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Finance Calc Kit
Mortgages

Mortgage Calculator with Taxes and Insurance

Calculate your total monthly mortgage payment including principal, interest, property taxes, home insurance, HOA dues, and PMI.

Home purchase details

$
%
%
years
%/yr
$/yr
$/mo
%/yr

PMI is estimated when the down payment is below 20%. Actual tax and insurance costs vary by location and policy.

Total monthly payment

$2,697.62

Loan amount: $320,000.00 · Down payment: $80,000.00

Principal & interest

$2,022.62

Property tax

$400.00

Home insurance

$125.00

HOA + PMI

$150.00

Monthly payment breakdown

Total$2,697.62
  • Principal & interest$2,022.6275.0%
  • Property tax$400.0014.8%
  • Home insurance$125.004.6%
  • HOA + PMI$150.005.6%

How PITI payments are calculated

Your total housing payment combines the loan payment with taxes, insurance, and optional HOA or PMI charges.

  1. Calculate principal and interest

    MP&I=P×r(1+r)n(1+r)n−1M_{\text{P\&I}} = P \times \frac{r(1+r)^n}{(1+r)^n - 1}

    With a $320,000.00 loan at 6.5% over 30 years, the monthly principal and interest payment is $2,022.62.

  2. Estimate property taxes and insurance

    Taxmo=Home Price×Tax Rate12\text{Tax}_{\text{mo}} = \frac{\text{Home Price} \times \text{Tax Rate}}{12}

    Property tax adds $400.00 per month and homeowners insurance adds $125.00 per month based on your inputs.

  3. Add HOA and PMI when applicable

    Total=P&I+Tax+Insurance+HOA+PMI\text{Total} = \text{P\&I} + \text{Tax} + \text{Insurance} + \text{HOA} + \text{PMI}

    HOA fees add $150.00 per month, bringing the total monthly payment to $2,697.62.

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What a full monthly mortgage payment includes

Most homeowners focus on the loan payment, but your true monthly housing cost often includes property taxes, homeowners insurance, HOA dues, and private mortgage insurance (PMI) when your down payment is below 20%. Lenders and real estate professionals call this the PITI payment: Principal, Interest, Taxes, and Insurance.

This calculator estimates your all-in monthly payment from the home price, down payment, loan terms, and recurring housing costs. To isolate the loan payment itself, use the EMI calculator. To compare how much interest you will pay over the life of the loan, try the mortgage interest calculator. If you are weighing two rate or term offers, the mortgage comparison calculator puts loan A and loan B side by side. Renters comparing lease concessions to ownership costs can normalize landlord incentives with the net effective rent calculator. Veterans can model the VA funding fee and full PITI with the VA mortgage calculator. For upfront transfer taxes at closing, estimate stamp duty with the stamp duty calculator. To isolate PMI costs when your down payment is below 20%, use the PMI calculator. To estimate annual property tax from assessed value, assessment ratio, and local millage or percentage rates, use the property tax calculator. Landlords underwriting rental income before financing can model property NOI with the net operating income calculator. If you plan to pay off the loan early, estimate interest and time saved with the mortgage payoff calculator, and check for prepayment penalties with the mortgage penalty calculator.

Principal and interest (P&I)

The loan portion of your payment follows the standard fixed-rate amortization formula. Your lender divides the annual interest rate by 12 to get a monthly rate, then spreads principal and interest evenly across the loan term:

Where P is the loan amount after your down payment, r is the monthly interest rate, and n is the total number of monthly payments.

Taxes, insurance, HOA, and PMI

Property taxes are typically estimated as a percentage of the home's assessed value, divided by 12 for a monthly figure. Homeowners insurance is entered as an annual premium and divided by 12. HOA fees are flat monthly charges in many condo and planned communities. PMI is commonly required when the down payment is less than 20% of the purchase price.

Worked example

Consider a $400,000 home with a 20% down payment ($80,000), a $320,000 loan at 6.5% over 30 years, 1.2% annual property taxes, $1,500 per year in insurance, and $150 per month in HOA fees. Principal and interest come to about $2,022.62 per month. Taxes add $400, insurance adds $125, and HOA adds $150, for a total monthly payment of about $2,697.62. With only 10% down, PMI at 0.5% annually would add about $150 per month on top of that.

Planning tips

  • Ask your lender for a Loan Estimate that itemizes principal, interest, taxes, insurance, and PMI.
  • Property tax rates vary widely by county and municipality. Use local assessor data when possible.
  • PMI can usually be removed once you reach 20% equity, which lowers your monthly payment.

Frequently asked questions

What does PITI stand for?
PITI stands for Principal, Interest, Taxes, and Insurance. It is the core monthly housing payment lenders use to evaluate affordability before adding HOA dues or PMI.
When is PMI required?
PMI is typically required on conventional loans when the down payment is less than 20% of the purchase price. This calculator estimates PMI as an annual percentage of the loan balance divided by 12.
Are property taxes based on the loan amount or home price?
Property taxes are usually assessed on the home value, not the loan balance. This tool applies your annual tax rate to the purchase price and divides by 12 for a monthly estimate.
Does this include escrow?
Many lenders collect taxes and insurance through an escrow account as part of your monthly payment. The total shown here reflects what you would pay each month whether or not the lender holds escrow.
How accurate are these estimates?
Principal and interest are calculated precisely from your inputs. Taxes, insurance, HOA, and PMI are estimates. Actual bills depend on local rates, policy premiums, and lender requirements.
Are my inputs stored on a server?
No. All calculations run in your browser. Changing inputs updates the page URL so you can bookmark or share a scenario.

Resources and references

The formulas and methods in this calculator were checked against these independent sources.