Mortgage Calculator with Taxes and Insurance

Start by entering the home price and your planned down payment. The calculator shows your down payment percentage and automatically determines whether PMI applies (below 20%). Set the interest rate from your lender's offer and choose your loan term.

Enter your estimated annual property tax and homeowner's insurance. These are divided by 12 and added to your monthly payment. If PMI applies, set the PMI rate (typically 0.3-1.5% of the loan amount). The calculator shows your total PITI payment with a four-segment breakdown chart.

The balance chart includes a PMI drop-off marker showing exactly when PMI will be removed. Export the full amortization schedule to CSV for your records or share the calculation with your real estate agent.

Your mortgage payment has four components. The base P&I (principal and interest) is calculated using the standard amortization formula with your loan amount (home price minus down payment), interest rate, and term length.

Monthly P&I = L × r(1+r)ⁿ / ((1+r)ⁿ - 1)

Property tax is your annual assessment divided by 12. Homeowner's insurance is similarly annualized. PMI is calculated as a percentage of the original loan amount, divided by 12 for the monthly cost.

PMI automatically drops off when your remaining balance reaches 80% of the original home price (80% loan-to-value ratio). This is tracked month-by-month in the amortization schedule. The total PITI payment may decrease when PMI is removed.

All calculations use standard fixed-rate mortgage math. Adjustable-rate mortgages, interest-only periods, and balloon payments are not covered by this calculator.

1. Put 20% down to avoid PMI. PMI can add hundreds to your monthly payment and provides no benefit to you. If you can afford 20% down, you eliminate this cost entirely and start with more equity in your home.

2. Shop multiple lenders. Interest rates and closing costs vary significantly between lenders. Get quotes from at least 3-5 lenders including banks, credit unions, and online lenders. Even a 0.25% rate difference saves thousands over 30 years.

3. Consider a 15-year term. While monthly payments are higher, 15-year mortgages typically have lower interest rates and save over half the total interest compared to 30-year loans. The total cost difference can exceed $100,000.

4. Challenge your property tax assessment.If your home's assessed value seems too high, you may be able to appeal and lower your property taxes. This directly reduces your monthly PITI payment.

5. Bundle insurance for discounts.Many insurers offer discounts when you bundle homeowner's insurance with auto or umbrella policies. Shop annually and raise deductibles to lower premiums without sacrificing essential coverage.