Why include taxes and insurance in a mortgage calculator?

Many buyers budget around the total monthly housing payment, not just principal and interest. Taxes, insurance, HOA dues, and PMI can materially change affordability.

Does the amortization schedule include property tax or insurance?

No. The schedule shows how principal and interest reduce the loan balance. Taxes, insurance, HOA, and PMI are monthly cost add-ons and do not pay down principal.

When should I enter PMI?

PMI is commonly required on many conventional loans when the down payment is below 20%. Enter a lender or quote-based monthly estimate when you have one.

Is this a loan approval or offer?

No. It is a planning estimate. A lender will determine approval, rate, fees, escrow, and final payment disclosures.

Mortgage Calculator

Estimate a mortgage payment with principal and interest plus property tax, homeowners insurance, HOA fees, and PMI.

Estimate principal and interest plus property tax, homeowners insurance, HOA fees, and PMI for a fixed-rate mortgage. The amortization schedule tracks principal and interest only.

Home price, $

Down payment, $

Interest rate, %

Loan term, years

Property tax per year, $

Home insurance per year, $

HOA fees per month, $

PMI per month, $

This estimate does not include closing costs, lender fees, points, utilities, maintenance, tax reassessments, exact escrow changes, or lender approval rules.

Principal and interest vs total monthly payment

English mortgage search intent expects more than a principal-and-interest payment. A practical estimate should also show monthly property tax, homeowners insurance, HOA fees, and PMI when applicable.

Principal and interest reduce the loan balance and pay the lender.
Property tax and homeowners insurance are often paid through escrow.
HOA fees may be paid separately but still affect monthly affordability.
PMI can apply when the down payment is below 20% on many conventional loans.

Estimate only

The calculator does not include closing costs, lender fees, points, local tax reassessments, exact insurance quotes, or loan approval rules.

Mortgage payment formula

P = C - D

P is the loan amount, C is home price, and D is the down payment.

M = P \cdot \frac{i ( 1 + i ) ^{n}}{( 1 + i ) ^{n} - 1}

M is principal and interest, i is the monthly rate, and n is the number of monthly payments.

T = M + \frac{t a x}{12} + \frac{in s u r an ce}{12} + H O A + P M I

T is the estimated total monthly payment before utilities, maintenance, and closing costs.

How to use the estimate

Input	How to estimate it
Property tax	Use a local annual estimate or a percentage of home value from local listings.
Homeowners insurance	Use an annual quote or a conservative estimate for the property.
HOA	Enter the monthly dues for a condo, townhome, or association community.
PMI	Enter a monthly estimate if down payment is below 20%; exact PMI depends on lender and loan details.

Frequently Asked Questions

Sources and References

Calculations are based on the listed reference sources. Links open in a new tab.

Updated: June 2, 2026

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