Mortgage Calculator
Estimate your monthly mortgage payment, including taxes, insurance, and PMI.
Annual property tax as a percentage of home price — check your local rate.
Private mortgage insurance, typically required with less than 20% down — enter 0 if not applicable.
Enter your values to calculate your result.
Formula
Monthly Payment = Principal & Interest + Property Tax ÷ 12 + Home Insurance ÷ 12 + PMI ÷ 12
Principal & Interest uses the standard loan-payment formula on the Loan Amount (Home Price − Down Payment): M = P × [r(1+r)^n] / [(1+r)^n − 1], where r is the monthly interest rate and n is the number of monthly payments. Property Tax is Home Price × Tax Rate, divided into a monthly amount; Home Insurance and PMI are added the same way.
Example
A $350,000 home with a $70,000 down payment, 6% annual interest over 30 years, 1.1% property tax, $1,200 annual insurance, and no PMI has a Principal & Interest payment of about $1,679, plus about $321 in taxes and $100 in insurance — a total monthly payment of about $2,100.
Frequently Asked Questions
Why is my total payment higher than just principal and interest?
Most lenders collect property tax and home insurance monthly along with your loan payment (often called PITI: Principal, Interest, Taxes, Insurance), plus PMI if you put down less than 20%.
What is PMI and when do I need it?
Private Mortgage Insurance protects the lender if you default, and is typically required when your down payment is less than 20% of the home price. It's usually removable once you reach 20% equity — check with your lender.