How to use this calculator
This mortgage calculator with PMI, taxes, insurance and HOA shows the full monthly cost of a home, not just the loan payment. Start with the basics, then add the extras that apply to you.
- Home price: the purchase price or the price you're considering.
- Down payment: type a dollar amount or tap 3.5%, 5%, 10% or 20%. Below 20%, the calculator adds PMI.
- Interest rate: use your lender's quote. The default is the current Freddie Mac average for a 30-year fixed loan, 7.32%.
- Loan term: 10, 15, 20 or 30 years.
- Property tax: a yearly percentage of the price. Check the county assessor's site or the listing for the current bill.
- Home insurance: your yearly premium. Get a quote early, because premiums vary a lot by state.
- HOA: monthly dues, if the home has them.
- PMI: a yearly percentage of the loan. Your lender's Loan Estimate shows the real figure.
- Extra payments: an extra amount each month, each year, or a biweekly schedule.
- Start date: sets the payoff date and the PMI dates on a real calendar.
Results show your monthly breakdown, total interest, payoff date and a balance chart. You also get a yearly or monthly amortization schedule you can download as a CSV.
How we calculate your mortgage payment
The principal-and-interest part uses the standard amortization formula. Taxes, insurance, HOA and PMI are added on top.
Monthly P&I = P × r ÷ (1 − (1 + r)^−n)
P = loan amount (price − down payment)
r = annual rate ÷ 12
n = number of monthly payments (years × 12)
Monthly total = P&I + (price × tax rate ÷ 12) + (insurance ÷ 12) + HOA + PMI
PMI (if under 20% down) = loan × PMI rate ÷ 12
Worked example: a $400,000 home with 20% down, a 7.32% rate and a 30-year term.
| Item | Math | Monthly |
|---|---|---|
| Loan amount | $400,000 − $80,000 | $320,000 |
| Principal and interest | formula above | $2,198 |
| Property tax | $400,000 × 0.9% ÷ 12 | $300 |
| Home insurance | $2,400 ÷ 12 | $200 |
| PMI | not needed at 20% down | $0 |
| Total | about $2,698 |
Over 30 years you'd pay about $471,300 in interest. That's more than the $320,000 you borrowed. The schedule shows why: in the first year, most of each payment goes to interest.
When does PMI come off?
Private mortgage insurance protects the lender, not you. It's usually required on a conventional loan when you put down less than 20%. The Homeowners Protection Act sets two dates:
- 80% loan-to-value: you can ask the lender to cancel PMI once your balance is scheduled to reach 80% of the original value.
- 78% loan-to-value: the lender must end PMI automatically.
This calculator shows both dates. Most calculators show only the PMI amount.
Take the same $400,000 home with 10% down. The loan is $360,000, P&I is about $2,473, and PMI at 0.6% adds $180 a month. The total comes to about $3,153. On the regular schedule, you can request removal after payment 104, about 8 years and 8 months in. PMI ends on its own after payment 119. Add $200 a month in extra principal and those dates move up to payments 68 and 79.
FHA loans work differently. They carry mortgage insurance premiums (MIP) with their own rules, so the 80%/78% dates don't apply the same way.
Mortgage calculator with extra payments
Extra principal payments cut interest because each dollar stops earning interest for the lender from that month on. Here's what different strategies do to the $320,000 loan at 7.32%:
| Strategy | Interest saved | Time saved |
|---|---|---|
| $200 extra every month | about $128,200 | 6 years, 11 months |
| One extra payment ($2,198) each year | about $116,000 | 6 years, 3 months |
| Biweekly payments (13 payments a year) | about $120,500 | 6 years, 6 months |
Biweekly mortgage payments work because 26 half-payments equal 13 full payments. The calculator models this as one extra payment spread across the year. Some servicers charge fees for formal biweekly programs. You can often get the same result for free by adding one-twelfth of your payment to each monthly payment.
Before prepaying, make sure you have an emergency fund and aren't carrying high-interest debt. Paying off a 22% credit card typically beats prepaying a 7% mortgage. Our credit card payoff calculator can help you compare.
