Mortgage Calculator with PMI, Taxes, Insurance and Extra Payments

How to use the mortgage calculator

1. Enter the Home price, then your down payment, either as a % of price or as a Dollar amount.
2. Add the Interest rate from your quote, the Loan term in years and the First payment date.
3. Fill in Property tax per year, Homeowners insurance per year and any HOA dues per month. Your county tax bill and an insurance quote give the best numbers.
4. If you are putting down less than 20%, enter the PMI rate per year from your lender and choose whether PMI ends Automatically at 78% or When I ask at 80%.
5. Optionally add an Extra payment every month, an Extra payment once a year (and the month it is paid), or a One-off extra payment with the payment number it goes with.
6. Read the monthly payment and its parts, the PMI end date, the payoff date, and the interest and time saved. The charts and the monthly schedule update as you type, and both tables download as CSV.

What it does and when to use it

A home loan quote usually headlines the principal and interest. The amount that leaves your bank account each month is bigger: it can also carry property tax, homeowners insurance, mortgage insurance and HOA dues. This calculator builds that full figure, then shows how the loan behaves over its whole life.

Use it when you are:

• Setting a budget before you house-hunt. Try different prices and down payments to see the monthly cost.
• Deciding on a down payment. Compare 10% down with PMI against 20% down without it.
• Comparing terms. Switch between 30, 20 and 15 years and watch the total interest.
• Planning extra payments. See how $100 or $200 a month, a yearly bonus, or a one-time lump sum moves your payoff date.
• Checking when PMI should drop off, so you know when to expect a lower payment or when you can ask for it to be removed.

How it works

Principal and interest. The fixed monthly payment M on a loan of P dollars, with a monthly rate r (the annual rate ÷ 12) and n monthly payments, is:

M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)

Each month, interest is the balance × r. The rest of the payment reduces the balance. Early in the loan most of the payment is interest; later most of it is principal. The CFPB explains this pattern in how paying down a mortgage works.

Extra payments go straight to principal in the month you pay them. The required payment stays the same, so the loan ends sooner. The last payment is cut to whatever clears the balance. Interest saved is the total interest on the normal schedule minus the total interest with your extras.

Escrow items. Property tax and insurance are your yearly amounts ÷ 12. HOA dues are added as entered. They are kept level for the whole loan.

PMI. The CFPB notes that you might have to buy PMI on a conventional loan with less than 20% down, and that it protects the lender, not you. The calculator models a monthly premium of your PMI rate × the loan amount ÷ 12, and charges it only when the loan starts above 80% of the home price. It then stops PMI using the rules the CFPB describes for the Homeowners Protection Act:

• Automatically at 78%: PMI ends with the payment where the balance is scheduled to reach 78% of the original value, based on the original payment schedule. Extra payments do not move this date. PMI also ends after the payment at the midpoint of the term (payment 180 on a 30-year loan) if that comes first.
• When I ask at 80%: you can ask your servicer to cancel once your actual balance reaches 80% of the original value. Extra payments get you there sooner. The servicer can require a good payment history and proof that the home has not lost value, among other conditions.

“Original value” generally means the lower of the sales price and the appraised value when you bought the home. The calculator uses the home price you enter.

The total monthly payment is the sum of the parts, each rounded to the cent, as on a statement.

Worked examples

These numbers come straight from the calculator. All use a first payment in November 2026.

1. A $400,000 home with 10% down. The loan is $360,000 at 6.5% for 30 years. Principal and interest is $2,275.44. Adding $4,000 a year of property tax ($333.33 a month), $1,500 a year of insurance ($125.00) and PMI at 0.5% of the loan ($150.00) gives a monthly payment of $2,883.77. PMI ends in Nov 2035 (after payment 109), when the scheduled balance reaches $312,000, which is 78% of $400,000. By then you will have paid $16,350.00 in PMI. Over 30 years the loan costs $459,160.16 in interest.

2. A $250,000 home with $50,000 down. That is a $200,000 loan at 6% for 30 years, and 20% down means no PMI. Principal and interest is $1,199.10 a month. Total interest is $231,676.38. This is a common textbook case, and you can check it with the formula above: r = 0.005 and n = 360.

3. The first loan with $200 extra every month. The payoff date moves from Oct 2056 to Sep 2050. Interest saved is $108,916.85 and time saved is 6 years 1 month, for $57,200.00 of extra payments. PMI still ends automatically after payment 109, because that date follows the original schedule.

4. The same extra payments, and you ask to cancel PMI at 80%. Your actual balance falls to $320,000 (80% of $400,000) at payment 64, in Feb 2032. Total PMI drops to $9,600.00, $6,750.00 less than waiting for the automatic date.

A once-a-year extra payment works too. Paying one extra principal-and-interest payment ($2,275.44) every December on the first loan saves $107,933.10 in interest and 5 years 11 months.

Limits and tips

• Fixed-rate loans only. Adjustable-rate mortgages, interest-only periods and balloon loans need a different schedule.
• Level taxes and insurance. Real bills change, and your servicer re-checks the escrow account each year, so the escrow part of the payment can go up or down.
• PMI is simplified. Real premiums depend on the insurer, your credit and your down payment, and some loans use up-front or lender-paid PMI. Enter the monthly rate from your Loan Estimate. FHA mortgage insurance and VA funding fees follow other rules and are not modelled.
• No closing costs. Fees, points and prepaid items are not included. They matter when you compare offers, so compare Loan Estimates too.
• Check with your servicer before sending extra money. Ask how to mark it as a principal payment, and check your loan papers for any prepayment terms.
• Original value is your price. If your appraisal came in lower, PMI dates are based on the lower figure. Enter that number as the home price to see the effect.

Related calculators

• See every monthly line of any fixed loan, not just mortgages, in the amortization schedule.
• Compare an extra payment with a shorter term in the loan prepayment calculator.
• Work in other currencies with the home loan EMI calculator.
• Put a down-payment fund to work first with the compound interest calculator, and compare savings accounts with the APY calculator.
• Clear high-interest card debt before you apply. The credit card interest calculator shows what it costs to carry.