Mortgage Calculator With Taxes, Insurance, PMI, and HOA

How to use this mortgage calculator

Enter the home price, down payment, loan term, interest rate, state, property tax, home insurance, HOA dues, and loan type. The calculator updates your payment as you type.

It shows principal and interest, taxes, insurance, HOA, PMI, loan amount, total interest, and estimated total paid.

Example: your current $250,000 home with 20% down means a $50,000 down payment. The loan amount is $200,000. At 6.75% for a 30-year term, principal and interest are about $2,076 per month. Your full monthly payment — including taxes and insurance — is about $2,801.

That is the point of this calculator. It does not let the loan payment wear a fake mustache and pretend it is the whole bill.

What your mortgage payment actually includes

A full mortgage payment is often called PITI — principal, interest, taxes, and insurance. PMI and HOA round out the real monthly number for most buyers.

Here is what the breakdown looks like based on your current inputs:

Current 2026 mortgage rates — Freddie Mac PMMS

Rates shift weekly. Here is where they stood as of May 28, 2026, according to the Freddie Mac Primary Mortgage Market Survey — based on thousands of actual loan applications nationwide.

These are national averages for purchase loans with good credit and 20% down. On your current $200,000 loan, a half-point rate difference moves the payment by about $62 a month — and about $22,332 in total interest over 30 years.

Source: Freddie Mac PMMS, May 28, 2026. Released weekly every Thursday.

Example: payment on a $400,000 home

Loan amount: $320,000. Rate: 6.75%. Term: 30 years.

Principal and interest: $2,076 per month. Over the life of the loan, total interest is about $427,185.

Yes, the interest can be bigger than the loan. That sounds absurd until you remember a 30-year loan runs 360 months. Time is very polite while it takes your money.

Add taxes and insurance and the full monthly payment becomes $2,801. That is the number to test against your budget.

How PMI cost varies by credit score and down payment

PMI is private mortgage insurance. It applies on most conventional loans when your down payment is under 20%. The lender is the beneficiary, not you. Once you reach 20% equity, you can request removal. At 22% it cancels automatically by law (Homeowners Protection Act).

How much it costs depends on your LTV ratio and credit score. Here are typical annual PMI rates based on CFPB and Urban Institute data:

On your current $225,000 loan with 10% down, a 720 credit score at 0.39% annual PMI is roughly $73 per month. With a 640 score, that same loan at 0.77% is about $144 per month. That is $71 more, every month, for the same house. Credit score is worth the work.

With 20% down on your current numbers, you pay no PMI at all — that is the whole point of the 20% line. If you dropped to 10% down instead, a 720 score would run about $84 per month and a 640 score about $166 per month on the bigger loan. Credit score is worth the work either way.

Source: CFPB Mortgage PMI data and Urban Institute Housing Finance Policy Center, 2025.

Conventional PMI vs. FHA MIP — they sound similar, they don't act similar

PMI and FHA MIP both belong to the same category: mortgage insurance you pay for, mostly to protect someone else. They are not the same product. The cancellation rules are where most buyers get surprised.

A calculator that treats every loan the same can give you a clean number that is slightly fictional. If the loan is FHA, the rules are different, the monthly cost can be different, and the removal timeline is very different.

Lender-paid PMI is not free PMI

Lender-paid PMI, or LPMI, sounds like a loophole. The lender pays the mortgage insurance instead of putting a separate PMI line on your statement. Generous, right?

Not quite. With LPMI, the cost usually moves into the interest rate. So PMI doesn't disappear — it just puts on a nicer suit and hides on the rate line, where it can quietly cost more over a long loan.

Before saying yes to LPMI, compare three numbers: monthly payment with borrower-paid PMI, monthly payment with LPMI, and total interest paid if you keep the loan for 5, 7, or 10 years. The question is not "can I make the PMI line disappear?" It is "did the cost disappear, or did it just move somewhere harder to see?"

When PMI may come off your statement

For most conventional loans, PMI ends two ways: you can request removal once you reach about 20% equity, and it usually auto-cancels around 78% loan-to-value if the loan is current. Equity means the part of the home value you own outright.

Good news with 20% down — your loan already starts at the 20% equity line, so conventional PMI never shows up to the party. Put less than 20% down and it tags along until the balance hits $200,000 (80% of the home's value), at which point you can ask it to leave. Extra principal gets you there faster.

That is an estimate, not a promise. Lenders also use rules around payment history, original value vs. current appraisal, and written-request seasoning. Paperwork is much less charming when it has already trapped you, so ask your lender for the exact cancellation rules before you close — not after.

How down payment changes PMI and monthly cost

A down payment does three jobs: lowers the loan amount, reduces the monthly payment, and may remove PMI entirely at 20% on a conventional loan.

Using a $400,000 home at 6.75% for 30 years:

The smaller down payment saves cash today, which can be smart if it protects your emergency fund. But it raises your monthly payment by hundreds. That matters every month, not just on closing day.

Income affordability reference — what income does this payment need?

Lenders look at gross income. Your budget lives off take-home pay. Both matter, and they lead to different numbers.

