Mortgage Calculator
Estimate your full monthly house payment including tax, insurance, PMI and HOA.
About this mortgage calculator
Your monthly house payment is more than principal and interest. Lenders usually collect property tax and homeowners insurance in escrow, conventional loans add private mortgage insurance (PMI) when you put down less than 20%, and many neighborhoods charge HOA dues. Together these are often called PITI, and they can add hundreds of dollars a month — especially in high-tax states such as Texas.
This calculator adds every piece so you see the number that will actually leave your bank account, plus the loan amount, down payment and lifetime interest. Adjust the price, rate and down payment to see what you can comfortably afford before you talk to a lender.
How to use the Mortgage Calculator
- Enter the home price and your down payment as a percentage.
- Enter the interest rate and choose a loan term.
- Add your county's property tax rate, your insurance quote and any HOA dues.
- Review the total monthly payment and the breakdown of each part.
How the payment is calculated
Monthly = P&I + (price × tax% ÷ 12) + (insurance ÷ 12) + PMI + HOA
Principal and interest use the standard amortization formula on the loan amount (price minus down payment). PMI is estimated as an annual percentage of the loan and is only included when the down payment is below 20%; on a real conventional loan it can usually be removed once you reach 20% equity.
Worked example
A $350,000 home with 10% down ($35,000) at 6.5% for 30 years has a $315,000 loan and principal and interest of about $1,991. Add 1.8% property tax ($525/month), $200/month insurance and 0.5% PMI ($131/month), and the full payment is roughly $2,847 a month — about $856 more than principal and interest alone.
Tips for better results
- Property tax rates vary widely by county and school district; use the rate from the appraisal district for the exact address.
- Putting 20% down removes PMI on most conventional loans, which can save over $100 a month.
- A 15-year term has higher payments but usually a lower rate and far less total interest.
Frequently asked questions
What is PITI?
PITI stands for principal, interest, taxes and insurance — the four main parts of a typical mortgage payment.
When does PMI go away?
On conventional loans you can usually request PMI removal at 80% loan-to-value, and it ends automatically at 78% based on the original schedule. FHA mortgage insurance has different rules.
Does this include closing costs?
No. Closing costs are paid upfront, typically 2–5% of the loan amount, and are not part of the monthly payment.
This calculator provides estimates for planning only and is not financial advice. Confirm exact figures with your lender or a licensed professional.
Last reviewed: October 2026 · Results are calculated in your browser.
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