 |
| 18 | $15,192.84 | $12,112.44 | $227,110.28 |
| 19 | $14,381.67 | $12,923.61 | $214,186.67 |
| 20 | $13,516.15 | $13,789.13 | $200,397.54 |
| 21 | $12,592.66 | $14,712.62 | $185,684.92 |
| 22 | $11,607.32 | $15,697.96 | $169,986.96 |
| 23 | $10,555.99 | $16,749.29 | $153,237.67 |
| 24 | $9,434.26 | $17,871.02 | $135,366.65 |
| 25 | $8,237.41 | $19,067.87 | $116,298.78 |
| 26 | $6,960.41 | $20,344.87 | $95,953.91 |
| 27 | $5,597.87 | $21,707.41 | $74,246.50 |
| 28 | $4,144.09 | $23,161.19 | $51,085.31 |
| 29 | $2,592.94 | $24,712.34 | $26,372.97 |
| 30 | $937.91 | $26,372.97 | $0.00 |
How to Use the Mortgage Calculator
- Enter the home price and down payment. Switch between a dollar amount and a percentage; the other figure is shown under the field.
- Enter the interest rate and term. Use the interest rate from your Loan Estimate, not the APR, which also includes fees.
- Add taxes, insurance and fees. Property tax can be a yearly amount or a percentage of the price. Leave anything that doesn't apply at 0.
- Enter the PMI rate if you put down less than 20%. The calculator only charges PMI while the loan-to-value is above the federal thresholds.
- Read the monthly payment and the breakdown, then open the amortization schedule to see every payment.
The figures loaded in the calculator are an example, not current market rates.
Mortgage Payment Formula
Monthly principal and interest = L × r × (1 + r)^n ÷ ((1 + r)^n − 1)
| Symbol | Meaning |
|---|---|
| L | Loan amount = home price − down payment |
| r | Monthly rate = annual interest rate ÷ 12 ÷ 100 |
| n | Number of payments = years × 12 |
Total monthly payment (PITI) = principal and interest + property tax ÷ 12 + insurance ÷ 12 + PMI + HOA dues
Each month, interest is charged on the remaining balance and the rest of the principal and interest payment reduces the loan. The calculator rounds each month's interest to the cent, so the final payment can differ by a few dollars.
Mortgage Payment Example
A $400,000 home with 10% down, a 30-year fixed loan at 6.5%, property tax of 1.1% of the price, $1,800 a year of homeowners insurance and PMI at 0.5% of the loan:
| Item | Monthly |
|---|---|
| Principal and interest ($360,000 at 6.5%, 360 payments) | $2,275.44 |
| Property tax ($4,400 ÷ 12) | $366.67 |
| Homeowners insurance ($1,800 ÷ 12) | $150.00 |
| PMI (0.5% × $360,000 ÷ 12) | $150.00 |
| Total monthly payment | $2,942.11 |
Over 30 years the loan costs $459,164.00 in interest, more than the amount borrowed. In the first year, $23,281.54 of the $27,305.28 you pay in principal and interest is interest; only $4,023.74 reduces the balance.
With 20% down instead, the loan is $320,000, there is no PMI, and the monthly payment falls to $2,539.29.
When PMI Ends
Private mortgage insurance protects the lender, not you, when you borrow more than 80% of the home's value on a conventional loan. Federal law (the Homeowners Protection Act) sets when it stops:
| Point | What happens |
|---|---|
| Balance scheduled to reach 80% of original value | You can ask your servicer in writing to cancel PMI |
| Balance scheduled to reach 78% of original value | PMI ends automatically if you are current on payments |
| Midpoint of the loan term | PMI ends even if the balance is still above 78% |
In the example, the scheduled balance falls to 80% ($320,000) after payment 95 and to 78% ($312,000) after payment 109. You pay PMI 109 times, $16,350 in total, unless you ask to cancel it from payment 96. These dates follow the original amortization schedule; paying extra can let you request cancellation sooner, but does not move the automatic 78% date. Some high-risk loans follow different rules, so check the PMI disclosure in your closing documents.
What Affects Your Mortgage Payment
| Factor | Effect |
|---|---|
| Interest rate | The biggest driver of interest cost; each change moves every payment for the life of a fixed loan |
| Term | Longer terms lower the payment but add interest |
| Down payment | Lowers the loan amount and, at 20% or more, removes PMI |
| Property tax | Set by your county or city and can change every year |
| Insurance and HOA | Vary by location, coverage and community |
Escrow and Your Loan Estimate
Most lenders collect property tax and insurance with your mortgage payment and hold them in escrow. Your Loan Estimate shows the principal and interest, mortgage insurance and estimated escrow as separate lines; enter those figures here to check the total and to compare loan offers.
This calculator is for estimates. Your lender's Loan Estimate and Closing Disclosure are the binding figures.
Updated . How we check our tools and content.
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Mortgage Calculator FAQ
Monthly payments, PMI and amortization, answered.
What is included in a monthly mortgage payment?
Usually four parts, known as PITI: principal, interest, property taxes and homeowners insurance. Most lenders collect the taxes and insurance through an escrow account and pay the bills for you. If you put down less than 20% on a conventional loan, PMI is added, and HOA dues are paid separately to the association but still belong in your housing budget.
How do I calculate my mortgage payment by hand?
Principal and interest = L × r × (1 + r)^n ÷ ((1 + r)^n − 1), where L is the loan amount, r is the annual rate ÷ 12 ÷ 100 and n is the number of monthly payments. For $360,000 at 6.5% over 30 years, r = 0.0054167 and n = 360, giving $2,275.44. Then add one-twelfth of the annual property tax and insurance, plus monthly PMI and HOA dues.
When does PMI come off my loan?
Under the Homeowners Protection Act, your servicer must end PMI automatically on the date your balance is scheduled to reach 78% of the home's original value, as long as you are current on payments. You can ask for it to be cancelled earlier, from the date the balance reaches 80%, if you have a good payment history and meet the lender's conditions. PMI also ends after the midpoint of the loan term. The calculator shows both dates.
How much is PMI?
It depends on your credit, down payment and the insurer, so the calculator does not assume a rate. Your Loan Estimate shows the mortgage insurance amount; divide the yearly cost by the loan amount to get the percentage to enter. In the example, 0.5% of a $360,000 loan is $1,800 a year, or $150 a month.
Is a 15-year or 30-year mortgage better?
A 15-year loan costs more each month and far less in total. In the example at the same 6.5% rate, the 15-year loan's principal and interest is $3,135.99 a month against $2,275.44, but total interest is $204,477.13 instead of $459,164.00. Lenders often price 15-year loans at a lower rate too, which widens the gap; enter the rate you are quoted for each term.
Why does my payment change if my rate is fixed?
Principal and interest stay the same on a fixed-rate loan, but the escrow part follows your property tax bill and insurance premium. When either goes up, the servicer recalculates the escrow payment, usually once a year.
Does the calculator work for FHA or VA loans?
The principal, interest, tax and insurance figures work for any fixed-rate loan. FHA loans carry a mortgage insurance premium set by HUD instead of private mortgage insurance, and it follows different rules, so leave the PMI rate at 0 and add the FHA premium from your Loan Estimate to the HOA field as a monthly amount if you want it included.
How can I lower my monthly payment?
Put more down (20% or more removes PMI on a conventional loan), shop for a lower rate, choose a longer term, or look for a home with lower property taxes or HOA dues. In the example, raising the down payment from 10% to 20% cuts the monthly payment from $2,942.11 to $2,539.29.