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HomePaymentHQ

Mortgage Calculator with PMI

Get an accurate monthly payment estimate including taxes, insurance, HOA, and PMI — plus a full amortization schedule. Updates as you type.

Loan details

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20.0% down · Loan amount $360,000
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PMI typically isn't required when you put 20% or more down.
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Pay off your loan faster and save on interest.
Estimated monthly payment
$2,935
Principal & interest: $2,335/mo

Payment breakdown

Monthly$2,935
  • Principal & Interest$2,335
  • Property Tax$450
  • Home Insurance$150
Loan amount
$360,000
Total interest
$480,583
Total cost of loan
$840,583
Payoff date
May 2056

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How is this mortgage calculator calculated?

Your monthly mortgage payment has up to five components, often abbreviated as PITI + PMI + HOA:

  1. Principal & Interest (P&I): calculated with the standard amortization formulaM = P × r(1 + r)n / ((1 + r)n − 1)where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12).
  2. Property tax: annual tax bill divided by 12 and collected into escrow.
  3. Homeowners insurance: annual premium divided by 12, also typically escrowed.
  4. PMI: required by most lenders when your down payment is less than 20%. Typical rates run 0.3% to 1.5% of the loan amount per year.
  5. HOA dues: a flat monthly fee charged by the homeowners association if applicable.

Total interest is the sum of all interest paid over the life of the loan: (monthly P&I × number of payments) − loan amount. Adding extra principal each month reduces the balance interest accrues against, which is why even small extra payments save substantial interest.

Frequently asked questions

How is my monthly mortgage payment calculated?

Your monthly mortgage payment is the sum of principal and interest (P&I) on your loan, plus monthly escrow amounts for property tax and homeowners insurance, plus PMI if your down payment is less than 20%, plus any HOA dues. Principal and interest is calculated using the standard amortization formula M = P × r(1 + r)^n / ((1 + r)^n − 1), where P is your loan amount, r is your monthly interest rate, and n is the total number of monthly payments.

When do I have to pay PMI (private mortgage insurance)?

Most conventional lenders require PMI when your down payment is less than 20% of the home's purchase price. PMI typically costs between 0.3% and 1.5% of the original loan amount per year. You can usually request PMI removal once you reach 20% equity and the lender must automatically cancel it once you reach 22% equity per the Homeowners Protection Act.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but a lower interest rate and dramatically less total interest paid. A 30-year mortgage has lower payments and more flexibility but you'll pay roughly 2-3x as much total interest over the life of the loan. Use this calculator to compare both terms side by side.

How much house can I afford?

A common rule of thumb is the 28/36 rule: spend no more than 28% of your gross monthly income on housing (PITI) and no more than 36% on total debt payments. Lenders also look at your credit score, down payment, and debt-to-income ratio when approving you for a loan.

What is included in PITI?

PITI stands for Principal, Interest, Taxes, and Insurance — the four main components of a typical mortgage payment. Many lenders quote your monthly payment as PITI. If you have an HOA or PMI, those are usually added on top.

Does paying extra each month really save money?

Yes. Every extra dollar you pay above your scheduled payment goes directly toward principal, which reduces the balance interest is calculated on for every future month. Even an extra $100/month on a 30-year loan can save tens of thousands of dollars in interest and shave years off the loan.

How accurate is this mortgage calculator?

The principal and interest math is exact. Property tax, insurance, and PMI estimates are based on the values you enter — actual amounts depend on your location, home value, lender, and credit score. For a precise quote, get a Loan Estimate from a lender.