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A mortgage's "payment" is often quoted as just principal and interest, but the actual monthly cost of owning a home usually includes property tax, homeowners insurance, and sometimes PMI and HOA fees — together known as PITI (Principal, Interest, Taxes, Insurance).
This calculator estimates your full monthly housing payment, not just the loan amortization portion, so you can budget for the real cost.
How it works
Enter the home price, down payment, interest rate, and loan term to calculate principal and interest. Add annual property tax, homeowners insurance, HOA fees, and a PMI rate (applied automatically if your down payment is under 20%) to get your full monthly payment.
- Enter home price.
- Enter down payment.
- Enter annual interest rate (%).
- Enter loan term (years).
- Enter annual property tax (optional).
- Enter annual homeowners insurance (optional).
- Enter monthly HOA fees (optional).
- Enter pMI annual rate % (optional, applies if down payment < 20%).
- Click Calculate to see your results.
Examples
A $400,000 home with 20% down
A $400,000 home with an $80,000 down payment at 6.5% over 30 years has a principal & interest payment of about $2,023/month — with no PMI required at exactly 20% down.
Who should use it
- Budgeting for a home purchase before making an offer.
- Comparing how a larger down payment reduces or eliminates PMI.
Industry applications
- Real estate and mortgage lending
- Personal finance and home buying
Advantages
- Models the full real-world monthly payment, not just loan amortization.
- Automatically applies PMI only when the down payment is actually below 20%.
Limitations
- Doesn't include one-time closing costs or ongoing maintenance costs.
Common mistakes to avoid
- Budgeting based on principal and interest alone and being surprised by the full payment once taxes and insurance are included.
- Forgetting that PMI typically disappears once you reach 20% equity, so it shouldn't be treated as a permanent cost.
Best practices
- Always budget using the full PITI payment, not just principal and interest, to avoid underestimating true monthly housing costs.
Tips
- If you're close to the 20% down payment threshold, consider whether stretching to reach it is worth avoiding PMI entirely, versus buying sooner with PMI included.