Mortgage Payment Calculator with PMI, Taxes and HOA
Calculate principal, interest, property tax, insurance, PMI, HOA and a full amortization snapshot.
What this calculator explains
Many mortgage calculators display only principal and interest, which can understate the amount a buyer must budget each month. This calculator separates principal, interest, property tax, homeowners insurance, mortgage insurance and HOA dues, and it lets users replace defaults with actual quotes.
The amortization schedule shows how each loan payment is split between principal and interest. Property tax, insurance and HOA dues remain outside loan principal because those costs can change even when the mortgage rate is fixed.
How the estimate is calculated
- Subtract the down payment from the purchase price to determine the starting loan principal.
- Use the standard fixed-rate amortization formula for principal and interest.
- Convert annual property tax and insurance inputs to monthly amounts.
- Add user-entered PMI or mortgage-insurance and HOA estimates.
- Show cash-to-close separately from the recurring monthly payment.
- Generate an amortization schedule and optional extra-payment scenario.
Formula
Monthly principal and interest = P × r(1+r)^n ÷ ((1+r)^n − 1); total monthly housing cost adds tax, insurance, PMI and HOA
Worked example
A $400,000 home with a 10% down payment creates a $360,000 loan. At 6.5% for 30 years, estimated principal and interest are about $2,275.44 per month. Adding $500 property tax, $150 insurance, $180 PMI and $75 HOA produces an illustrative total of $3,180.44 per month.
Current rules and configuration notes
- The fixed-rate principal-and-interest payment uses the standard amortization formula.
- Property tax, homeowners insurance, mortgage insurance and HOA dues are recurring housing costs, not loan principal, and can change over time.
- Users can enter quoted values, and the amortization schedule prevents a national default from being mistaken for an offer.
Update requirement: The amortization formula is evergreen; PMI assumptions, loan-program guidance and explanatory source links require periodic review.
Included in the estimate
- Fixed-rate principal and interest
- Property tax, homeowners insurance, PMI and HOA
- Down payment and entered closing costs
- Amortization schedule
- Optional extra principal payments
- Side-by-side loan scenarios
Not included or not guaranteed
- A lender approval or binding Loan Estimate
- Adjustable-rate changes unless an ARM scenario is explicitly selected
- Every escrow adjustment or special assessment
- Maintenance, utilities and opportunity cost unless entered separately
- Eligibility for PMI cancellation or a particular loan program
Frequently asked questions
What costs are included in a full mortgage payment?
A full housing estimate can include principal, interest, property taxes, homeowners insurance, mortgage insurance and HOA dues. Your actual statement may also include escrow adjustments or other charges.
When is PMI usually required?
Conventional lenders commonly require private mortgage insurance when the down payment is below 20%, but pricing and cancellation rules depend on the loan and borrower.
Is the interest rate the same as APR?
No. The note rate drives the scheduled principal-and-interest payment, while APR is a broader disclosure that reflects certain costs. Each input is labelled separately.
Will property tax stay the same?
Not necessarily. Assessments, rates and exemptions can change, so users should enter a current local estimate and revisit the calculation.
Does HOA belong in the mortgage calculation?
HOA dues are not part of loan principal, but they are part of the recurring housing budget and appear in the total monthly cost.
Can this calculator tell me what I can afford?
It shows payment scenarios. Use the separate affordability and DTI calculator to compare housing cost with income and existing debts.
Official sources
Applicable period: 2026 · Last reviewed: September 3, 2026
- Consumer Financial Protection Bureau — Mortgages
- Consumer Financial Protection Bureau — Loan Estimate explainer
Display the applicable period and a real Last reviewed date beside this source list.
Recommended internal links
Check the payment against your income
Move the estimated housing payment into the affordability calculator to see its effect on monthly debt-to-income ratio.
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