Mortgage calculator with taxes, insurance and PMI
This mortgage payment calculator is for the US. Type the price of the home and your down payment. The page shows your monthly payment with property tax, home insurance, PMI and HOA dues. It also shows the total interest and your loan by year.
That is $80,000.00.
That is $4,000.00 a year.
PMI applies when the down payment is under 20%.
Total payment in a month
$2,480.95
| Principal and interest | $2,022.62 |
|---|---|
| Property tax | $333.33 |
| Home insurance | $125.00 |
| PMI | $0.00 |
| HOA dues | $0.00 |
| Total | $2,480.95 |
| Loan amount | $320,000.00 |
|---|---|
| Down payment | $80,000.00 (20%) |
| Total interest | $408,140.64 |
| Loan plus interest | $728,140.64 |
| Number of payments | 360 |
| Payoff time | 30 years |
| Months of PMI | 0 |
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $20,694.68 | $3,576.76 | $316,423.24 |
| 2 | $20,455.16 | $3,816.28 | $312,606.96 |
| 3 | $20,199.56 | $4,071.88 | $308,535.08 |
| 4 | $19,926.87 | $4,344.57 | $304,190.51 |
| 5 | $19,635.90 | $4,635.54 | $299,554.97 |
| 6 | $19,325.44 | $4,946.00 | $294,608.97 |
| 7 | $18,994.22 | $5,277.22 | $289,331.75 |
| 8 | $18,640.79 | $5,630.65 | $283,701.10 |
| 9 | $18,263.69 | $6,007.75 | $277,693.35 |
| 10 | $17,861.33 | $6,410.11 | $271,283.24 |
| 11 | $17,432.03 | $6,839.41 | $264,443.83 |
| 12 | $16,973.98 | $7,297.46 | $257,146.37 |
| 13 | $16,485.27 | $7,786.17 | $249,360.20 |
| 14 | $15,963.82 | $8,307.62 | $241,052.58 |
| 15 | $15,407.42 | $8,864.02 | $232,188.56 |
| 16 | $14,813.81 | $9,457.63 | $222,730.93 |
| 17 | $14,180.39 | $10,091.05 | $212,639.88 |
| 18 | $13,504.58 | $10,766.86 | $201,873.02 |
| 19 | $12,783.51 | $11,487.93 | $190,385.09 |
| 20 | $12,014.14 | $12,257.30 | $178,127.79 |
| 21 | $11,193.24 | $13,078.20 | $165,049.59 |
| 22 | $10,317.38 | $13,954.06 | $151,095.53 |
| 23 | $9,382.83 | $14,888.61 | $136,206.92 |
| 24 | $8,385.73 | $15,885.71 | $120,321.21 |
| 25 | $7,321.84 | $16,949.60 | $103,371.61 |
| 26 | $6,186.68 | $18,084.76 | $85,286.85 |
| 27 | $4,975.52 | $19,295.92 | $65,990.93 |
| 28 | $3,683.22 | $20,588.22 | $45,402.71 |
| 29 | $2,304.40 | $21,967.04 | $23,435.67 |
| 30 | $833.21 | $23,435.67 | $0.00 |
US mortgages compound every month. The payment does not include the extra payment. This is an estimate. It is not an offer of credit. Your lender can give other numbers.
How to use the calculator
- Type the price of the home and your down payment, in percent or in dollars.
- Type the interest rate. Choose the loan term.
- Type the property tax, the home insurance, the PMI rate and the HOA dues. Add an extra payment, if you make one.
- Read your total payment in a month, the interest and the months of PMI.
Questions
How much is the payment on a $400,000 home with 20% down?
With $80,000 down, a rate of 6.5% and 30 years, the principal and interest is $2,022.62 a month. Property tax of 1% of the price and home insurance of $1,500 a year bring the total to $2,480.95 a month.
What is PMI, and when does it end?
PMI is private mortgage insurance. A lender asks for it when your down payment is under 20%. With $20,000 down on a $400,000 home and a PMI rate of 0.5%, PMI is $158.33 a month. The lender must end it when the scheduled balance reaches 78% of the original value. In this example that is after 11 years and 3 months.
How do property tax and home insurance change the payment?
They are part of what you pay each month, usually in an escrow account. On a $400,000 home, 1% a year for property tax is $333.33 a month. Insurance of $1,500 a year is $125.00 a month. Property tax and insurance can change each year.
How much does an extra payment save?
An extra $200 a month on the loan above pays it off in 23 years and 5 months instead of 30 years. It saves $105,427.85 in interest.
How does the calculator work out the interest?
A US mortgage compounds every month. The rate for a month is the yearly rate divided by 12. The payment is the same each month. The first payments are mostly interest. The last payments are mostly principal.
In Canada? Use the Canada mortgage calculator.