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Mortgage Calculator With Taxes, Insurance & PMI
Last updated: · Rate data: Freddie Mac PMMS, week of Sept. 17, 2026
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This mortgage calculator with taxes and insurance shows what you will really pay each month, not just principal and interest. Enter the home price, down payment, rate, property tax, homeowners insurance, PMI and HOA dues, and it returns your full payment, the total interest, and a complete amortization schedule. It works as a 30 year mortgage calculator, a 15 year vs 30 year mortgage calculator, a PMI calculator and a mortgage calculator with extra payments in one place.
Whether you are a first-time buyer, upgrading or comparing lenders, this mortgage calculator turns a home price into a payment you can plan around.
How this mortgage calculator works
The tool applies the standard fixed-rate amortization formula, then adds the costs that lenders collect through escrow. Everything runs in your browser, so your numbers stay private. Change any field or drag a slider and the payment, the donut chart and the schedule update at once.
What this mortgage calculator needs to show your true monthly payment
- Home price and down payment: together they set your loan amount and your loan-to-value ratio (LTV).
- Interest rate and term: use a lender quote if you have one. Otherwise start from the weekly average in the Freddie Mac Primary Mortgage Market Survey, which showed 6.95% for a 30-year fixed loan and 6.26% for a 15-year fixed loan on September 17, 2026.
- Property tax and homeowners insurance: both are usually paid monthly into escrow.
- PMI and HOA fees: PMI applies to most conventional loans with less than 20% down. HOA dues are paid to your association, but lenders count them as part of your housing cost.
If you are also weighing debt consolidation before you apply, run the numbers with our personal loan calculator so you know how a new payment would change your debt-to-income ratio.
Principal, interest, taxes, insurance (PITI) explained
PITI is the four-part payment most lenders quote. Principal reduces your balance. Interest is the lender’s charge for the money. Taxes and insurance are collected in an escrow account and paid on your behalf. This is why an escrow calculator matters: your lender divides the annual bills by 12 and adds them to each payment. Federal rules let servicers hold a cushion of up to two months of escrow payments, and they must review the account every year, so the amount can change even when your loan is fixed.
The formula for principal and interest is M = L × r ÷ (1 − (1 + r)−n), where L is the loan amount, r is the monthly rate (annual rate ÷ 12) and n is the number of payments. On a $320,000 loan at 6.95% for 30 years, that is $2,118.23 a month. Add $367 of property tax (1.1% of a $400,000 home) and $167 of insurance ($2,000 a year) and the payment is about $2,652, with no PMI because the down payment is 20%.
15-year vs 30-year mortgage calculator: which is right for you
The term is the biggest lever on your payment. A 15-year loan carries a lower rate and builds equity quickly, but each payment is much larger. A 30-year loan keeps the payment manageable and leaves room in your budget. Use the term toggle in this mortgage calculator to compare both with your own numbers.
| Metric | 30-year fixed | 15-year fixed |
|---|---|---|
| Rate (Freddie Mac, Sept. 17, 2026) | 6.95% | 6.26% |
| Monthly principal & interest | $2,118 | $2,746 |
| Monthly total with taxes & insurance* | $2,652 | $3,280 |
| Total interest paid | $442,564 | $174,190 |
| Total of all payments (P&I) | $762,564 | $494,190 |
*Assumes $367/month property tax and $167/month insurance. Weekly averages are national figures, not a quote.
Total interest paid: a 15-year vs 30-year mortgage calculator example
The 15-year loan costs $627 more per month but saves about $268,000 in interest, because the balance falls faster and the rate is lower. In this example you would own the home free and clear 15 years sooner. The trade-off is flexibility: the higher payment is a fixed obligation, so a job loss or a big repair hurts more.
When a shorter term makes sense
- Your income is stable and the higher payment still fits inside the 28/36 limits below.
- You already have an emergency fund of several months of expenses and retirement savings on track.
- You want to be debt-free before a target date such as retirement or a child’s college years.
If the 15-year payment is a stretch, take the 30-year loan and add extra principal when you can. You keep the option to pay less in a tight month.
What is PMI and when can you remove it
Private mortgage insurance (PMI) protects the lender, not you, if you stop paying. According to the Consumer Financial Protection Bureau, lenders generally require it on a conventional loan when your down payment is under 20%. It helps you qualify with less cash, but it raises your monthly cost.
