Mortgage Payment Calculator With Taxes and PMI

Mortgage payment calculator

Home price ($) Down payment Down payment is in

Interest rate (% a year) Loan term Loan type

Property tax per year Tax is in Homeowners insurance ($ a year) HOA dues ($ a month)

PMI rate (% of loan a year, from your quote)

The rate box starts at Freddie Mac's PMMS 30-year average for the week of November 5, 2026 (7.18%; 15-year 6.57%, source). That is a national average, not a quote. Type the rate on your Loan Estimate.

Tax, insurance and PMI boxes start with example values. Replace them with figures for your home: your county assessor for tax, an insurance quote, and the PMI quote on your Loan Estimate.

How to use it

Enter the price and your down payment, as a percentage or in dollars.
Enter your interest rate. The box starts at Freddie Mac's survey average for the week shown under the form, a dated national average. Replace it with the rate on your Loan Estimate or a lender's quote.
Choose the loan type: conventional, FHA or VA. The calculator applies that program's mortgage insurance or funding fee rules.
Add property tax, homeowners insurance and HOA dues. The starting numbers are examples. Your county assessor's website usually lists the tax rate or the current bill for a property.

What the calculator does

Principal and interest use the standard formula for a fixed-rate loan:

M = P × r ÷ (1 − (1 + r)⁻ⁿ)

P is the amount borrowed, r the annual rate divided by 12, and n the number of monthly payments (360 for 30 years). Taxes and insurance are your yearly amounts divided by 12, the way an escrow account collects them.

Mortgage insurance depends on the loan type:

Loan type	Upfront	Monthly	When it ends
Conventional, under 20% down	Usually none	PMI, priced by the insurer	Automatically at 78% of original value on schedule; on request at 80%
FHA	1.75% of the base loan, usually financed	Annual MIP of 0.15% to 0.75%, by term, loan size and LTV	After 11 years if LTV at the start was 90% or less; otherwise for the life of the loan
VA	Funding fee: 1.25% to 3.3% for purchases, unless exempt	None	Not applicable

FHA rates follow HUD Mortgagee Letter 2023-05. For a loan over 15 years and a base amount up to $726,200, the annual premium is 0.50% at 95% LTV or less and 0.55% above 95%. VA funding fees follow the VA's current table: on first use, 2.15% with less than 5% down, 1.5% with 5% or more and 1.25% with 10% or more.

Worked example: $400,000 home, 20% down, 6.5%, 30 years

The loan is $320,000. The monthly rate is 0.065 ÷ 12 = 0.0054167, and n = 360. Principal and interest = 320,000 × 0.0054167 ÷ (1 − 1.0054167⁻³⁶⁰) = $2,022.62. With property tax of 1% of the price ($333.33 a month) and insurance of $1,800 a year ($150 a month), the payment is $2,505.95. No PMI applies at 20% down.

Change the down payment to 5% and the loan becomes $380,000, principal and interest $2,401.86, and PMI at an example 0.5% a year adds $158.33 a month. On that schedule the balance reaches 78% of the $400,000 price at payment 135, a little over 11 years in, which is when PMI must end automatically.

Limits

Fixed-rate loans only. Adjustable-rate payments change after the fixed period.
PMI pricing is a quote, not a formula. The CFPB notes that PMI rates vary by down payment and credit score. Enter the figure from your Loan Estimate.
Taxes and insurance change. The CFPB points out that your escrow payment, and so your total payment, changes when tax bills and premiums do.
The 2026 conforming limit. For most of the country, FHFA set the 2026 limit for a one-unit home at $832,750. A conventional loan above your county's limit is a jumbo loan, priced differently.

Results are estimates for education, not a loan offer. Read our guides to PMI and FHA versus conventional loans for the rules behind each line.

Common questions

What is PITI?

Principal, interest, taxes and insurance: the four parts of a typical monthly mortgage payment when taxes and insurance are paid through an escrow account. Mortgage insurance and HOA dues often come on top.

Why is my lender's payment different?

Lenders use your exact rate, your county's tax rate, your insurance quote and their mortgage insurance pricing. Small differences in any of these change the total. Your Loan Estimate shows the lender's figure.

Does the calculator include closing costs?

No. Closing costs are paid at closing, not monthly. Budget them separately; Freddie Mac says they typically run 2% to 5% of the purchase price.

Mortgage Payment Calculator With Taxes, PMI, FHA and VA