Enter the home price, down payment and interest rate to see your full monthly housing payment: principal, interest, property tax, homeowners insurance, PMI and HOA dues. At the national average 30-year rate of 7.40% (Freddie Mac, October 8, 2026), a $400,000 home with 20% down has a principal-and-interest payment of about $2,215.62 a month.
Mortgage Calculator
Monthly payment with taxes, insurance, PMI and HOA · Updated October 12, 2026
- Principal & interest
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- Property tax
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- Homeowners insurance
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- PMI
- –
- HOA dues
- –
- Loan amount
- –
- Total interest over the loan
- –
- Total of principal + interest
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- PMI ends automatically
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Yearly amortization schedule
| Year | Principal paid | Interest paid | Balance |
|---|
Estimate only. Lenders round interest and may hold extra money in escrow. Closing costs are not included.
How the monthly payment is calculated
The principal-and-interest part uses the standard fixed-rate amortization formula, where L is the loan amount, r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments:
- Monthly P&I = L × r × (1 + r)n ÷ [(1 + r)n − 1]
- Property tax and homeowners insurance are divided by 12 because most lenders collect them monthly through an escrow account.
- PMI (private mortgage insurance) is added only when the down payment is under 20%, and is shown here as an annual percentage of the loan.
Example: a $320,000 loan at 7.40% for 30 years gives r = 0.0740 ÷ 12 = 0.0061667 and n = 360, so the payment is $2,215.62. Over 30 years you would pay about $477,622 in interest on top of the $320,000 borrowed.
What PITI means
Lenders often quote housing costs as PITI: principal, interest, taxes and insurance. That is the number most lenders compare with your income, so this calculator shows the full figure, not just principal and interest.
When PMI goes away
On a conventional loan, PMI must end automatically once your balance is scheduled to reach 78% of the home’s original value, provided you are current on payments, and you can ask to cancel it at 80% (Homeowners Protection Act). The calculator estimates the month your scheduled balance first falls to 78%. FHA loans use a different mortgage insurance premium and are not modeled here.
How the rate changes the payment
| Interest rate | Monthly P&I | Total interest (30 years) |
|---|---|---|
| 6.00% | $1,918.56 | $370,682 |
| 6.73% | $2,071.26 | $425,654 |
| 7.00% | $2,128.97 | $446,428 |
| 7.40% (30-yr avg) | $2,215.62 | $477,622 |
| 8.00% | $2,348.05 | $525,297 |
A 15-year loan at the 6.73% average would cost $2,828.16 a month on the same $320,000 but only about $189,069 in total interest.
FAQ
Does this include closing costs?
No. Closing costs (lender fees, title, appraisal, prepaid items) are paid at closing and are not part of the monthly payment. Ask your lender for a Loan Estimate to see them.
Why is my lender’s quote slightly different?
Lenders may add escrow cushions, round interest daily or monthly, and use your actual tax bill and insurance premium. Use your Loan Estimate figures in the fields above to get closer.
How much house can I afford?
A common guideline is to keep total housing costs (PITI) under about 28% of gross monthly income and all debt payments under about 36%. It is a rule of thumb, not a lending rule; lenders apply their own limits.
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- Federal Income Tax Calculator 2026Brackets, standard deduction and new deductions
Sources
- Freddie Mac Primary Mortgage Market Survey: Mortgage Rates Average 7.40% · October 8, 2026
- Consumer Financial Protection Bureau: When can I remove PMI?
Figures current as of October 12, 2026
Each formula is checked against a separate test sheet with at least three worked examples. Results are estimates based on the numbers you enter and the published rules; your actual figures may differ. This is general information, not financial or tax advice.
Spotted a mistake? Contact us and we will fix it and update the date above.