How PMI is calculated
PMI is a percentage of the original loan amount, charged yearly and paid monthly. Rates commonly run from about 0.3% to 1.5% and depend on your credit score, down payment and loan type. Higher LTV and lower scores cost more. This mortgage calculator estimates a rate from your down payment and lets you edit it. Two examples on a $400,000 home:
- 5% down ($380,000 loan) at 0.85%: about $269 a month.
- 10% down ($360,000 loan) at 0.60%: about $180 a month.
On the 5%-down example, PMI would fall away after roughly 11 years and 9 months if you only make scheduled payments, when the balance reaches $312,000 (78% of the price).
How to avoid or cancel PMI early
- Put 20% down. This is the cleanest way to avoid it.
- Ask to cancel at 80% LTV. Under the Homeowners Protection Act you can request removal once your balance reaches 80% of the home’s original value, if you have a good payment history. Lenders may require an appraisal.
- Automatic termination at 78%. The lender must end PMI when the scheduled balance reaches 78% of the original value.
- Look at other options. VA loans have no monthly mortgage insurance, and FHA loans use a different premium (MIP) with its own rules. Lender-paid PMI trades a higher rate for no separate charge.
Property taxes and home insurance: the hidden part of your payment
Taxes and insurance often add $400 to $800 or more to a payment, and they rise over time even when your rate is fixed. Enter them as a percentage or as a dollar amount in this mortgage calculator, which doubles as a property tax calculator, to see the effect on the total.
How property tax rates vary by state
Effective rates differ widely. The Tax Foundation reports effective rates on owner-occupied homes from 0.28% in Hawaii and 0.43% in Alabama up to 2.38% in New Jersey and 2.32% in Illinois. On a $400,000 home, that is the gap between about $1,100 and $9,500 a year. Rates also vary by county and school district, so check the local assessor’s site or the listing’s tax history. Some areas reassess the value after a sale, so last year’s bill may not match yours.
Estimating home insurance cost
Homeowners insurance depends on the rebuild cost, location, roof age, claims history and deductible. Commonly cited national averages run from roughly $1,800 to $2,500 a year, and coastal or storm-prone areas can be far higher. Standard policies exclude floods, so homes in flood zones need a separate policy. Get two or three quotes before you settle on a number. If you live in a condo or planned community, add HOA fees too: lenders count them in your debt ratio, but they are usually paid to the association, not through escrow.
How much house can you afford with this mortgage calculator
Lenders judge affordability by comparing your payment to your income. Start with your take-home pay, which you can estimate with our paycheck calculator, then check the ratios below. A how much house can I afford calculator is only as good as the budget behind it, so include your other debts and savings goals.
The 28/36 rule explained
The 28/36 rule is a common guideline. Your housing payment (PITI plus HOA) should be no more than 28% of gross monthly income, and all monthly debt, including the mortgage, cards, auto and student loans, should stay under 36%. Many lenders approve higher ratios for strong borrowers, sometimes 43% or more, but a higher ratio leaves less room for surprises. The CFPB’s Owning a Home tools explain how lenders review debt-to-income.
Mortgage calculator example with different income levels
| Gross income | Monthly gross | Max housing (28%) | Max total debt (36%) | Est. home price |
|---|---|---|---|---|
| $60,000 | $5,000 | $1,400 | $1,800 | ~$199,000 |
| $90,000 | $7,500 | $2,100 | $2,700 | ~$311,000 |
| $120,000 | $10,000 | $2,800 | $3,600 | ~$424,000 |
| $150,000 | $12,500 | $3,500 | $4,500 | ~$537,000 |
These prices assume no other debt. If you carry a $500 car payment, your 36% limit leaves $500 less for housing. Try your own numbers in the mortgage calculator above.
Extra payments and amortization
In an amortizing loan, the early payments are mostly interest. Every extra dollar you send toward principal cuts the balance that future interest is charged on, so the savings compound. Use the «Extra payments» option in this mortgage calculator to test amounts.
How one extra payment a year shortens your loan
Adding one extra payment a year equals about $177 more each month on our $320,000 example. At 6.95% that pays the loan off in about 23 years and 10 months instead of 30, and it cuts total interest from $442,564 to about $335,008. That is roughly $107,500 saved and 6 years and 2 months shaved off. A flat extra $200 a month gets you to payoff in about 23 years and 3 months. Confirm with your servicer that extra money is applied to principal and that there is no prepayment penalty.
