Mortgage calculator with taxes, insurance, PMI and HOA
Enter the home price, down payment, rate and term, then your property tax, insurance and any PMI or HOA. On a $400,000 home with $80,000 down at 6.5% for 30 years, principal and interest are $2,022.62 a month; with $4,800 a year in tax and $1,800 in insurance the total is $2,572.62.
Inputs used by this calculator
Mortgage Calculator uses the fields below. The starting values reproduce the page example; replace them with values from the same units and time period before using the result.
| Input | Starting example | Accepted value | How it is used |
|---|---|---|---|
| Home price | 400,000 | 0 or greater | Supplies the home price quantity used by the published equation or result breakdown. |
| Down payment | 80,000 | 0 or greater | Supplies the down payment quantity used by the published equation or result breakdown. |
| Annual interest rate (%) | 6.5 | 0 to 100 | Supplies the annual interest rate (%) quantity used by the published equation or result breakdown. |
| Loan term (years) | 30 | 0 to 100 | Supplies the loan term (years) quantity used by the published equation or result breakdown. |
| Property tax per year | 4,800 | 0 or greater | Supplies the property tax per year quantity used by the published equation or result breakdown. |
| Home insurance per year | 1,800 | 0 or greater | Supplies the home insurance per year quantity used by the published equation or result breakdown. |
| Mortgage insurance per month | 0 | 0 or greater | Supplies the mortgage insurance per month quantity used by the published equation or result breakdown. |
| HOA fees per month | 0 | 0 or greater | Supplies the hoa fees per month quantity used by the published equation or result breakdown. |
Principal and interest versus the total payment
The loan payment itself is principal plus interest. Most lenders also collect property tax and homeowners insurance each month through an escrow account, and some loans add mortgage insurance. The CFPB describes the total as principal, interest, taxes and insurance. This calculator shows each piece so you can compare a lender's estimate line by line.
How the monthly payment is calculated
For a fixed-rate loan, the principal-and-interest payment stays the same every month. It depends on the loan amount (price minus down payment), the monthly rate (annual rate ÷ 12) and the number of payments (years × 12).
payment = L × r ÷ (1 − (1 + r)^−n)L = price − down paymentr = annual rate ÷ 12, n = years × 12Down payment and PMI
With a conventional loan, the CFPB notes that private mortgage insurance may be required when the down payment is less than 20 percent of the price. Enter the monthly PMI from your loan estimate; FHA and VA loans have their own insurance or funding fees, which the FHA Loan and VA Mortgage calculators model.
15-year versus 30-year loans
A shorter term raises the monthly payment but cuts total interest sharply. On a $320,000 loan at 6.5%, the principal-and-interest payment is about $2,787.54 over 15 years against $2,022.62 over 30 years, while total interest drops from about $408,000 to about $182,000. The table below compares several rates.
Property tax, insurance and HOA
Property tax varies by county and is usually quoted per year; divide by 12 for the monthly amount. Homeowners insurance depends on the home, location and coverage. HOA or condo fees are paid separately but belong in the housing budget. Use quotes for the specific home rather than averages.
What this estimate leaves out
Closing costs, discount points, utilities, maintenance and changes in escrow over time are not included, and adjustable-rate loans change after the fixed period. Compare the result with the Loan Estimate lenders must provide, and see the Amortization Calculator for the full month-by-month schedule.
Principal and interest on a $320,000 loan
| Rate | 15-year payment | 30-year payment | 30-year total interest |
|---|---|---|---|
| 5.5% | $2,614.67 | $1,816.92 | $334,093 |
| 6% | $2,700.34 | $1,918.56 | $370,682 |
| 6.5% | $2,787.54 | $2,022.62 | $408,142 |
| 7% | $2,876.25 | $2,128.97 | $446,428 |
| 7.5% | $2,966.44 | $2,237.49 | $485,495 |
Frequently asked questions
How is a mortgage payment calculated?
Principal and interest come from the loan amount, monthly rate and number of payments; taxes, insurance, PMI and HOA are added for the total.
What is PITI?
Principal, interest, taxes and insurance — the four parts most lenders include in the monthly payment.
Do I need PMI with less than 20% down?
On a conventional loan, PMI may be required when the down payment is below 20% of the price, according to the CFPB.
How much does a 15-year mortgage save?
On $320,000 at 6.5%, about $226,000 in interest compared with 30 years, in exchange for a payment about $765 higher.
Are closing costs included?
No. Closing costs and points appear on the Loan Estimate and are paid at or before closing.
Does the payment change over time?
Principal and interest stay fixed on a fixed-rate loan, but taxes and insurance collected in escrow can change.
Can I see the payment schedule?
Yes. The Amortization Calculator lists every payment with its interest, principal and balance.
What to keep in mind
US-oriented estimate for a fixed-rate, fully amortizing loan. Enter local quotes for taxes and insurance; closing costs, maintenance and changing escrow are excluded.
Results are rounded for display in US format, with money in dollars and cents; CSV exports keep full calculation precision. This is a calculation summary, not an official certificate.