Mortgage calculator with taxes, insurance and PMI
Monthly payment $2,942.11 Loan amount: $360,000.00
- Principal & interest
- $2,275.44
- Property tax
- $366.67
- Homeowners insurance
- $150.00
- PMI
- $150.00
- HOA
- $0.00
- Total per month
- $2,942.11
Total interest over the loan: $459,160.16.
PMI drops off after about 9 years (109 payments).
Example values: enter the rate you're quoted and your county's property tax rate. PMI is applied when the down payment is
under 20% and removed when the balance reaches 78% of the original home value, as required by the Homeowners Protection Act.
Not financial advice.
This mortgage calculator estimates your real monthly housing payment, not just the loan. It adds property taxes, homeowners insurance, private mortgage insurance (PMI) and HOA fees to the principal and interest, and tells you when PMI drops off.
What’s in a mortgage payment
- Principal and interest: the fixed payment that repays the loan over 15 or 30 years.
- Property taxes: set by your county or city. They vary a lot by location, so check your local rate.
- Homeowners insurance: required by your lender to protect the home.
- PMI: only if you put down less than 20% on a conventional loan.
- HOA fees: if the home is in a community with a homeowners association.
Example: a $400,000 home
With 10% down ($40,000), a 6.5% rate over 30 years, property tax of 1.1% a year, insurance of $1,800 a year and PMI of 0.5%:
- Principal and interest: $2,275.44
- Property tax: $366.67
- Insurance: $150.00
- PMI: $150.00
- Total: $2,942.11 a month
PMI stays until the balance falls to 78% of the original price, which takes about 109 payments (roughly 9 years). Putting 20% down instead removes PMI entirely and lowers the payment to $2,539.28, while saving about $51,000 in interest over the life of the loan.
For guidance only, not financial advice.
FAQ
What does PITI mean?
PITI stands for principal, interest, taxes and insurance: the four parts of a typical monthly mortgage payment. Many lenders collect taxes and insurance through an escrow account, so you pay them as part of the same monthly bill.
When do I have to pay PMI?
Private mortgage insurance is usually required on a conventional loan when your down payment is less than 20% of the home price. It protects the lender, not you, and it's added to your monthly payment until you build enough equity.
When does PMI go away?
Under the Homeowners Protection Act, PMI on a conventional loan must end automatically once your balance is scheduled to reach 78% of the home's original value, as long as you're current on payments. You can usually ask your lender to cancel it earlier, at 80%.
Is the interest rate in the calculator today's rate?
No. The 6.5% shown is only an example. Enter the rate from your loan estimate or a lender quote, since rates change daily and depend on your credit score, down payment and loan type.