15 vs 30 year mortgage
A shorter term means a higher payment, a lower rate and far less interest. Here's $320,000 borrowed at October 2026 average rates:
| 30-year at 7.32% | 15-year at 6.68% | |
|---|---|---|
| Monthly P&I | $2,198 | $2,819 |
| Total interest | about $471,300 | about $187,500 |
The 15-year loan costs $621 more a month and saves about $283,900 in interest. The 30-year loan gives you room if your income drops. You can still prepay it like a shorter loan. Run both terms here, then see how either payment fits your income with our how much house can I afford calculator.
Total interest on a 30-year mortgage
Total interest depends on three things: the amount, the rate and the time. On a 30-year loan, time does most of the work. At 7.32%, total interest is about 147% of the amount borrowed. Every $100,000 borrowed costs roughly $147,000 in interest over the full term.
A few ways to bring that down:
- Shop lenders. A small rate difference adds up over 30 years. Compare Loan Estimates on the same day.
- Put more down. A smaller loan means less interest, and 20% down avoids PMI.
- Prepay when you can. Even small extra payments early in the loan have the biggest effect.
- Refinance if rates fall. Our refinance break-even calculator shows when the closing costs pay off.
Mortgage interest may be tax-deductible if you itemize. Most households take the standard deduction instead ($32,200 for married couples filing jointly in 2026), so don't count on a tax break. IRS Publication 936 has the rules.
Common mistakes
- Comparing only P&I. Taxes and insurance can add hundreds a month. Always compare full PITI.
- Using an old tax bill. Property taxes are often reassessed after a sale, so the seller's bill may be lower than yours will be.
- Forgetting PMI ends. It's a temporary cost. The PMI dates above show how long you'd pay it.
- Skipping the rent comparison. If you might move in a few years, check our rent vs buy calculator first.
Frequently asked questions
What is included in PITI?
PITI stands for principal, interest, property taxes and homeowners insurance. Those four make up the core monthly mortgage payment, and taxes and insurance are often collected through an escrow account. PMI and HOA dues aren't part of the acronym, but you still pay them every month, so this calculator adds them to your total.
How much is PMI on a $300,000 loan?
At 0.6% a year, which is this calculator's default, PMI on a $300,000 loan is $1,800 a year, or $150 a month. Your actual rate depends mostly on your credit score and down payment. Each 0.1 percentage point adds about $25 a month on a $300,000 loan.
When does PMI go away?
Under the Homeowners Protection Act, you can ask your lender to cancel PMI once your balance is scheduled to reach 80% of the home's original value. If you don't ask, the lender must end it automatically at 78%. Extra payments can get you to 80% sooner, but you usually need to request cancellation in writing and have a good payment history.
Do biweekly mortgage payments save money?
Yes, if the extra money goes to principal. Paying half your payment every two weeks adds up to 13 full payments a year instead of 12. On a $320,000 loan at 7.32%, that saves about $120,500 in interest and pays the loan off about 6½ years early. Check that your servicer applies the payments right away and doesn't charge a fee for the program.
How much does one extra mortgage payment a year save?
On a $320,000, 30-year loan at 7.32%, adding one extra $2,198 payment each year saves about $116,000 in interest. It also cuts the payoff time by about 6 years and 3 months. Enter the amount in the extra yearly field to see your own numbers.
Is HOA included in my mortgage payment?
Usually not. Most HOA dues are paid directly to the homeowners association, not through your lender's escrow account. Lenders still count HOA dues when they figure out how much you can borrow, so the calculator includes them in your monthly total.
Should I get a 15-year or 30-year mortgage?
A 15-year loan costs much less in total, and a 30-year loan has a lower payment. On $320,000, a 15-year loan at 6.68% runs about $2,819 a month with $187,500 of total interest. A 30-year loan at 7.32% runs about $2,198 a month with $471,300 of interest. Many people pick the 30-year for flexibility and prepay when they can.
Sources
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Written and reviewed by SenseCalc Editorial Team
Calculator builders and personal finance writers
We build and test every SenseCalc calculator against official formulas and sources (IRS, CFPB, Federal Reserve, Freddie Mac), then explain the results in plain English.
Last reviewed October 26, 2026. How we build and check our calculators