Mortgage Calculator with Taxes & Insurance
Estimate your monthly PITI payment plus optional HOA and PMI.
| # | Date | P&I Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| Run a calculation to see the schedule. | |||||
Use this Mortgage Calculator with Taxes and Insurance to estimate a more complete monthly housing payment, including principal, interest, property taxes, homeowners insurance, and optional HOA dues and PMI.
Important: This calculator provides a planning estimate. Your lender’s Loan Estimate and Closing Disclosure should be used for official mortgage payment and closing-cost figures.
Mortgage Payment Calculation Method
First calculate the mortgage amount:
Loan amount = home price − down payment
If you enter a loan amount directly, the calculator uses that amount instead.
For a fixed-rate mortgage, the monthly principal-and-interest payment is:
M = P × [r(1 + r)n] ÷ [(1 + r)n − 1]
Where:
- M = monthly principal and interest payment
- P = loan amount
- r = monthly interest rate
- n = total number of monthly payments
Monthly interest rate = annual interest rate ÷ 12 ÷ 100
Taxes, Insurance, HOA and PMI
Annual property taxes and homeowners insurance are converted to monthly amounts:
Monthly property tax = annual property tax ÷ 12
Monthly homeowners insurance = annual insurance ÷ 12
The estimated total monthly housing payment is:
Total monthly payment = principal and interest + property tax + insurance + HOA + PMI
This is similar to a PITI calculation, with optional HOA dues and mortgage insurance added when applicable.
Example
Suppose you are buying a $350,000 home with:
- 20% down payment
- 6.5% fixed interest rate
- 30-year mortgage
- $3,600 annual property tax
- $1,200 annual homeowners insurance
- $150 monthly HOA dues
- $75 monthly PMI
The down payment is:
$350,000 × 20% = $70,000
The mortgage amount is:
$350,000 − $70,000 = $280,000
The estimated monthly principal and interest payment is:
≈ $1,769.79
Monthly property tax:
$3,600 ÷ 12 = $300
Monthly homeowners insurance:
$1,200 ÷ 12 = $100
Total estimated monthly payment:
$1,769.79 + $300 + $100 + $150 + $75 = $2,394.79
If estimated closing costs are 3% of the purchase price:
Closing costs = $350,000 × 3% = $10,500
Using the calculator’s simplified method:
Estimated cash to close = $70,000 + $10,500 = $80,500
Important Notes
- Enter the mortgage interest rate rather than APR when estimating the scheduled principal-and-interest payment.
- Property taxes and homeowners insurance can change, so the total monthly payment may change even when principal and interest remain fixed.
- PMI may apply to some conventional mortgages with less than 20% down and increases the cost of the loan.
- HOA dues are generally separate housing expenses and may also change over time.
- The calculator’s cash-to-close figure is simplified. Actual cash to close may include prepaids, initial escrow deposits, lender or seller credits, deposits already paid, and other adjustments.
- Closing-cost percentages are estimates; actual lender and settlement charges vary considerably.
- The calculation is intended primarily for standard fixed-rate mortgages. Adjustable-rate, interest-only, balloon, FHA, VA, USDA, and other loan structures may require different calculations.
- Use your official Loan Estimate and Closing Disclosure when comparing or finalizing a mortgage.
Sources
- Consumer Financial Protection Bureau — What Is PITI?
- Consumer Financial Protection Bureau — How Mortgage Lenders Calculate Monthly Payments
- Consumer Financial Protection Bureau — Escrow Accounts
- Consumer Financial Protection Bureau — Loan Estimate Explainer
- Consumer Financial Protection Bureau — Private Mortgage Insurance