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Mortgage Calculator – Monthly Payment with Taxes, Insurance and PMI

Estimate your full monthly house payment — principal and interest plus property tax, home insurance, PMI and HOA fees. See the total interest over the loan, a yearly amortization schedule and how extra payments shorten your mortgage.

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How to use the mortgage calculator

  1. Enter the home price and your down payment as a percentage.
  2. Enter the interest rate and choose the loan term (30, 25, 20, 15 or 10 years).
  3. Add property tax as a percentage of the price, plus your yearly home insurance.
  4. Add HOA or service charges and the PMI rate if your down payment is under 20%.
  5. Optionally add an extra principal payment each month.

The donut chart shows how your payment splits between the loan, taxes and insurance, and the table shows each year of the loan.

How the mortgage payment is calculated

P&I = L × r × (1 + r)^n ÷ ((1 + r)^n − 1)

L is the loan (price minus down payment), r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of months. Then:

Total = P&I + property tax ÷ 12 + insurance ÷ 12 + HOA + PMI

Worked example

A $400,000 home with 20% down at 6.5% for 30 years:

  • Loan = $320,000
  • Principal and interest = $2,022.62
  • Property tax at 1.1% = $4,400 a year = $366.67 a month
  • Insurance = $1,500 a year = $125 a month
  • Total ≈ $2,514.28 a month
  • Total interest over 30 years ≈ $408,142

With only 10% down, the loan is $360,000 and PMI at 0.5% adds about $150 a month until you reach 20% equity.

Ways to lower your payment

  • Put more down to shrink the loan and avoid PMI.
  • Improve your credit score before applying — it affects the rate you’re offered.
  • Compare lenders; even 0.25% lower saves thousands over 30 years.
  • Buy points if you’ll stay long enough to recover the upfront cost.
  • Challenge your property tax assessment if it looks too high.

Before you buy

Remember closing costs (often 2% to 5% of the price), moving costs, repairs and an emergency fund. Check what you can afford with the home affordability calculator, compare with renting using the rent vs buy calculator, and in the UK budget for Stamp Duty. Already have a mortgage? The refinance calculator shows if a new rate is worth it. These are estimates — see our disclaimer.

Frequently asked questions

What is included in a mortgage payment?

Usually four parts, called PITI: principal, interest, property taxes and home insurance. If your down payment is under 20% on a conventional US loan you may also pay PMI, and some homes have HOA or service charges.

What is the monthly payment on a $400,000 house?

With 20% down ($80,000), a $320,000 loan at 6.5% for 30 years has a principal and interest payment of about $2,022.62. Add 1.1% property tax ($367 a month) and $1,500 a year of insurance ($125) and the total is about $2,514 a month.

What is PMI and when does it stop?

Private mortgage insurance protects the lender when you put down less than 20%. It typically costs 0.3% to 1.5% of the loan a year. On most US conventional loans you can ask to remove it once you owe 80% of the home’s original value, and it ends automatically at 78%.

Is a 15-year or 30-year mortgage better?

A 15-year loan has a higher payment but a lower rate and far less total interest. A 30-year loan keeps the payment lower and gives flexibility. Many people take a 30-year loan and make extra payments when they can.

How much do extra payments save?

On a $320,000 loan at 6.5%, paying $200 a month extra pays it off in about 23 years and 5 months instead of 30, saving roughly $105,000 in interest.

Can I use this outside the US?

Yes. Choose your currency and set PMI and HOA to zero if they don’t apply. In the UK, use 0% PMI and add any service charge as HOA. Property tax can be set to zero where it is billed separately, such as UK council tax.

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