Mortgage Payment Calculator — Including Taxes, Insurance & PMI
Calculate your monthly mortgage payment including principal, interest, taxes and insurance.
Enter Your Numbers
20.0% down
Your Results
Monthly Payment (PITI)
$2,576
P&I: $2,076/mo
Principal vs Interest Over Time
| Home Price | $400,000 |
| Down Payment | $80,000 (20.0%) |
| Loan Amount | $320,000 |
| Monthly P&I | $2,076 |
| Monthly Taxes + Insurance | $500 |
| Total Monthly Payment | $2,576 |
| Total Interest Paid | $427,185 |
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How This Calculator Works
Monthly P&I = L × [r(1+r)^n] / [(1+r)^n - 1]
Where L = loan amount, r = monthly rate, n = total payments. Add property taxes ÷ 12, homeowners insurance ÷ 12, and PMI if applicable.
Frequently Asked Questions
At 7% APR, 30-year, 20% down ($60K): $1,596/month principal+interest. Add taxes ($250), insurance ($100), PMI (none with 20% down) = ~$1,946/month total.
PITI = Principal + Interest + Taxes + Insurance. This is your actual monthly payment. Many lenders escrow taxes and insurance into your payment automatically.
Private Mortgage Insurance is required when down payment is less than 20% on conventional loans. Typically 0.5-1.5% of loan annually. Removed when LTV hits 80%.
15-year: lower rate (6% vs 7%), faster payoff, far less interest. 30-year: lower payment, more flexibility. If you can afford 15-year payment, it's usually better.
On a $300K loan: 6% = $1,799/month vs 7% = $1,996/month. That's $197/month difference = $70,920 over 30 years. Interest rate matters enormously.
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Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.