Mortgage calculator: monthly payment with taxes, insurance and PMI

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Enter a price, a down payment and a rate; pick your state to load its approximate property-tax rate and median price. The result is the full monthly payment lenders look at — principal and interest, property tax, homeowners insurance, mortgage insurance if you put less than 20% down, and HOA dues — plus the total interest over the loan and the month PMI can end. The rate is pre-filled with this week’s national average (6.76% for 30 years); replace it with your quote.

$2,945per month — $400,000 home, 10% down ($40,000), 6.76% over 30 years

Principal & interest	$2,337
Property tax (1%)	$333
Homeowners insurance	$125
Mortgage insurance (PMI)	$150 — ends after about 9 years and 1 months at 78% LTV
Loan amount	$360,000
Total interest over 30 years	$481,320

This is the worked example; enable JavaScript to recompute with your own numbers.

How the payment is built

Principal and interest come from the standard amortization formula on the loan amount (price minus down payment), the rate and the term; the payment tables print it for $150,000 to $800,000 at 5% to 8%. Property tax is the state’s approximate effective rate applied to the price and divided by twelve — your county and exemptions (homestead, senior) move it. Homeowners insurance varies from a few hundred dollars a year inland to several thousand on the coasts; get a quote before you rely on the default. PMI applies to conventional loans under 20% down and can be cancelled at 80% of the original value on request and automatically at 78%. HOA dues are counted by the lender in your ratios even though they are not paid to the lender.

What it leaves out

Closing costs (typically 2% to 5% of the price — see closing costs explained), FHA’s upfront and annual mortgage insurance premiums (different from PMI; see FHA vs conventional), VA funding fee, flood insurance where required, utilities and maintenance. It does not tell you how much house you can afford — the affordability guide does that from your income and debts — and it does not know your credit score, which changes both the rate and the PMI.

Same calculation on your state’s median home

Each state page runs this arithmetic on the state’s approximate median price at 3%, 5%, 10% and 20% down, and adds the first-time buyer programs and 2026 county loan limits.

Frequently asked questions

What does the monthly payment include?

Principal and interest on the loan, property tax (from the rate you enter — the state default is an approximate effective rate), homeowners insurance, private mortgage insurance when the down payment is under 20%, and HOA dues if any. Lenders call this PITI plus HOA; it is the figure they use to compute your debt-to-income ratio.

How is PMI estimated?

By order-of-magnitude annual rates that depend on the down payment: about 0.9% of the loan a year at 3% down, 0.75% at 5%, 0.5% at 10%, none at 20% or more. Your actual premium depends on credit score, loan size and insurer. The calculator also shows the month the balance reaches 78% of the price, when federal law requires the servicer to cancel PMI on a conventional loan.

Where does the default interest rate come from?

It is this week’s Freddie Mac national average for a 30-year fixed loan (6.76% as of September 10, 2026; 6.09% for 15 years). It is an average for well-qualified borrowers, not a quote — replace it with the rate on your Loan Estimate.

Does the calculator tell me how much I can afford?

No. It tells you what a given house costs each month. Affordability depends on your income, debts and the lender’s DTI limits; the how-much-house-can-I-afford guide walks through that arithmetic, and a pre-approval is the only answer that counts with a seller.