Money Calculator
Mortgage Calculator
Estimate your total monthly mortgage payment, including taxes and insurance.
The 2023 US average is about 1.1% of home value per year.
Estimated monthly payment
$2,514.28
- Principal & interest
- $2,022.62
- Property tax
- $366.67
- Insurance
- $125.00
- Loan amount
- $320,000.00
- Total interest (life of loan)
- $408,142.36
How it works
This calculator estimates a full monthly housing payment — principal, interest, property tax, homeowners insurance, and HOA dues (sometimes called "PITI + HOA"). Principal and interest are fixed once you lock in a rate; property tax and insurance are estimated from annual rates you provide and will vary by location and insurer.
This does not include private mortgage insurance (PMI), which many lenders require when your down payment is below 20%, or one-time closing costs. Your actual payment from a lender may differ.
Formula
Loan amount = Home price − Down payment Monthly P&I = Loan × [r(1+r)^n] ÷ [(1+r)^n − 1], where r is the monthly rate and n is the number of monthly payments Monthly tax = (Home price × Property tax rate %) ÷ 12 Total monthly payment = P&I + Monthly tax + (Annual insurance ÷ 12) + Monthly HOA
Example
A $400,000 home with 20% down ($80,000), a $320,000 loan at 6.5% over 30 years, 1.1% annual property tax, and $1,500/year insurance: monthly P&I ≈ $2,022.62, plus ≈$366.67 tax and $125.00 insurance, for a total monthly payment of about $2,514.28.
Frequently asked questions
Does this include PMI?
No. Private mortgage insurance is typically required when your down payment is below 20% of the home price, and its cost varies by lender and credit profile. Factor it in separately if it applies to you.
How accurate is the property tax estimate?
Property tax rates vary significantly by state and even by county or city. This calculator applies the annual rate you enter to the full home price — check your local assessor's site for a more precise rate and note that some areas assess value differently than purchase price.
What isn't included in this estimate?
This doesn't include PMI, one-time closing costs, or maintenance. It's a planning estimate for your recurring monthly payment, not a loan offer.
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