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Mortgage Calculator with PMI and Taxes

Enter the home price, down payment, rate and loan term, then add yearly property tax and insurance, PMI and any HOA fee. PMI is charged when the loan is more than 80% of the home price and stops when the balance reaches 78% of the price on the original schedule.

Mortgage Calculator

Enter the home price, like 350000.

Enter dollars, like 70000, or a percent, like 20%.

Enter the interest rate from 0 to 25, like 6.5.

Loan term
Compare with

Check your county tax bill. Lenders usually collect it monthly.

Your insurance quote, per year.

Only charged when the down payment is under 20%. 0.5 is a common starting point; use your lender's quote.

Leave blank if there is no HOA.

Paid on top of the regular payment, every month.

Optional: income and other debts

Before tax. Optional: used for the affordability check.

Car loans, student loans, card minimums. Leave blank if none.

Enter the home price, down payment, interest rate and loan term to see your monthly payment and schedule.

Taxes, insurance and PMI are entered as yearly amounts and spread evenly across the months. Property tax and insurance usually change over time, and PMI depends on your lender. Your lender's figures may differ. Estimate only. Not financial advice. Check with a qualified professional.

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How to use the Mortgage Calculator

  1. Enter the home price and your down payment in dollars or as a percent, then the interest rate from your loan offer.
  2. Choose the loan term and the comparison term, then add yearly property tax, homeowners insurance, the PMI rate, and any monthly HOA fee.
  3. Read the monthly payment breakdown, then check the PMI section for when it drops off and what extra principal does to it.
  4. Add an extra principal payment to see the interest and time it saves, and open the schedule for the year-by-year or month-by-month balance.

How the payment is calculated

The principal and interest payment is the fixed amount that pays off the loan over the term at your rate. Each month, interest is one-twelfth of the annual rate times the balance, and the rest of the payment reduces the balance. Extra principal reduces the balance further and shortens the loan. Money is calculated to the cent, and the final payment absorbs any rounding difference.

How PMI works here

PMI is charged when the loan is more than 80% of the home price. The calculator uses your PMI rate on the original loan amount, spread across months. PMI stops in two ways: automatically when the scheduled balance reaches 78% of the home price, or earlier when you ask to cancel at 80% based on your actual balance, which your extra principal speeds up.

Tips that lower the total cost

  • Ask your lender for the exact PMI rate and the date it will cancel.
  • Make extra principal payments early, when interest is the largest part of each payment.
  • Compare the rate on a 15-year and a 30-year offer, not only the monthly payment.
  • Ask your insurer and county about discounts and exemptions that change the yearly amounts.

Frequently asked questions

When does PMI drop off?

Lenders must cancel PMI automatically when your scheduled balance reaches 78% of the home's original value, if you are current on payments. You can ask to cancel it earlier, at 80%, based on your payment history. The calculator shows both dates.

Do I pay PMI with 20% down?

Usually not. Private mortgage insurance is normally required on conventional loans when the loan is more than 80% of the home price, so 20% down avoids it. FHA and some other loans have their own insurance rules, which this calculator does not model.

Does extra principal shorten PMI?

Yes. Extra principal lowers your balance faster, so you can reach 80% of the home price sooner and ask to cancel PMI earlier. Automatic cancellation at 78% still follows your original schedule.

Why are property tax and insurance in my payment?

Many lenders collect property tax and homeowners insurance each month in an escrow account and pay the bills for you. This calculator adds one-twelfth of each yearly amount to your monthly payment. Your actual escrow amount can change when taxes or premiums change.

Is 15 years or 30 years cheaper?

A 15-year loan has a higher monthly payment but a lower rate on many offers, and it pays far less total interest. A 30-year loan has a lower monthly payment and more flexibility. Use the comparison to see the monthly difference and the interest gap for your numbers.

What is the 28/36 rule?

It is a common rule of thumb used by many lenders: housing costs should be no more than 28% of gross monthly income, and housing plus other debt payments no more than 36%. Enter your income to see where you fall. It is not an official test.

Last updated: ยท Sources: CFPB: When can I remove private mortgage insurance (PMI) from my loan?, CFPB Compliance Bulletin: Private mortgage insurance cancellation and termination (2015), NCUA: Homeowners Protection Act (PMI Cancellation Act)

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