When should I enter a PMI rate?

PMI usually applies when your down payment is below 20 percent of the home price, so enter your lender's annual PMI rate in that case. The tool multiplies the loan amount by the rate and divides by 12. If you put 20 percent or more down, set the rate to 0 to remove PMI from the total.

Does the Mortgage Calculator include HOA fees?

No. The calculation covers principal, interest, property tax, home insurance, and PMI only. Homeowners association dues, utilities, and maintenance are not part of the total. Add those amounts to your monthly budget separately to get a realistic picture of total housing cost.

Can I enter my down payment as a dollar amount?

Yes. The down payment field has a small % / $ toggle beside it. In % mode the tool computes the amount from the home price; in $ mode the value you type is used directly. Both feed the same loan amount calculation: home price minus down payment.

Why is the property tax entered annually?

Property tax is billed as an annual figure on listings and assessments, so the field expects the yearly total. The tool divides it by 12 to produce the monthly escrow portion. Entering a monthly figure by mistake would understate the payment twelvefold, so check the hint text: annual.

How does the loan term change my payment?

A shorter term means fewer months over which to amortize the loan, so the monthly P+I rises but total interest falls sharply. A longer term does the opposite. Compare a 15-year and 30-year scenario side by side in this tool to see both effects at once.

Finance

Mortgage Calculator

Estimate monthly mortgage payments with taxes and insurance.

mortgagehomepaymentpiti

Loading tool…

About the Mortgage Calculator

The Mortgage Calculator estimates the true monthly cost of a home loan by building a full PITI payment — principal and interest, property tax, and home insurance — plus private mortgage insurance where it applies. Start with a home price and a down payment you can enter as a dollar amount or a percentage, then add the loan term, interest rate, annual property tax, annual home insurance, and a PMI rate. The calculator instantly shows your Monthly PITI as one large number, then splits it into Principal + interest, Property tax, Insurance, and PMI, and also reports the loan amount, down payment, and total monthly figure. Because taxes and insurance are rolled in, the result reflects what an escrowed payment actually looks like, not just the bare principal-and-interest quote a rate table shows. The PMI field follows the standard rule — it typically applies when your down payment is below 20 percent, and you set it to zero when it does not, exactly as the helper text explains. Home buyers use it to compare 15-year and 30-year terms, check whether 20 percent down removes PMI, and sanity-check lender quotes before committing to the biggest purchase of their lives.

Hand-written guide

Examples

Input

Home price = 400000, Down payment = 20 (%), Loan term = 30, Interest rate = 6.8, Property tax = 6000, Home insurance = 1400, PMI rate = 0.5

Output

Monthly PITI $2,836.16 (P+I $2,086.16 + Tax $500.00 + Insurance $116.67 + PMI $133.33)

Note: Loan = 400,000 − 80,000 = 320,000; P+I from r = 0.068/12 over 360 months is 2,086.16; PMI = 320,000 × 0.005 ÷ 12 = 133.33.

Input

Home price = 350000, Down payment = 35000 with $ selected, Loan term = 15, Interest rate = 6.5, Property tax = 4200, Home insurance = 1200, PMI rate = 0.5

Output

Monthly PITI $3,325.24 (P+I $2,743.99 + Tax $350.00 + Insurance $100.00 + PMI $131.25)

Note: Loan = 350,000 − 35,000 = 315,000; P+I over 180 months at r = 0.005417 is 2,743.99; tax 4,200 ÷ 12 = 350; PMI = 315,000 × 0.005 ÷ 12 = 131.25.

Input

Same as the first example but PMI rate = 0 (down payment of 20% or more)

Output

Monthly PITI $2,702.83

Note: Removing PMI drops the payment by 133.33: 2,086.16 + 500.00 + 116.67 = 2,702.83 — the saving from hitting 20% down.

How to use

1
Enter the Home price and your Down payment, toggling the button next to it between % and $ to match how you think about it.
2
Set the Loan term in years and the Interest rate as a percentage.
3
Under Monthly costs, fill in annual Property tax, annual Home insurance, and a PMI rate.
4
Read the large Monthly PITI figure, then the four-part breakdown beneath it.
5
Check the Loan amount, Down payment, and Total monthly stats to confirm the numbers match your plan.

Common use cases

Estimating the full monthly cost of a $400,000 home before house hunting.
Comparing a 15-year mortgage against a 30-year for the same purchase.
Deciding whether stretching to a 20% down payment is worth removing PMI.
Budgeting escrow-level payments including taxes and insurance from day one.
Evaluating two houses whose prices are similar but property taxes differ sharply.
Stress-testing how much a higher rate would add to a monthly payment.

Best practices

Enter property tax and insurance as annual figures — the tool divides them by 12 for the monthly view.
Set the PMI rate to 0 when your down payment is 20% or more, as the note under the fields advises.
Remember this estimate excludes HOA dues, utilities, and maintenance, which all belong in a real housing budget.
Use the loan amount stat to verify the down payment math before trusting the PITI figure.
Re-run the calculation after rate quotes change — the interest rate is the most sensitive input.
Treat PMI as an estimate: actual premiums vary by credit score and loan program.

Tips

Toggle the down payment between % and $ to see the same scenario both ways without mental math.
Compare the PITI of 30-year and 15-year terms to price the trade-off between payment and total interest.
The PMI line disappears from the math when you set it to 0 — use that to model a 20% down scenario.
Budget against the Monthly PITI number, not just P+I: taxes and insurance are real cash out every month.

Frequently asked questions

Principal, Interest, Taxes, and Insurance — the four components of a typical escrowed mortgage payment. This tool computes the P+I using the standard amortization formula, adds annual property tax and home insurance divided by 12, and layers on PMI when a rate is entered, displaying the total as Monthly PITI.

Explore more finance tools

Browse the full collection of finance tools on the hub, or jump back to all categories.

All Finance tools All categories