Mortgage Calculator with
PMI, Taxes & HOA
Instantly calculate your complete monthly mortgage payment — including principal, interest, PMI, property taxes, homeowner's insurance, and HOA fees. Full amortization schedule included, free.
🏠 Mortgage Payment Calculator
Enter your loan details below — results update automatically as you type.
⚠ Down payment is below 20% — PMI will apply until you reach 20% equity.
🔒 PITI — Optional Details
Your complete monthly payment breakdown will appear here.
Adjust the inputs on the left to get started.
How to Use This Mortgage Calculator
Getting your complete monthly mortgage estimate takes less than 60 seconds. Follow these steps:
- Enter the Home Price — the full purchase price of the property you're considering.
- Set Your Down Payment — either as a dollar amount or a percentage of the home price. Down payments below 20% will trigger PMI.
- Choose Your Loan Term — most buyers choose 30-year or 15-year fixed mortgages. A shorter term means higher monthly payments but dramatically less total interest.
- Enter the Interest Rate — check current 30-year fixed rates at Freddie Mac's Primary Mortgage Market Survey or your lender's website. Rates change weekly.
- Add PITI Details (Optional) — for the most accurate result, enter your estimated property tax rate (check your county assessor), annual homeowner's insurance, PMI rate, and any HOA fees.
- Review Your Results — your complete monthly payment, full cost breakdown, amortization chart, and year-by-year schedule will appear instantly.
What Is a Mortgage Calculator?
A mortgage calculator is a financial tool that estimates your monthly home loan payment based on your loan amount, interest rate, and loan term. A full PITI calculator goes further — it calculates all four components of a complete mortgage payment: Principal (the portion paying down your loan balance), Interest (the cost of borrowing), Taxes (property taxes escrowed monthly), and Insurance (homeowner's insurance plus PMI if applicable).
This calculator adds a fifth component — HOA fees — making it one of the most comprehensive free mortgage tools available. Understanding your full housing cost before you buy is critical to budgeting accurately and avoiding payment shock after closing.
The Mortgage Payment Formula
The principal and interest component of your mortgage is calculated using the standard amortization formula:
For example, on a $320,000 loan at 6.875% for 30 years: r = 0.06875/12 = 0.005729, n = 360. Monthly P&I = $320,000 × [0.005729 × (1.005729)^360] / [(1.005729)^360 − 1] = approximately $2,102/month.
What Is PMI and When Is It Required?
Private Mortgage Insurance (PMI) is a monthly premium required by most lenders when your down payment is less than 20% of the home's purchase price. PMI protects the lender — not you — in case you default on the loan. Typical PMI rates range from 0.5% to 1.5% of the loan amount annually, depending on your credit score, loan-to-value ratio, and lender. Once your equity reaches 20% of the original home value, you can request PMI cancellation under the Homeowners Protection Act. PMI is automatically cancelled when your loan balance reaches 78% of the original purchase price.
2026 Mortgage Rate Context
Mortgage rates have fluctuated significantly since 2022. As of early 2026, the 30-year fixed-rate mortgage averages in the mid-to-high 6% range, reflecting the Federal Reserve's prolonged high-rate cycle. The table below provides historical context to help you understand where today's rates sit relative to recent years.
| Year | Avg. 30-Year Fixed Rate | Avg. 15-Year Fixed Rate | Fed Funds Rate |
|---|---|---|---|
| 2020 | 3.11% | 2.61% | 0.09% |
| 2021 | 2.96% | 2.35% | 0.08% |
| 2022 | 5.34% | 4.63% | 1.68% → 4.33% |
| 2023 | 6.81% | 6.17% | 5.33% |
| 2024 | 6.72% | 5.97% | 5.33% → 4.33% |
| 2025 | 6.84% | 6.10% | ~4.25% |
Source: Freddie Mac Primary Mortgage Market Survey, Federal Reserve Bank of St. Louis. Always verify current rates directly with lenders before making decisions.
30-Year vs. 15-Year Mortgage: Which Is Better?
The choice between a 30-year and 15-year mortgage is one of the most significant financial decisions a homebuyer faces. Here's a direct comparison for a $320,000 loan at representative 2026 rates:
| Feature | 30-Year Fixed | 15-Year Fixed |
|---|---|---|
| Sample Rate (2026) | ~6.875% | ~6.10% |
| Monthly P&I Payment | ~$2,102 | ~$2,722 |
| Total Interest Paid | ~$436,720 | ~$170,000 |
| Total Cost | ~$756,720 | ~$490,000 |
| Monthly Payment Savings | +$620/mo lower | — |
| Total Interest Savings | — | ~$266,720 saved |
A 30-year mortgage gives you a lower monthly payment and more cash flow flexibility, but you pay significantly more interest over the life of the loan. A 15-year mortgage builds equity faster and saves over a quarter-million dollars in interest — but demands a higher monthly commitment. Use this calculator to model both scenarios with your specific numbers.
Key Mortgage Terms Glossary
Amortization — The process of paying off a loan through scheduled, regular payments. Early payments are mostly interest; later payments shift toward principal. APR (Annual Percentage Rate) — The true annual cost of the loan, including interest plus fees. Compare APR (not just rate) across lenders. Escrow — A third-party account your lender uses to collect monthly portions of your property taxes and insurance, then pay them on your behalf. LTV (Loan-to-Value) — Your loan amount divided by the home's appraised value. LTV above 80% typically triggers PMI. PITI — Principal, Interest, Taxes, and Insurance. This is the four-part standard definition of a complete monthly mortgage payment. Equity — The portion of your home's value you own outright (home value minus loan balance). It grows as you make payments and as the home appreciates. DTI (Debt-to-Income Ratio) — Your monthly debt payments divided by gross monthly income. Most lenders prefer a DTI below 43% for mortgage approval.