Mortgage Calculator — Home Loan Payment With Taxes, Insurance & PMI

A mortgage — called a home loan in many parts of the world, and used interchangeably with that term throughout this page — is a loan secured by real estate, repaid through fixed monthly installments over a set term, most commonly 15 or 30 years in the US. Each monthly payment is split between interest (the lender's charge for the loan) and principal (the amount that actually reduces your remaining balance), following the same standard amortization math used for any installment loan.

But the number most homeowners actually feel every month is usually bigger than principal and interest alone. If your lender requires an escrow account, your property taxes and homeowners insurance are collected as part of your monthly payment and held until they're due. If your down payment was under 20%, private mortgage insurance (PMI) is typically added on top. Together, principal, interest, taxes, and insurance are known by the acronym PITI — and it's the number you should budget against, not just the principal-and-interest figure a rate quote usually leads with.

Whether you call this a mortgage calculator or a home loan calculator, the underlying math is identical. If you're also weighing how big a loan you can responsibly take on in the first place, pair this page with our mortgage affordability calculator.

This calculator has two modes depending on how complete a picture you want.

Principal & Interest

Enter the home price, your down payment, the interest rate, and the loan term. The calculator subtracts your down payment from the home price to get your loan amount, then applies the standard amortization formula to compute your monthly principal-and-interest payment, total interest over the life of the loan, and the total of all payments.

Full Payment (PITI)

Use this mode for a realistic monthly budgeting number. In addition to the four Principal & Interest inputs, enter your annual property tax bill, your annual homeowners insurance premium, and your monthly PMI amount (enter 0 if you're putting down 20% or more, since PMI typically isn't required at that point). The calculator adds one-twelfth of your annual tax and insurance figures, plus PMI, on top of principal and interest to give you the total monthly payment you should actually plan around.

The monthly principal-and-interest payment uses the standard loan amortization formula: M = P × r × (1 + r)^n / [(1 + r)^n − 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments (loan term in years × 12).

For the full PITI payment, the calculator simply adds the escrowed and insurance-related costs on top: Total Monthly Payment = P&I + (Annual Property Tax ÷ 12) + (Annual Home Insurance ÷ 12) + Monthly PMI. Property tax and insurance are entered as annual figures because that's how they're typically billed (once or twice a year), then divided by 12 to get the monthly escrow contribution. PMI is entered directly as a monthly dollar amount, since that's how it appears on a loan estimate — if you only know PMI as an annual percentage of your loan (commonly 0.5%–1%), multiply that percentage by your loan amount and divide by 12 to get the monthly figure to enter.

Example 1: Principal & Interest on a $400,000 Loan

A home priced at $500,000 with a $100,000 (20%) down payment leaves a $400,000 loan amount at 6.5% for 30 years. The monthly rate is 6.5% ÷ 12 ÷ 100 = 0.0054167, and n = 360 payments. Plugging into the formula gives a monthly principal-and-interest payment of approximately $2,528.27. Over 30 years that's a total of about $910,177 paid, meaning roughly $510,177 in interest on top of the original $400,000 — more than the loan amount itself, which is normal for a 30-year term at this rate.

Example 2: The Full PITI Payment

Now take a smaller home: $350,000 price, $35,000 (10%) down, leaving a $315,000 loan at 6.75% for 30 years. Principal and interest alone comes to about $2,043.08 per month. Add $3,600 in annual property tax ($300/month), $1,200 in annual insurance ($100/month), and PMI of $131.25/month (roughly 0.5% of the $315,000 loan per year, since the down payment is under 20%), and the full monthly payment rises to $2,574.33 — about 26% more than the principal-and-interest figure alone. This is the gap that catches many first-time buyers off guard when they budget only against the number a rate quote leads with.

Example 3: What 20% Down Actually Buys You

Take that same $350,000 home but raise the down payment from $35,000 (10%) to $70,000 (20%). The loan amount falls to $280,000, which alone reduces principal and interest from about $2,043 to roughly $1,816 per month at the same 6.75% rate — and because you've now hit the 20% threshold, PMI likely drops to $0. Combined, the monthly PITI payment falls from about $2,574 to roughly $2,216, a difference of nearly $360/month, illustrating why reaching 20% down is such a commonly cited savings target.

Property Tax and Insurance Vary a Lot by Location

Property tax rates differ enormously by state, county, and even school district, and homeowners insurance premiums vary by region, construction type, and flood or wildfire risk. Use your specific property's actual tax assessment and an actual insurance quote whenever possible rather than a national average — the difference between a low-tax and high-tax area can easily add several hundred dollars a month to PITI on an identical loan.

HOA Fees Are Not Included

If your home is part of a homeowners association, condo association, or co-op, HOA or maintenance fees are a real recurring housing cost that this calculator does not include in PITI, since they go to the association rather than your lender. Add your HOA dues on top of the total this calculator produces to get your true all-in monthly housing cost.

This Assumes a Fixed Rate for the Full Term

If you're considering an adjustable-rate mortgage, this calculator's single fixed-rate payment only describes the initial period. Use our ARM calculator to see how your payment could change after the fixed period ends.

Closing Costs Are Separate

This calculator covers your ongoing monthly payment, not the one-time closing costs due at purchase (appraisal, title, origination fees, and more). Budget for those separately — they typically run 2%–5% of the loan amount.

All content on this page is educational and does not constitute financial, legal, or tax advice. Actual mortgage terms, escrow requirements, and PMI rules vary by lender and loan program — confirm all figures with your lender before making a home-buying decision.