Mortgage Payment Calculator (With Taxes, Insurance & PMI)
Buying a home is one of the biggest financial decisions you'll ever make. Our free mortgage payment calculator helps you estimate your monthly payment, including principal, interest, property taxes, homeowners insurance, and PMI. Whether you're purchasing your first home or refinancing an existing loan, this tool shows exactly what you'll pay each month and how much interest you'll spend over time.
Modify the values and click calculate to use
10.00% down payment
Include Taxes & Costs
PMI required (down payment < 20%)
Additional payment applied to principal
For affordability analysis (28/36 rule)
Summary
Monthly Payment
$3,075
What-If Scenarios
Click any scenario to see how it affects your mortgage:
Smart Summary
| Item | Monthly | Total |
|---|---|---|
| Mortgage Payment | $2,275.44 | $819,160.16 |
| Property Tax | $500.00 | $180,000.00 |
| Home Insurance | $150.00 | $54,000.00 |
| PMI | $150.00 | $54,000.00 |
| Total Out-of-Pocket | $3,075.44 | $1,107,160.16 |
Payment Breakdown
Personalized Tips
Adding $100/month saves more than $62,908.
You could remove PMI earlier by increasing payments or putting down 20%.
Switching to 15-year could save $254,683 in interest.
You can request PMI removal in year 13 when your loan-to-value ratio drops below 80%.
Amortization Schedule
| Year | Period | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | 1/30-12/30 | $4,024 | $23,282 | $355,976 |
| 2 | 13/30-24/30 | $4,293 | $23,012 | $351,683 |
| 3 | 25/30-36/30 | $4,581 | $22,725 | $347,102 |
| 4 | 37/30-48/30 | $4,888 | $22,418 | $342,214 |
| 5 | 49/30-60/30 | $5,215 | $22,090 | $337,000 |
| 6 | 61/30-72/30 | $5,564 | $21,741 | $331,435 |
| 7 | 73/30-84/30 | $5,937 | $21,368 | $325,498 |
| 8 | 85/30-96/30 | $6,334 | $20,971 | $319,164 |
| 9 | 97/30-108/30 | $6,759 | $20,547 | $312,405 |
| 10 | 109/30-120/30 | $7,211 | $20,094 | $305,194 |
| 11 | 121/30-132/30 | $7,694 | $19,611 | $297,500 |
| 12 | 133/30-144/30 | $8,210 | $19,096 | $289,290 |
| 13 | 145/30-156/30 | $8,759 | $18,546 | $280,531 |
| 14 | 157/30-168/30 | $9,346 | $17,959 | $271,185 |
| 15 | 169/30-180/30 | $9,972 | $17,333 | $261,213 |
| 16 | 181/30-192/30 | $10,640 | $16,666 | $250,573 |
| 17 | 193/30-204/30 | $11,352 | $15,953 | $239,221 |
| 18 | 205/30-216/30 | $12,113 | $15,193 | $227,108 |
| 19 | 217/30-228/30 | $12,924 | $14,382 | $214,184 |
| 20 | 229/30-240/30 | $13,789 | $13,516 | $200,395 |
| 21 | 241/30-252/30 | $14,713 | $12,592 | $185,682 |
| 22 | 253/30-264/30 | $15,698 | $11,607 | $169,984 |
| 23 | 265/30-276/30 | $16,750 | $10,556 | $153,234 |
| 24 | 277/30-288/30 | $17,871 | $9,434 | $135,363 |
| 25 | 289/30-300/30 | $19,068 | $8,237 | $116,295 |
| 26 | 301/30-312/30 | $20,345 | $6,960 | $95,950 |
| 27 | 313/30-324/30 | $21,708 | $5,598 | $74,242 |
| 28 | 325/30-336/30 | $23,162 | $4,144 | $51,081 |
| 29 | 337/30-348/30 | $24,713 | $2,593 | $26,368 |
| 30 | 349/30-360/30 | $26,368 | $938 | $0 |
Export & Share
Amortization Schedule
How a Mortgage Payment Is Calculated
A mortgage payment is made up of several parts. Understanding each component helps you avoid surprises and plan your budget more accurately.
1. Principal
This is the amount you borrow from the lender to buy your home.
2. Interest
The lender charges interest as the cost of borrowing money. Your rate depends on your credit score, loan term, and market conditions.
3. Property Taxes
Local governments charge property taxes annually. These are often included in your monthly mortgage payment through an escrow account.
4. Homeowners Insurance
Protects your home from damages or disasters. Lenders typically require it.
5. PMI (Private Mortgage Insurance)
If your down payment is less than 20%, lenders usually require PMI to protect themselves.
Mortgage Payment Formula
Monthly payment is calculated using:
M = P × [ r(1+r)^n ] / [ (1+r)^n − 1 ]
Where:
- M = monthly payment
- P = loan amount
- r = monthly interest rate
- n = number of payments
Our calculator automatically applies this formula for you.
Example Scenario
- Home price: $400,000
- Down payment: 20% ($80,000)
- Loan: $320,000
- Rate: 6.5%
- Term: 30 years
Estimated payment:
- Principal + Interest: $2,022
- Taxes: $350
- Insurance: $120
- Total: $2,492/month
How Much House Can You Afford?
Experts recommend:
- housing ≤ 28% of income
- total debt ≤ 36%
If your monthly income is $6,000:
Max home payment ≈ $1,680–$2,100
Use our affordability calculator next to estimate your safe budget.
15 vs 30 Year Mortgage
30-year
✅ lower monthly
❌ more interest paid
15-year
✅ save huge interest
❌ higher monthly
Tip: choose 30-year and pay extra to simulate 15-year flexibility.
Ways to Lower Your Mortgage Payment
- increase down payment
- improve credit score
- compare lenders
- remove PMI early
- refinance when rates drop
- make extra principal payments
Even $100 extra/month can save thousands.
When Should You Refinance?
Refinancing makes sense if:
- rates drop 1%+
- you plan to stay 3+ years
- you want lower monthly payments
Use our refinance calculator to check savings.
Why Use Our Mortgage Calculator?
- ✔ includes taxes + insurance
- ✔ supports extra payments
- ✔ shows amortization table
- ✔ mobile friendly
- ✔ 100% free
- ✔ no signup required
Mortgage Calculator FAQs
Related Financial Calculators
This visit earned: $0.0000