FREE TOOL · MONEY

Mortgage Calculator

The payment your lender quotes is only part of the story. Enter the price, down payment, and rate — this calculator adds property tax, homeowners insurance, PMI, and HOA to show the real monthly check, the full amortization schedule, and whether the payment fits the 28% rule.

124

Your true monthly mortgage payment

Principal and interest plus every recurring cost lenders roll into escrow. On the defaults ($425,000 price, $85,000 down, 6.5% for 30 years): $2,149.03 of principal & interest plus $504.17 of tax and insurance = $2,653.20 a month, $433,651.26 of total interest.

Home price ($)

The purchase price before the down payment comes off.

Down payment ($)

Cash you put in up front. Under 20% of the price, PMI usually applies.

Interest rate (% APR)

The annual rate on the loan. Fixed-rate math — ARMs need a different tool.

Loan term

Shorter terms mean a bigger check but far less total interest.

Annual property tax ($)

Roughly 1% of the price is a decent first guess in most states.

Annual homeowners insurance ($)

Hazard insurance, usually collected monthly through escrow.

PMI rate (% per year)

Private mortgage insurance, charged only while your down payment is under 20%. Typical: 0.3–1%.

Monthly HOA dues ($)

Condo or HOA fees, if any. Zero is fine.

Gross monthly income ($)

Optional — used only to check the payment against the 28% affordability rule.

Your total monthly payment—Enter your price, down payment, and rate

Principal & interest—

—tax, insurance, PMI & HOA on top

Total monthly payment—

Year-by-year payoff schedule

Year	Interest paid	Principal paid	Balance left

Enter your numbers above.

How it works: monthly principal & interest = loan × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), with r = APR ÷ 12 and n = years × 12. Property tax and insurance are split into twelfths and added; PMI = loan × PMI rate ÷ 12 while the down payment is under 20%. On the defaults: $2,149.03 P&I + $354.17 tax + $150.00 insurance = $2,653.20/mo, $433,651.26 total interest. Nothing you type leaves your device.

The payment is bigger than principal & interest

Lenders quote principal and interest — the loan itself. But the check you write each month is usually PITI: principal, interest, property tax, and homeowners insurance, collected through an escrow account. Add PMI (under 20% down) and HOA dues, and the real payment on the defaults is $2,653.20 — $504.17 a month more than the $2,149.03 of principal and interest.

Output · formula · meaning

Output	Formula	What it means
Monthly principal & interest	loan × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)	The loan payment itself: $2,149.03 on the defaults ($340,000 at 6.5% for 360 months).
Monthly tax & insurance	annual ÷ 12	Your escrow slice: $354.17 tax + $150.00 insurance on the defaults.
Monthly PMI	loan × PMI rate ÷ 12 (only if down < 20%)	$0 on the defaults (20% down). At 10% down it would be $159.38/mo.
Total monthly payment	P&I + tax + insurance + PMI + HOA	The check you actually write: $2,653.20 on the defaults.
Total interest	P&I × n − loan	The price of borrowing: $433,651.26 over 30 years on the defaults — more than the loan itself.
Payoff date	today + n months	When the loan ends if you never pay extra. The schedule below shows every year on the way there.

Worked example: the $425,000 house at 6.5%

Price $425,000, down payment $85,000 (20%), so the loan is $340,000. At 6.5% APR for 30 years: monthly rate r = 0.065 ÷ 12 = 0.0054167, n = 360. P&I = 340,000 × 0.0054167 × (1.0054167)³⁶⁰ ÷ ((1.0054167)³⁶⁰ − 1) = $2,149.03. Add $4,250 ÷ 12 = $354.17 tax and $1,800 ÷ 12 = $150.00 insurance: total $2,653.20/mo. Over 360 payments you hand the lender $773,651.26 — $433,651.26 of it pure interest. In month one, $1,841.67 of the $2,149.03 is interest and only $307.36 touches principal: early payments are almost all interest.

Who uses this

Homebuyers: turning a listing price into the real monthly number before falling in love with a house.
Refinancers: comparing the current payment against a new rate and term, side by side.
Budget planners: checking a payment against take-home pay with the 28% rule before making an offer.
Students & researchers: seeing amortization in action — the schedule shows exactly when principal takes over.

Accuracy & limitations

This is fixed-rate math: adjustable-rate mortgages, interest-only periods, and biweekly plans follow different formulas. Property tax and insurance are estimates you supply — real escrow amounts move yearly, and lenders re-analyze escrow annually. PMI drop-off timing assumes the balance alone (no appreciation); in practice, a new appraisal showing 20% equity can end PMI sooner. Figures round to cents; the schedule compounds monthly. This page does arithmetic, not lending advice — confirm the final numbers on your loan estimate.

See what extra payments do in the extra loan payment calculator, compare payment frequencies with the biweekly mortgage calculator, check whether the payment fits your income in how much house you can afford, and learn how take-home pay is calculated for the 28% rule’s denominator.

Cite this calculatorBright Side Kit. “Mortgage Calculator with PMI & Taxes.” brightoolbox.com, 2026.

Bright Side Kit. "Mortgage Calculator with PMI & Taxes." https://brightoolbox.com/mortgage-calculator/ Accessed October 21, 2026.

Embed this calculator

<iframe src="https://brightoolbox.com/mortgage-calculator/" width="100%" height="640" style="border:0;border-radius:12px" title="Mortgage Calculator with PMI &mdash; Bright Side Kit" loading="lazy"></iframe><p style="font-size:.8rem"><a href="https://brightoolbox.com/mortgage-calculator/">Mortgage Calculator with PMI & Taxes</a> by Bright Side Kit</p>

Paste this into any web page to embed the live calculator. The “Bright Side Kit” link below it must stay intact.

Frequently asked questions

How is a monthly mortgage payment calculated?

With the amortization formula: payment = loan × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where r is the monthly rate (APR ÷ 12) and n is the number of payments. On $340,000 at 6.5% for 360 months that gives $2,149.03 of principal and interest — then tax, insurance, PMI, and HOA are added on top.

What does PITI stand for?

Principal, Interest, property Tax, and homeowners Insurance — the four parts of a typical mortgage payment. Lenders usually collect the tax and insurance slices monthly into an escrow account and pay the bills for you. PMI and HOA dues sit outside PITI but land in the same monthly check.

When does PMI go away?

Three routes: you can request cancellation at 20% equity (80% loan-to-value), the lender must automatically drop it at 78% LTV under the federal Homeowners Protection Act, and it ends at the loan’s midpoint regardless. Appreciation counts — a new appraisal showing 20% equity can end PMI years early. The calculator shows your balance falling toward those lines in the schedule.

Is a 15-year mortgage better than a 30-year?

Cheaper, not easier. On the $340,000 loan at 6% for 15 years the payment is $2,869.11 but total interest is only $176,440 — about $217,000 less than the same loan stretched over 30 years at 6% ($2,038.47/mo, $393,850 of interest). The trade: a payment about 40% higher, which has to fit your budget every single month. Run both terms above and compare the interest lines.

How much house can I afford?

The classic lender guideline is the 28% rule: keep PITI at or under 28% of gross monthly income. Enter your income above and the calculator checks it for you — $2,653.20 needs about $9,476/mo ($113,700/yr) to sit at 28%. The full method is in how much house you can afford.

Do extra principal payments really make a difference?

Enormously — every extra dollar skips the interest it would have accrued for the rest of the loan. An extra $200 a month on the default loan pays it off in 284 months instead of 360 (about 6 years early) and saves roughly $107,000 in interest. Model it precisely in the extra loan payment calculator.