Mortgage Payment Calculator (With Taxes, Insurance & PMI)
Find out what a home will really cost you each month — not just the loan payment, but the whole thing.
Mortgage payment calculator
Estimates for learning only — not a loan offer. Real numbers come from a lender's Loan Estimate.
What goes into a mortgage payment?
Lenders call it PITI: principal, interest, taxes and insurance. Principal pays down the loan. Interest is what the bank charges you. Property tax and home insurance are often collected by your lender and paid for you through an escrow account.
If you put less than 20% down on a conventional loan, you will usually pay private mortgage insurance (PMI) too. And if the home is in a community with an HOA, that fee is part of your monthly cost even though it is not paid to the lender.
How to lower your monthly payment
- Put more money down (and hit 20% to skip PMI on a conventional loan).
- Improve your credit score before you apply — better scores usually get better rates.
- Compare offers from at least three lenders.
- Shop for home insurance instead of taking the first quote.
Quick questions
Is this calculator accurate?
It uses the standard mortgage formula, so the principal-and-interest number is exact for the inputs you enter. Taxes, insurance and PMI are estimates — your Loan Estimate will have the real figures.
What is a good property tax rate to use?
It depends heavily on your state and county. Many areas fall between 0.5% and 2% of the home value per year. Check the county assessor website for the home you want.
When does PMI go away?
On conventional loans you can usually ask to cancel PMI once you reach 20% equity, and it ends automatically at 22% equity based on the original schedule.
More free tools: see all calculators.