Estimate your complete monthly mortgage payment including principal, interest, property taxes, homeowners insurance, HOA dues, and PMI.
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A mortgage calculator estimates the full cost of homeownership by calculating the monthly PITI (Principal, Interest, Taxes, and Insurance) payment. It accounts for down payment percentages, private mortgage insurance (PMI), and homeowners association fees.
M = P \left[ \frac{r(1+r)^n}{(1+r)^n - 1} \right] + \text{Taxes} + \text{Insurance} + \text{HOA} + \text{PMI}Principal & interest (P&I) is calculated using standard amortization mathematics, then monthly property taxes, homeowners hazard insurance, HOA dues, and PMI are added to form the complete monthly payment.
Scenario: A $400,000 home purchase with a 20% down payment ($80,000), 30-year fixed loan at 6.5%, 1.2% property tax, and $1,200 annual insurance.
Loan Amount: $400,000 - $80,000 = $320,000.
Monthly Principal & Interest: $2,022.62.
Monthly Property Taxes: ($400,000 × 0.012) / 12 = $400.00.
Monthly Insurance: $1,200 / 12 = $100.00.
PMI: $0 (because down payment is ≥ 20%).
Private Mortgage Insurance protects the lender if a borrower defaults. Lenders are required under the Homeowners Protection Act to cancel PMI automatically once loan-to-value drops to 78%.
Most lenders collect monthly estimates for annual property taxes and homeowners insurance along with your principal and interest, holding these funds in escrow to pay the bills when due.
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Loan balance: $320,000.00 after $80,000.00 down.