The front-end guideline: keep total housing costs under 28% of gross monthly income. Your comfort check: keep housing under 28–30% of monthly take-home pay.

Take-home estimates assume a single earner in a moderate-tax state. Your actual take-home depends on filing status, state taxes, and deductions. Use the affordability section in the calculator above for your real numbers.

Can you actually afford the payment?

This is where the math gets personal.

A lender may approve you for a payment that your actual life does not enjoy. Lenders see income, debt, and risk rules. They do not see your grocery bill, car repairs, daycare, or the fact that life keeps happening without asking permission.

The affordability calculator built into the tool above does both calculations: the comfortable home price (28% of your take-home) and the lender-style max (using 28%/36% gross DTI rules). Use the "How much house can I afford?" section, enter your income and debts, and the numbers update in real time.

If the calculator shows a $2,801 monthly payment, compare it to your real monthly life — not just the approval letter.

Comfortable price vs. lender max — why they're usually $50,000+ apart

A lender writes the approval letter using gross income. You pay the bills with take-home pay (what lands in your bank after taxes) minus your existing debts. Those are two different bases, which is why the affordability widget shows two prices. If you only know your gross salary, the income tax calculator will get you to a take-home number first.

On an $85,000 salary with $5,500 take-home, $400 in monthly debts, and $20,000 down, the comfortable price lands around $192,000. The lender-style max lands around $266,000. Same person, same paycheck — about $74,000 of gap between "the loan I can pay after my other bills" and "the loan I can technically qualify for."

The bigger number is the ceiling. It tells you how high the room goes. It does not mean you should walk around on stilts.

The house-poor test

House-poor means the payment technically fits and the rest of life quietly does not. Before you fall in love with a listing, run the full housing payment past everything else that has to keep happening:

• Food
• Utilities
• Transportation (gas, insurance, repairs)
• Health costs and insurance copays
• Emergency savings
• Home repairs (more on the 1% rule below)
• Retirement contributions
• Fun, without guilt

Fun belongs on the list. A budget with no joy is just punishment with columns. If any of those eight lines starts losing oxygen after the mortgage, the house is already telling you something.

HOA dues quietly eat your affordability

HOA is not part of the loan, but it is absolutely part of the housing cost.

In the $85,000-income example above, adding a $300 monthly HOA drops the comfortable home price from about $192,000 to about $152,000. That is a $40,000 drop in your price range from one monthly line item. Not a typo. One HOA.

If a home has dues, treat them like a mortgage payment that does not build any equity. They count.

The 1% repair fund (you'll thank yourself in year three)

A common starting point for home repairs is 1% of the home price per year. On your current $250,000 home, that is about $2,500/yr — roughly $208/mo set aside. Older homes often need more. Homes enjoy surprises. They are dramatic like that.

If $208/mo breaks the budget before any repair has actually happened, that is the affordability number telling you the truth a few years early.

Closing costs are the fees paid the day you actually buy the house — lender fees, title, escrow setup, prepaid taxes and insurance, and other charges that pile on at the finish line. A simple planning estimate is about 3% of the home price.

On your current $250,000 home, that is roughly $7,500 in closing costs on top of the down payment. So "I have the down payment" and "I have the cash to close" are two different sentences. The bank will ask about both.

15-year vs. 20-year vs. 30-year mortgage payments

Shorter loans cost more each month. But they usually save a lot of interest. Longer loans cost less each month — but they give interest more time to eat.

For a $320,000 loan at 6.75%:

The 15-year loan saves about $237,477 in interest vs. the 30-year — but the payment is $756 more per month. That is not a small lifestyle choice. That is groceries, childcare, car repairs, and breathing room all in one line item.

The best term is not the one that looks smartest in a spreadsheet. It is the one you can keep paying during a hard month.

Where your early payments actually go

In the first years of a mortgage, most of each payment goes to the lender — not to you. The math is front-loaded in favor of interest because the balance is at its highest. Principal paydown accelerates as the balance shrinks.

The chart below shows cumulative interest paid (what the lender keeps) vs. cumulative equity built (what you own) over the life of your loan:

The lines cross when cumulative principal paid finally exceeds cumulative interest paid — typically around year 18–19 on a 30-year loan at today's rates. Extra principal payments in the early years move that crossover forward and cut the total interest significantly.

Property tax varies a lot by state — here is what that means for your payment

Property tax is often the biggest variable in a monthly payment that buyers underestimate. Your current home price can cost very different amounts each month depending on where it sits.

Select your state above and this comparison will show how your entered state tax stacks up against another state at your current home price.

Source: Tax Foundation, State-Local Tax Burden Rankings 2024.

Why your lender quote may be different

Your lender quote may not match this calculator exactly. That does not mean either number is fake.

A calculator gives you planning math. A lender quote adds deal details: points you paid to lower the rate, lender fees, escrow setup, prepaid interest, local tax rules, and a different insurance estimate.

Escrow means your lender collects money each month for taxes and insurance, then pays those bills when due. Your rate can also change before closing. A 0.50 point rate change on your current $200,000 loan can move the payment by about $62 per month.

Use this calculator as your early warning system. Then use the lender quote as the official paperwork.