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Do property taxes and insurance change monthly?
They are annual estimates split into monthly amounts here for budgeting purposes.
When is PMI applied?
PMI typically applies if down payment is under 20% and can be removed once equity is sufficient.
Calculate your complete monthly mortgage payment including principal, interest, property taxes, insurance, HOA fees, and PMI. Perfect for first-time homebuyers and refinancing decisions.
Mortgage payments combine principal, interest, and escrow items (taxes, insurance) into one monthly payment.
Same as loan payment formula where P is loan amount (price - down payment), r is monthly rate, n is number of payments.
Example:
Input: $400,000 loan at 6.5% for 30 years
Calculation: M = 400,000 × [0.00542(1.00542)³⁶⁰] / [(1.00542)³⁶⁰ - 1]
Result: $2,528.27 P&I
Divide annual property tax by 12 for monthly amount.
Example:
Input: $4,000 annual tax
Calculation: $4,000 / 12
Result: $333.33/month
PMI is typically 0.5% to 1% annually of the loan amount, paid monthly.
Example:
Input: $400,000 loan at 0.5% PMI
Calculation: ($400,000 × 0.005) / 12
Result: $166.67/month
Sum of all monthly housing costs.
Example:
Input: P&I $2,528.27 + Tax $333.33 + Insurance $125 + HOA $0 + PMI $166.67
Calculation: Total monthly payment
Result: $3,153.27
Mortgage calculators help you understand home buying affordability and compare different loan scenarios.
Determine how much home you can afford and what your monthly payment will be.
Example: Calculate payment for $500,000 home with $100,000 down payment at 6.5% for 30 years
Compare current mortgage payments vs. refinanced loan terms to see if refinancing saves money.
Example: Compare 30-year at 7% vs. refinancing to 6% to calculate monthly savings
Understand how different down payment amounts affect monthly payments and PMI requirements.
Example: Calculate difference between 10% down ($50,000) vs. 20% down ($100,000) on $500,000 home
Factor all housing costs into your monthly budget before house hunting.
Example: Calculate total monthly cost including all escrow items to ensure affordability
Compare 15-year vs. 30-year mortgages to see trade-offs between payment amount and total interest.
Example: Compare $2,528/month for 30 years vs. $3,484/month for 15 years on same loan amount