Category
Finance
Enter Mortgage Details
Estimate monthly housing payment including principal, interest, taxes, insurance, and PMI.
$
Cash paid upfront toward the home price. A larger down payment lowers the loan amount and may reduce PMI.
$
Use the annual mortgage rate (APR). The calculator converts it to a monthly rate for payment math.
%
Length of the mortgage in years. Longer terms lower payments but usually increase total interest paid.
years
Enter the yearly property tax amount, not monthly. This is added to your housing cost estimate.
$
Enter the yearly homeowners insurance premium. This is separate from PMI and is added to monthly housing costs.
$
PMI is private mortgage insurance for low down-payment loans. Enter only the monthly PMI amount charged by your lender.
$
Enter PMI as a monthly dollar amount. Use $0 if none applies.
Mortgage Planning Tips
- A larger down payment lowers loan amount and interest cost.
- Property taxes and insurance can materially change monthly payment.
- Use conservative rate assumptions when budgeting long-term housing costs.
How Mortgage Payments Are Calculated
This mortgage estimate combines principal and interest with annual property taxes, home insurance, and monthly PMI.
Monthly Housing = Mortgage Payment + (Annual Taxes + Annual Insurance) / 12 + Monthly PMI
Monthly Housing- total monthly housing cost
Mortgage Payment- monthly principal and interest payment from the amortized loan
Annual Taxes- yearly property tax amount
Annual Insurance- yearly homeowners insurance amount
Monthly PMI- private mortgage insurance amount paid each month
- Taxes and insurance can materially raise total monthly housing cost.
- PMI is entered as a monthly dollar amount and added to monthly housing cost.
- A larger down payment lowers principal and long-term interest.
- Shorter loan terms increase monthly payment but lower lifetime interest.
- Use conservative tax and insurance estimates when planning your housing budget.
Example Scenarios
Starter home
$320,000 home, 10% down, 6.25% for 30 years
Payment varies by taxes/insurance setup
Move-up home
$525,000 home, 20% down, 6.5% for 30 years
Lower interest cost than smaller down payment
Refinance scenario
$300,000 balance, 5.75% for 20 years
Higher monthly, less total interest
Frequently Asked Questions
Does this include PMI?
Yes. Enter PMI as a monthly dollar amount in the PMI field to include it in payment and schedule results.
Why are taxes and insurance separate?
They are not loan interest but are usually escrowed and paid monthly with your mortgage.
Should I choose 15 or 30 years?
15-year loans cost more monthly but substantially reduce total interest.
Can I use this for adjustable-rate mortgages?
This model assumes a fixed rate. ARM payments can change over time.
Amortization Schedule
Loading schedule...
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| Payment # | Date | Principal | Interest | PMI | Remaining Balance |
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