mortgage payment calculator with taxes and insurance guide
How to use this mortgage calculator with taxes and insurance
Use this mortgage calculator before touring homes, making an offer, or comparing loan quotes. The monthly payment is more than principal and interest: taxes, insurance, PMI, and HOA dues can change what a house actually costs each month.
Steps
- Enter the home price and down payment.
- Add the interest rate and loan term.
- Enter annual property tax, annual homeowners insurance, PMI, and monthly HOA if they apply.
- Compare the total monthly payment with your budget and review the amortization table.
Calculation method
The calculator subtracts the down payment from the home price to estimate the loan amount. It uses the standard fixed-rate mortgage payment formula for principal and interest, then adds monthly tax, insurance, PMI, and HOA estimates.
Example scenario
For example, a $350,000 home with $20,000 down at 6.75% for 30 years can look affordable until taxes and insurance are included. This page shows both the core loan payment and the full estimated housing payment.
Tips for a better estimate
- Use conservative tax and insurance estimates if you are not sure.
- PMI often applies when the down payment is below 20%.
- A lower monthly payment can still cost more over time if the term is longer.