Mortgage Calculator: Monthly Payment with Taxes, Insurance & PMI
Your mortgage payment is more than principal and interest. Add property tax, insurance, PMI and HOA dues to see what you will really pay each month.
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What Goes Into a Mortgage Payment (PITI)
Lenders call the full payment PITI: Principal, Interest, Taxes and Insurance. If you put down less than 20% on a conventional loan, PMI (private mortgage insurance) is added, and many condos and newer neighborhoods also charge HOA dues.
P = loan amount · r = APR ÷ 12 ÷ 100 · n = number of monthly payments
Example: A $400,000 home with 20% down is a $320,000 loan. At 6.5% for 30 years, principal and interest is $2,023 a month. Add 1.1% property tax ($367) and $1,800 a year of insurance ($150) and the payment is about $2,539.
15-Year vs 30-Year Mortgage
Principal and interest on a $320,000 loan:
| Term | At 6.0% | At 6.5% | At 7.0% | Total interest at 6.5% |
|---|---|---|---|---|
| 10 years | $3,553 | $3,634 | $3,715 | $116,024 |
| 15 years | $2,700 | $2,788 | $2,876 | $181,758 |
| 20 years | $2,293 | $2,386 | $2,481 | $252,600 |
| 30 years | $1,919 | $2,023 | $2,129 | $408,142 |
A 15-year loan costs more each month but less than half the total interest of a 30-year loan. Lenders usually also price 15-year loans at a lower rate.
How Much House Can You Afford? The 28/36 Rule
- 28%: keep the full housing payment (PITI plus HOA) under 28% of your gross monthly income.
- 36%: keep all debt payments — mortgage, car, student loans, credit cards — under 36% of gross income.
- On a $100,000 salary ($8,333 a month), that is about $2,333 for housing and $3,000 for all debts.
PMI: When You Pay It and How to Drop It
- Conventional loans usually require PMI below 20% down. It typically costs about 0.3%–1.5% of the loan a year, depending on your credit score and down payment.
- You can ask the lender to cancel PMI once the balance reaches 80% of the home’s original value; by law it ends automatically at 78%.
- FHA loans charge mortgage insurance (MIP) instead, which lasts 11 years with 10%+ down, or the life of the loan with less.
Popular Variations
Frequently Asked Questions
What is the monthly payment on a $300,000 mortgage?
At 6.5% for 30 years, principal and interest is about $1,896 a month. Taxes, insurance and any PMI come on top.
How much should I put down on a house?
Putting 20% down avoids PMI on a conventional loan, but many buyers put down 3%–10%. FHA loans allow 3.5% down with a credit score of 580 or higher.
Does the calculator include closing costs?
No. Closing costs — typically 2%–5% of the loan — are paid upfront, not in the monthly payment. Your Loan Estimate lists them.
What interest rate should I use?
Use the rate on your lender’s Loan Estimate or a current quote for your credit score and down payment. Rates change daily.