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Mortgage Calculator with PMI and Taxes

When you buy a home, your monthly payment is more than just principal and interest. Lenders require you to pay property taxes and insurance through an escrow account, and if your down payment is less than 20%, you'll also pay Private Mortgage Insurance (PMI). Together, these four costs make up your PITI — Principal, Interest, Taxes, and Insurance.

Our Mortgage Calculator with PMI and Taxes shows your true monthly housing payment in one place. Enter the home price, down payment, interest rate, and loan term, and the calculator automatically adds estimated property taxes (based on your local rate), homeowners insurance, and PMI to give you the complete picture.

This is the number you should use when budgeting for a home, not just the principal-and-interest quote a lender gives you. Many first-time buyers are surprised to learn that taxes and insurance can add $300–$600 or more to their monthly payment.

Loan Details

?The purchase price of the home you're considering buying.
?The amount you plan to pay upfront when purchasing the home.
?The annual interest rate on your mortgage loan.
?The length of your mortgage in years. Common terms are 15 or 30 years.
?The annual property tax rate as a percentage of home value.
?Annual homeowners insurance premium.
?Monthly homeowners association (HOA) fees, if applicable.
End of inputs

Results

Monthly Payment
$2,505.96

Total / month

Loan Amount
$320,000.00

After down payment

Total Interest
$408,140.64

Over 30 years

Monthly Payment Breakdown
Amortization Schedule
Payment Schedule
MonthPrincipalInterestBalance

360 months · Showing 0 rows

Key Insights
Over the life of this loan you'll pay $408,140.64 in interest — more than the principal itself. A shorter loan term or biweekly payments could dramatically reduce this cost.
Making one extra payment per year (about $168.55/month) could save approximately $92,703.42 in interest and pay off your loan 5.8 years earlier.
Your interest rate of 6.50% is in line with recent market averages. Shopping around with at least three lenders could still save you thousands over the life of the loan.
Your down payment of 20% or more means you avoid Private Mortgage Insurance (PMI) entirely — a saving of hundreds of dollars per month.
Your down payment of 20.00% is strong, giving you immediate equity in your home and helping you secure better loan terms.

Frequently Asked Questions

What is PMI and how much does it cost?

PMI (Private Mortgage Insurance) is required on conventional loans when your down payment is less than 20%. It typically costs 0.3% to 1.5% of the loan amount per year, paid monthly. On a $300,000 loan, that's $75 to $375 per month. PMI is automatically cancelled when your loan-to-value ratio reaches 78% through scheduled payments, or you can request removal at 80% LTV.

How are property taxes calculated in a mortgage payment?

Property taxes are assessed by your local county and are typically 0.5% to 2.5% of your home's value annually. Lenders collect 1/12 of your annual property tax bill each month as part of your mortgage payment and hold it in an escrow account to pay the tax bill when it's due. Enter your local property tax rate in the calculator to get an accurate estimate.

What is the difference between PITI and just P&I?

P&I (Principal and Interest) is only the loan repayment portion of your mortgage. PITI (Principal, Interest, Taxes, Insurance) adds property taxes and homeowners insurance — and PMI if applicable. PITI is your true monthly housing cost and is what lenders use when calculating your debt-to-income ratio for qualification.

Does this calculator include HOA fees?

Yes. If your home is in a community with a Homeowners Association, enter the monthly HOA fee in the calculator. HOA fees are not part of PITI but are an additional housing cost you should budget for. They typically range from $100 to $500 per month depending on the community and amenities.

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