Calculate your monthly mortgage payment with taxes and insurance
Enter the home price, down payment, interest rate and loan term, then add your annual property tax, home insurance and any HOA or PMI. The result shows your full monthly PITI payment (principal, interest, taxes, insurance) plus lifetime totals — drag the sliders to see how each input moves your payment.
Most people choose 30-year for lower monthly payments. 15-year saves thousands in interest but costs more each month.
Principal & interest uses M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount after down payment, r the monthly interest rate (annual ÷ 12), and n the number of payments. Property tax, insurance, HOA and PMI are added monthly to give the full PITI figure.
On a $400,000 home with $80,000 down, you finance $320,000 at 7.25% for 30 years. Principal and interest is $2,183; adding $400 tax and $100 insurance gives a full payment of $2,683. Over 30 years, interest alone reaches $465,867 — which is why comparing rates matters so much.
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a standard monthly mortgage payment. This calculator includes all four, plus HOA fees and PMI if applicable. Your full housing payment is often called your "PITI + HOA + PMI."
Conventional: Not government-backed, typically requires 3-20% down. FHA: Government-backed, allows 3.5% down but requires mortgage insurance for the life of the loan. VA: For veterans and active duty military, offers 0% down with no monthly PMI. USDA: For rural homebuyers, also offers 0% down.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% on a conventional loan. It protects the lender, not you. You can request to remove PMI once you reach 20% equity (based on the original appraisal), and it automatically falls off at 22% equity by law.
It depends on your budget. A 30-year mortgage has lower monthly payments but you pay much more interest over time. A 15-year mortgage has higher monthly payments but lower interest rates and you build equity faster. Most homebuyers choose the 30-year because it's more affordable.
ARM stands for Adjustable-Rate Mortgage. A 5/1 ARM has a fixed rate for the first 5 years, then adjusts annually. ARMs usually start with lower rates than fixed mortgages, but your payment can go up significantly after the initial period. They're best if you plan to sell or refinance before the rate adjusts.
Usually yes. Most lenders set up an escrow account, where they collect 1/12 of your annual property tax and home insurance each month along with your principal and interest. They pay these bills on your behalf when they're due.