Mortgage Payment Calculator (With Taxes, Insurance and PMI)
Quick answer
A mortgage payment includes principal and interest (based on loan amount, rate and term) plus property tax, homeowners insurance, and PMI or HOA dues if they apply. For example, a $360,000 30-year loan at 6.5% is about $2,275 a month in principal and interest before taxes and insurance.
Use our free mortgage calculator to see your full monthly payment, not just principal and interest. It includes property tax, insurance, PMI and HOA, and shows how much interest you pay over the life of the loan.
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Mortgage Payment Calculator
See your full monthly payment: principal and interest, property tax, insurance, PMI and HOA.
What is in a mortgage payment?
Your monthly mortgage payment is often called PITI:
- Principal: the part that pays down your loan balance.
- Interest: what the lender charges to borrow the money.
- Taxes: property taxes, usually collected monthly into an escrow account.
- Insurance: homeowners insurance, also often paid through escrow.
Many buyers also pay PMI (private mortgage insurance) if they put less than 20% down on a conventional loan, and HOA dues if the home is in an association.
How interest rates change your payment
Here is the principal and interest on a $360,000, 30-year loan (a $400,000 home with 10% down) at different rates. Taxes, insurance and PMI are extra.
| Interest rate | Monthly principal and interest | Total interest over 30 years |
|---|---|---|
| 5.5% | $2,044 | $375,855 |
| 6% | $2,158 | $417,017 |
| 6.5% | $2,275 | $459,160 |
| 7% | $2,395 | $502,232 |
| 7.5% | $2,517 | $546,182 |
Every half-point in rate changes this payment by roughly $115 to $125 a month, and total interest by over $40,000. That is why shopping several lenders matters.
How amortization works
In the early years, most of each payment goes to interest. In this example at 6.5%, the first year of payments ($27,305) includes about $23,282 of interest and only about $4,024 of principal. Over time the balance falls, so more of each payment goes to principal. Extra payments toward principal early on save the most interest.
Your rate, down payment and loan term matter more than almost anything else. Compare at least three lenders.
How to lower your monthly payment
- Shop lenders: get Loan Estimates from at least three lenders on the same day.
- Improve your credit score before applying; better scores usually get lower rates.
- Put more down to shrink the loan and avoid PMI at 20%.
- Choose a less expensive home or a lower-tax area.
- Shop homeowners insurance every year.
- Ask about points: paying points at closing can lower the rate if you plan to stay long-term.
- Remove PMI once you reach 20% equity. See what PMI is and how to drop it.
Don't forget the upfront costs
Besides the down payment, buyers usually pay closing costs of about 2% to 5% of the loan amount. Use our closing cost calculator and our house affordability calculator to plan the full budget.
Mortgage checklist
- Know your full PITI payment.
- Compare 3+ lenders.
- Check your credit score.
- Plan for closing costs.
- Keep an emergency fund.
How to use the mortgage payment calculator step by step
The mortgage payment calculator above gives the most useful answer when you fill in realistic numbers rather than the defaults. Here is how to get each input right.
- Home price: use the price range you are actually shopping in, not your maximum approval.
- Down payment: enter the percent you will really put down after keeping cash for closing costs and an emergency fund.
- Interest rate: use a rate from a recent Loan Estimate or lender quote if you have one.
- Loan term: compare 30, 20 and 15 years to see the trade-off between payment and total interest.
- Property tax: look up the rate for the specific county or city, since it varies a lot by location.
- Home insurance: get a quote for a similar home, especially in storm or wildfire areas.
- PMI: leave this in if you are putting less than 20% down on a conventional loan.
- HOA: add the monthly dues for condos, townhomes and many newer neighborhoods.
Full monthly payment example (PITI + PMI)
Principal and interest are only part of the bill. Here is a worked example for the same $400,000 home with 10% down at 6.5% for 30 years, using simple example assumptions for the other costs.
| Part of the payment | Example assumption | Monthly amount |
|---|---|---|
| Principal and interest | $360,000 loan, 6.5%, 30 years | $2,275 |
| Property tax | 1% of home price per year | About $333 |
| Homeowners insurance | $1,800 per year | $150 |
| PMI | 0.5% of loan per year | $150 |
| HOA | None in this example | $0 |
| Total monthly payment | About $2,908 |
In this example, taxes, insurance and PMI add about $633 a month on top of principal and interest. That is why a mortgage payment calculator that includes PITI gives a much more honest picture than a basic loan calculator. If the home will be a rental, check cash flow with our rental property calculator. Property tax is a big part of the monthly payment, so compare your state in our property tax by state guide.
