Mortgage Calculator with Taxes, Insurance, PMI & Extra Payments

Only if you enter a monthly PMI amount and the simulated loan balance is above 80% of the home price you entered. Its PMI months are a simplified estimate, not a lender cancellation date. Actual PMI rules depend on the loan and can use a different original value and other conditions; check your loan documents and servicer.

It estimates the first month: scheduled principal and interest plus any extra principal payment, property tax, homeowners insurance, entered PMI and HOA fees. The extra payment is limited to the remaining payoff amount. Taxes and insurance are held constant, so later costs may differ. Total interest is interest on the loan balance, not a total of every housing expense.

Use the units shown beside each field. These are form limits, not recommended settings. Home price: 0–100,000,000 $; Down payment: 0–100,000,000 $; Interest rate: 0–30 %; Loan term: 1–50 years; Property tax rate (per year): 0–10 %; Home insurance per year: 0–100,000 $; Monthly PMI: 0–100,000 $; Monthly HOA fees: 0–100,000 $; Extra principal each month: 0–1,000,000 $ M = P · r(1+r)^n / ((1+r)^n − 1) This is a fixed-rate, equal monthly principal-and-interest model. At a 0% rate, M = P/n. Property tax is entered as a constant percentage of the original home price; annual insurance is divided by 12. The displayed total monthly cost is the first month’s estimate: scheduled principal and interest (plus any extra principal, capped at the payoff amount), tax, insurance, entered HOA, and entered PMI only while the simulated balance exceeds 80% of the entered home price. PMI months are a model estimate, not a lender cancellation date. Total interest and time saved reflect extra principal; closing costs, rate changes, tax/insurance changes, escrow rules and prepayment penalties are excluded. Compare an actual Loan Estimate and loan terms. Estimate the full monthly cost of a mortgage, not just principal and interest. Add property tax, homeowners insurance, PMI and HOA fees, then test an extra monthly principal payment to see how much sooner the loan could be paid off and how much interest it could save.

Inputs: Home price = 400,000 $; Down payment = 80,000 $; Interest rate = 6.5 %; Loan term = 30 years; Property tax rate (per year) = 1.2 %; Home insurance per year = 1,400 $; Monthly PMI = 0 $; Monthly HOA fees = 0 $; Extra principal each month = 0 $. Calculation: M = P · r(1+r)^n / ((1+r)^n − 1). Results: Principal and interest = 2,022.62 $; Property tax = 400.00 $; Insurance = 116.67 $; Total monthly cost = 2,539.28 $; Total interest = 408,142.36 $; Months to pay off = 360; Months saved = 0; Interest saved = 0.00 $; Months paying PMI = 0.