Mortgage Calculator with Taxes and Insurance
Buying a home is the largest purchase most Americans ever make, and the monthly payment your lender quotes is rarely the whole story. This free mortgage calculator with taxes and insurance shows the full picture: your principal and interest payment, your monthly property tax, your home insurance premium, and any private mortgage insurance (PMI) you may owe. Instead of guessing whether a home fits your budget, you can enter the price, down payment, interest rate and loan term, then see your true monthly cost in seconds. The calculator also shows your loan amount, the total interest you will pay over the life of the loan, and a year-by-year amortisation schedule, so you can see exactly how much of each payment goes to interest and how much builds your equity. Whether you are a first-time buyer comparing homes, a homeowner thinking about refinancing, or simply checking what a rate change would do to your budget, this tool gives you clear, honest numbers before you talk to a lender. All calculations run in your browser, and nothing you enter is sent anywhere.
Your Mortgage Results
Total monthly payment
$0.00
Yearly Amortisation Schedule
The table below shows how your loan balance falls year by year. Early payments are mostly interest; over time, more of each payment goes toward principal.
| Year | Interest Paid | Principal Paid | Remaining Balance |
|---|
How to Use This Calculator
- Enter the home price and down payment. The calculator subtracts your down payment from the home price to find your loan amount. A 20% down payment on a $300,000 home is $60,000, leaving a $240,000 loan and no PMI.
- Enter your interest rate and loan term. Use the rate your lender quoted, or try a few rates to see how sensitive your payment is. A 30-year term gives the lowest monthly payment; a 15-year term costs more each month but saves a large amount of interest.
- Add your annual property tax and home insurance. Divide each yearly figure by 12 to get the monthly amount. If you are unsure, a common estimate is about 1% of the home price per year for tax and around $150 a month for insurance, but real figures vary widely by state and county.
- Click Calculate and review the breakdown. Check the total monthly payment against your budget, then scroll through the amortisation table to see how your balance falls over time. Adjust the inputs and recalculate as many times as you like.
Worked Example
Suppose you buy a home for $300,000 with a $60,000 down payment (20%), a 6.5% fixed interest rate and a 30-year term. Your loan amount is $300,000 minus $60,000, which is $240,000. At 6.5% over 360 monthly payments, principal and interest come to $1,516.96 per month. Your annual property tax of $3,600 adds $300 per month, and annual home insurance of $1,800 adds $150 per month. Because your down payment is 20%, PMI is $0. Your total monthly payment is therefore $1,516.96 plus $300 plus $150, which equals $1,966.96. Over the full 30 years you will pay about $306,106.77 in interest, for total principal and interest of about $546,106.77. In the first year alone, about $15,521.02 of your payments goes to interest and only about $2,682.54 goes to principal, which is why extra principal payments early in a loan are so powerful. Adding just $100 a month toward principal would cut years off the loan and save thousands in interest.
Frequently Asked Questions
How much is the monthly payment on a $300,000 house with 20% down?
With a $300,000 home price, a $60,000 down payment, a 6.5% interest rate and a 30-year term, the loan is $240,000 and principal and interest come to $1,516.96 per month. Adding $300 a month for property tax and $150 a month for home insurance gives a total monthly payment of $1,966.96, with no PMI because the down payment is 20%.
What is included in a mortgage payment?
A typical mortgage payment includes principal and interest, property taxes and home insurance, often shortened to PITI. Your lender usually collects the tax and insurance portions each month and holds them in an escrow account, then pays your tax bill and insurance premium when they are due. If your down payment is below 20%, private mortgage insurance (PMI) is usually added as well.
When can I stop paying PMI?
You can usually ask your lender to cancel PMI once your loan balance falls to 80% of the home's original value, and lenders must cancel it automatically when the balance reaches 78% of the original value on a conventional loan, provided you are current on payments. A larger down payment, extra principal payments and rising home values can all help you reach that point sooner.
How much interest will I pay over 30 years on a $240,000 loan at 6.5%?
On a $240,000 loan at 6.5% over 30 years, you will pay about $306,106.77 in interest, for total principal and interest payments of about $546,106.77. That is why the interest rate matters so much: even a small change in the rate can add or save tens of thousands of dollars over the life of the loan.
Does a larger down payment lower my monthly mortgage payment?
Yes. A larger down payment reduces the amount you borrow, which lowers both your principal and interest payment and your total interest. It can also remove PMI entirely once you reach 20% down, which saves you a separate monthly charge. The trade-off is that the money is tied up in your home, so keep an emergency fund in place before putting every spare dollar into a down payment.