Mortgage Calculator with Taxes, PMI & Extra Payments

Mortgage Calculator with Taxes, PMI & Extra Payments

Estimate principal, interest, property tax, insurance, PMI and HOA, then compare extra payments, payoff dates and a second loan plan.

UNDERSTAND THE ANSWER

How is this calculated?

The fixed-payment formula calculates principal and interest from the loan amount, rate and term. The estimate then adds property tax, insurance, PMI, HOA and other costs at the selected payment frequency. Extra and one-time principal payments update the amortization schedule and payoff date.

Fixed-rate mortgage payment formulaPayment = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]; total housing payment adds tax, insurance, PMI, HOA and other costs

A practical example

Default example: a $400,000 home with $80,000 down creates a $320,000 mortgage. At 6.25% for 30 years, principal and interest are about $1,970 per month; adding $4,000 yearly tax and $1,500 yearly insurance produces an estimated payment of about $2,429 per month before HOA and other costs.

Tax and location note

This is a general planning calculator and does not apply a specific country's lending rules. Currency follows your selected setting. Taxes, insurance, PMI eligibility, escrow, fees and lender calculations vary by property and jurisdiction; this is not a loan offer or financial advice.

Assumptions, interpretation and common mistakes

Calculation assumptions

  • The interest rate is fixed and payments are made on schedule at the selected frequency.
  • Taxes, insurance, HOA and other costs use the entered amounts and growth rates; lender escrow calculations may differ.
  • Estimated PMI uses the entered annual rate and stops at the modeled balance threshold, which may not match the lender's cancellation rules.

How to interpret the result

  • Use the full housing payment for budgeting, not principal and interest alone.
  • Compare total interest and payoff date when evaluating extra payments or Plan B.
  • Stress-test taxes, insurance and rates because a comfortable payment needs room for costs the model cannot predict.

Common mistakes to avoid

  • Do not treat the maximum lender approval as the same as an affordable budget.
  • Do not omit closing costs, maintenance, utilities or location-specific fees from the wider buying decision.
  • Do not assume an extra payment automatically goes to principal; confirm instructions and prepayment terms with the servicer.