🏠 Home & Loan Details
📊 Additional Costs (Monthly)
💡 Tips
PMI is typically required when your down payment is less than 20%.
Property taxes and insurance vary by location. Contact your local assessor for accurate
estimates.
What This Tool Does
Calculate monthly mortgage payments with taxes, insurance, and PMI.
This mortgage calculator estimates your monthly home loan payment including principal, interest, property taxes, homeowners insurance, and PMI (Private Mortgage Insurance).
When to Use This Tool
- Estimate monthly home payments
- Compare different loan scenarios
- Plan down payment amounts
- Calculate total interest costs
How to Use
- Enter home price and down payment
- Set interest rate and loan term
- View payment breakdown
Frequently Asked Questions
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is required when your down
payment is less than 20% of the home price. It typically costs 0.5% to 1.5% of the
loan amount annually.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but lower total
interest. A 30-year mortgage offers lower monthly payments but costs more in total
interest.
How much house can I afford?
A common guideline is that your total housing costs should not
exceed 28% of your gross monthly income. Use this calculator with different prices
to find a payment that fits your budget.