Monthly mortgage payment with taxes, insurance and HOA.
The price of a house is not what you pay each month. This mortgage calculator shows the full monthly payment, often called PITI: principal, interest, property tax and insurance, plus HOA fees and private mortgage insurance (PMI) if they apply. It also shows the loan amount, your down payment as a percentage, the total interest over the life of the loan and a full amortization schedule.
Quick answer: on a $400,000 home with 20% down ($80,000), a 30-year mortgage at 6.5% has a principal and interest payment of about $2,022.62 a month. Add $4,800 a year in property tax and $1,500 a year in insurance, and the total monthly payment is about $2,547.62.
How to Use the Mortgage Calculator
- Home price.
- Down payment: as a percentage or a dollar amount.
- Interest rate and loan term (10 to 30 years).
- Property tax and home insurance per year. Use figures from the listing or your local tax office if you have them.
- HOA or service charge per month, if the property has one.
- PMI rate: only applied if your down payment is under 20%.
What Makes Up a Mortgage Payment
| Part | What it is | In the example |
|---|---|---|
| Principal and interest | Repays the loan, calculated with the standard amortization formula | $2,022.62 |
| Property tax | Your yearly tax bill ÷ 12 | $400.00 |
| Home insurance | Your yearly premium ÷ 12 | $125.00 |
| HOA | Monthly fee for shared areas, if any | $0 |
| PMI | Insurance the lender requires if you put down less than 20% | $0 |
| Total | $2,547.62 |
Mortgage Examples
How the rate changes the payment. On a $320,000 loan over 30 years:
| Rate | Principal and interest |
|---|---|
| 5.5% | $1,816.92 |
| 6.5% | $2,022.62 |
| 7.5% | $2,237.49 |
Each 1% adds about $200 a month on this loan, or over $70,000 over 30 years.
15 years vs 30 years. The same $320,000 at 6.5% over 15 years costs $2,787.54 a month, about $765 more. But the total interest falls from $408,142 to $181,758, a saving of over $226,000.
10% down with PMI. Putting $40,000 down means a $360,000 loan. Principal and interest are $2,275.44, and PMI at 0.5% a year adds $150 a month, so the total with tax and insurance is about $2,950.44.
How Much Mortgage Can You Afford?
A common lender guideline is the 28/36 rule:
- Housing costs (the full payment above) should be no more than 28% of your gross monthly income.
- All debt payments, including car loans and credit cards, should be no more than 36%.
For a $2,547 payment, that suggests a gross income of about $9,100 a month, or $109,000 a year. Lenders use their own rules, so treat this as a starting point.
About PMI
On a conventional US loan with less than 20% down, lenders usually add private mortgage insurance. It protects the lender, not you. PMI typically costs a fraction of a percent of the loan each year. You can usually ask for it to be removed once you reach 20% equity, and on most conventional loans it must end automatically when the balance reaches 78% of the home’s original value. FHA loans have their own mortgage insurance rules.
Ways to Lower Your Monthly Payment
- A bigger down payment reduces the loan and can remove PMI.
- A lower rate, by improving your credit score or comparing lenders.
- A longer term lowers the payment but raises total interest.
- A lower price, or a home with lower property tax or HOA fees.
For any other fixed-rate loan, use the loan calculator.
Mortgage Calculator FAQs
What is PITI?
Principal, interest, taxes and insurance: the four main parts of a monthly mortgage payment.
Is the interest rate the same as the APR?
No. The APR includes most lender fees, so it is usually higher. Use the interest rate here to estimate the payment, and the APR to compare loan offers.
Does this work for UK mortgages?
The repayment calculation is the same for a UK repayment mortgage. Set property tax, insurance and PMI to 0, since UK council tax and buildings insurance are not usually paid through the mortgage.
Why is so much of the early payment interest?
Interest is charged on the remaining balance, which is highest at the start. On a 30-year loan at 6.5%, the first month’s interest on $320,000 is about $1,733 of the $2,023 payment.
How we checked this page: every payment and interest total was calculated with the standard amortization formula and matches the calculator.
These results are estimates for planning and are not financial advice. Your lender will give you an official Loan Estimate with exact figures.