How your down payment changes the payment
Using the same $400,000 home at 6.5% for 30 years, here is how principal and interest change with different down payments:
| Down payment | Loan amount | Monthly principal and interest | Total interest over 30 years | PMI? |
|---|---|---|---|---|
| 5% ($20,000) | $380,000 | $2,402 | $484,669 | Usually yes |
| 10% ($40,000) | $360,000 | $2,275 | $459,160 | Usually yes |
| 20% ($80,000) | $320,000 | $2,023 | $408,142 | No |
Going from 10% to 20% down lowers principal and interest by about $252 a month and usually removes PMI as well, which in the example above saves another $150 a month.
15-year vs 20-year vs 30-year mortgage
| Loan term | Monthly principal and interest | Total interest |
|---|---|---|
| 30 years | $2,275 | $459,160 |
| 20 years | $2,684 | $284,175 |
| 15 years | $3,136 | $204,478 |
A 15-year loan costs about $861 more a month in this example but saves more than $254,000 in interest. A 20-year term is a middle ground. Try each term in the mortgage payment calculator to find a payment you can carry comfortably.
What extra payments can do
Adding $200 a month toward principal on the $360,000, 6.5%, 30-year loan in this example would pay it off in about 24 years instead of 30 and save roughly $109,000 in interest. Even small, regular extra payments help, especially in the early years when most of each payment goes to interest. Check that your loan has no prepayment penalty and ask the servicer to apply extra money to principal.
Common mistakes when estimating a mortgage payment
- Using only principal and interest and forgetting taxes, insurance and PMI.
- Assuming property tax will match the seller's bill; reassessment after a sale can raise it.
- Leaving out HOA dues on condos and townhomes.
- Using an optimistic rate instead of a real quote.
- Forgetting maintenance, often planned at about 1% of the home price per year.
- Stretching to the lender's maximum instead of a payment that leaves room for savings.
If you have not started yet, our guide on how to get pre-approved for a mortgage explains documents, DTI and comparing lenders. Run several scenarios in the mortgage payment calculator before you make an offer, so you know exactly what each price means for your monthly budget.
When to run the numbers again
- When you get a new rate quote or lock a rate.
- After you find a specific home and know its tax bill and HOA dues.
- When your insurance quote comes in, especially in high-risk areas.
- If you change your down payment or loan type.
- Before refinancing, to compare your current payment with a new one.
Rates, taxes and insurance all change, so treat any estimate as a snapshot. Rechecking your numbers in the mortgage payment calculator at each step keeps your budget accurate from first search to closing day.
Helpful resources: For more on mortgage payment calculator, see the Consumer Financial Protection Bureau and U.S. Department of Housing and Urban Development.
Mortgage payment calculator: frequently asked questions
How is a mortgage payment calculated?
Principal and interest use the amortization formula based on the loan amount, interest rate and term. Property tax, homeowners insurance, PMI and HOA dues are then added to get the full monthly payment.
What is PITI?
PITI stands for principal, interest, taxes and insurance, the four main parts of a typical monthly mortgage payment.
How much is the payment on a $360,000 mortgage?
At 6.5% for 30 years, principal and interest is about $2,275 a month. Taxes, insurance and PMI add more.
Does a lower interest rate make a big difference?
Yes. On a $360,000, 30-year loan, each half-point lower saves roughly $115 to $125 a month and tens of thousands of dollars in interest.
Does a mortgage payment calculator include taxes and insurance?
Ours does. Enter your property tax rate, yearly homeowners insurance, PMI rate and HOA dues to see the full monthly payment, not just principal and interest.
How much is a mortgage payment on a $400,000 house?
With 10% down at 6.5% for 30 years, principal and interest is about $2,275 a month. With example taxes, insurance and PMI, the full payment is closer to $2,900.
Sources: Consumer Financial Protection Bureau, Fannie Mae, Freddie Mac. Prices are national planning ranges, not quotes. See how we research costs.
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