Full mortgage calculator amortization schedule example
This amortization schedule calculator output shows the same loan, year by year. Notice how principal grows while interest shrinks.
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $3,282 | $22,137 | $316,718 |
| 2 | $3,518 | $21,901 | $313,200 |
| 3 | $3,770 | $21,649 | $309,430 |
| 5 | $4,330 | $21,088 | $301,060 |
| 10 | $6,124 | $19,295 | $274,276 |
| 15 | $8,660 | $16,759 | $236,401 |
| 20 | $12,245 | $13,173 | $182,841 |
| 25 | $17,316 | $8,102 | $107,103 |
| 30 | $24,487 | $932 | $0 |
After 10 years you have paid down only about 14% of the balance. That is why early extra payments and the choice of term matter so much.
Bookmark this mortgage calculator and come back whenever rates, your down payment or your budget change. It takes a few seconds to see the new monthly payment.
Frequently asked questions about mortgage calculators
What’s included in a mortgage calculator with taxes and insurance?
It adds property taxes and homeowners insurance to principal and interest, which is the PITI payment lenders quote. A complete tool also includes PMI when your down payment is under 20% and any HOA dues. It then shows total interest, an amortization schedule and the effect of extra payments.
How much is PMI on a conventional loan?
PMI usually costs about 0.3% to 1.5% of the original loan amount per year, depending on your credit score, down payment and loan type. On a $380,000 loan at 0.85%, that is roughly $269 a month. It can be removed once your balance reaches 78% to 80% of the home’s original value.
Is a 15-year or 30-year mortgage better for me?
A 15-year loan has a lower rate and saves a lot of interest, but the payment is much higher. A 30-year loan costs more overall but keeps the monthly payment manageable. Choose the shorter term if the payment fits comfortably in your budget. Otherwise take 30 years and prepay when you can.
How much house can I afford based on my income?
A common guideline keeps housing costs at or below 28% of gross monthly income and total debt at or below 36%. Under our example assumptions, a $90,000 salary points to about $2,100 a month for housing and a home near $311,000. Your debts, savings and local taxes will change that.
Do property taxes vary a lot by state?
Yes, they vary enormously. The Tax Foundation reports effective rates on owner-occupied homes from about 0.28% in Hawaii to 2.38% in New Jersey. On a $400,000 home, that is roughly $1,100 versus $9,500 a year. Rates also differ by county and school district, so check your local assessor before budgeting.
What happens if I make an extra mortgage payment each year?
The extra money goes straight to principal, which reduces the balance that interest is charged on. On a $320,000, 30-year loan at 6.95%, one extra payment a year saves about $107,500 in interest and shortens the loan by roughly six years. Confirm your servicer applies it to principal.
What’s the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. The APR includes that rate plus certain lender fees and costs, such as origination charges and mortgage insurance, spread over the loan term. It is usually higher than the rate, and it helps you compare loan offers on a like-for-like basis.
Can I remove PMI before my loan is paid off?
Yes. Under the Homeowners Protection Act you can ask to cancel PMI once your balance reaches 80% of the home’s original value, if your payments are current. The lender must end it automatically at 78%. Rising home values may also help, though the lender may require a new appraisal.
How is my monthly mortgage payment actually calculated?
Principal and interest use the formula M = L × r ÷ (1 − (1 + r)^−n), where L is the loan amount, r is the monthly rate and n is the number of payments. Your lender then adds one-twelfth of yearly property tax and insurance, plus PMI or HOA dues if they apply.
What documents do lenders require for mortgage approval?
Expect recent pay stubs, W-2s and tax returns for two years, two months of bank and asset statements, a photo ID and your Social Security number for a credit check. Self-employed borrowers usually add profit-and-loss statements and 1099s. You may also need a gift letter and proof of down payment funds.
Sources: Freddie Mac Primary Mortgage Market Survey (30-year 6.95% and 15-year 6.26%, week ending September 17, 2026); Consumer Financial Protection Bureau (PMI, Homeowners Protection Act, Owning a Home); Tax Foundation (effective property tax rates by state).