Mortgage Calculator
Model what a home costs each month, not just the loan. Property taxes, insurance, PMI, and HOA dues may add to the total monthly housing cost. Whether they are paid through escrow or separately depends on the loan and provider. This shows each of them side by side so the total is the whole picture. Enter the down payment as a percentage or a dollar amount, whichever you have.
Calculators
Private by default
This tool runs entirely in your browser. Your data is never uploaded to a server.
How it works
How the monthly housing cost is built up
P&I = L × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1) · monthly cost = P&I + tax/12 + insurance/12 + PMI/12 + HOA
The loan amount L is the price minus your down payment, r is the monthly interest rate, and n is the number of monthly payments. Everything else is an annual cost divided across twelve months, which is why the modelled total sits well above the principal-and-interest figure.
- Property tax here is a percentage of the purchase price. Real assessments use the assessed value, which may be lower and is reassessed on its own schedule.
- PMI here is charged on the loan balance, not the purchase price, and this tool stops charging it once the loan is at or below 80% of the purchase price. Real cancellation rules vary by loan program, lender, and law.
- HOA dues are passed through unchanged — they are not part of the loan and do not shrink as you pay it down. Property taxes, insurance, PMI, and HOA dues may add to the total monthly housing cost. Whether they are paid through escrow or separately depends on the loan and provider.
- Interest is front-loaded: early payments are mostly interest, so paying extra in the first years saves far more than the same amount later.
For reference
A $400,000 home at 6.5% over 30 years
Property tax 1.1% a year, insurance $1,800 a year, PMI 0.5% a year, no HOA.
| Down payment | Loan | P&I | PMI | Total monthly |
|---|---|---|---|---|
| 3% ($12,000) | $388,000 | $2,452 | $162 | $3,131 |
| 5% ($20,000) | $380,000 | $2,402 | $158 | $3,077 |
| 10% ($40,000) | $360,000 | $2,275 | $150 | $2,942 |
| 20% ($80,000) | $320,000 | $2,023 | none | $2,539 |
Property tax adds $366.67 and insurance $150 to every row. The bottom row carries no PMI because this calculator stops charging it at 80% loan-to-value; whether and when a real loan drops it depends on the program and lender.
How to use
4 clear steps.
Enter the home price and your down payment, as a percentage or an amount.
Set the interest rate and the term in years.
Fill in the property tax rate, annual insurance, PMI rate, and any HOA dues.
Read the estimated monthly housing cost and see what each part contributes.
Good to know
Frequently asked questions
- What does PITI mean?
- Principal, Interest, Taxes, and Insurance — the four parts lenders count when deciding what you can afford. This calculator shows all four plus PMI and HOA dues. Property taxes, insurance, PMI, and HOA dues may add to the total monthly housing cost. Whether they are paid through escrow or separately depends on the loan and provider.
- When do I have to pay PMI?
- PMI rules depend on the loan program, lender, and applicable law. For many conventional mortgages, cancellation may be requested when the principal balance reaches 80% of the home's original value, subject to additional conditions. FHA, VA, and other loan programs have different rules. This calculator applies a simplified version of that rule: it charges PMI while the loan is above 80% of the purchase price and stops there. Check your own loan documents for what actually applies.
- How is this different from the Loan Calculator?
- The Loan Calculator gives principal and interest only, which is the entire payment for a car or personal loan. This one adds the other recurring costs of owning the home, so the total reflects what the house costs each month rather than what the loan alone does.
- Why is my lender's quote higher?
- Real quotes add origination fees, points, escrow requirements, and sometimes flood or mortgage life insurance. Rates also depend on your credit profile. Treat this as an estimate for comparison, not an offer.