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  5. Mortgage Calculator: PITI, PMI, Taxes, Insurance & Extra Payments

Frequently Asked Questions

  • For a fixed-rate mortgage, the calculator uses the standard amortization formula to estimate principal and interest. It then adds PMI when applicable, property tax, homeowners insurance, HOA dues, other owner costs, and optional extra principal.
  • Yes. Use the Amount / Percent toggle to enter either a cash down payment or a percent of the home price. The calculator converts the value, updates the loan amount, and shows the loan-to-value ratio used for PMI logic.
  • PMI is usually required when your down payment is below 20%. It often costs about 0.5% to 1.5% of the original loan amount per year, so the PMI rate field lets you model your lender quote.
  • Total Cost to Own combines cash to close with the lifetime cost of the loan: principal, interest, PMI, property tax, insurance, HOA dues, and other annual owner costs through the payoff date.
  • The first monthly payment includes editable tax, insurance, HOA, PMI, and other owner costs. Optional annual increase fields estimate how taxes, insurance, HOA, and other costs may grow over the payoff period. The CFPB explains why the total monthly payment can be higher than principal and interest alone.
  • The start date sets the month used for the balance chart and payoff date. It does not change the interest formula itself, but it makes the timeline, payoff month, and saved-months result easier to understand.
  • A 15-year loan usually has higher monthly payments but lower lifetime interest. A 30-year loan usually has lower monthly payments and more flexibility, especially if you plan to make optional extra principal payments.

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Mortgage Calculator

PITI, PMI, Taxes, Insurance & Extra Payments

Inputs

Loan Setup

$

Loan Amount

$320,000

Loan-to-Value: 80.0%

$

Equivalent: 20.0%

%
years

Payoff Date

Dec 2049

Payoff Time: 23 years 5 mo

Taxes, Insurance & HOA

%
$
$/ mo
$
%

Monthly PMI

$0

Down Payment %: 20.0%

Annual Cost Increases

%
%
%
%

Cash to Close & Payoff

%
$/ mo

Results

Total Monthly Payment

$3,355.95

Required Monthly: $3,155.95 · Extra Principal: $200 · Payoff Date: Dec 2049

Cost Breakdown

$2,023
$400
$150
$250
$333
$200
Monthly P & I
Monthly Property Tax
Monthly Home Insurance
Monthly HOA
Monthly Other Costs
Extra Principal

Balance Over Time

Balance Over Time: Remaining Balance: $0, Total Interest: $302,714$0$80,000$160,000$240,000$320,000202620312036204120462050
  • Remaining Balance
  • Total Interest

Mortgage Summary

Loan Amount
$320,000
Monthly P & I
$2,022.62
Monthly Property Tax
$400
Monthly Home Insurance
$150
Monthly HOA
$250
Monthly Other Costs
$333.33
Required Monthly
$3,155.95
Extra Principal
$200
Cash to Close
$92,000
Closing Costs
$12,000
Total Property Tax
$112,400
Total Home Insurance
$42,150
Total HOA
$70,250
Total Other Costs
$93,667
Total Ownership Costs
$318,467
Total Cost to Own
$1,033,180
Total Interest
$302,714
Interest Saved
$105,429
Total Payment
$941,180
Down Payment %
20.0%
Loan-to-Value
80.0%
Payoff Time
23 years 5 mo
Payoff Date
Dec 2049
Months Saved
79 mo

Cash to Close

$92,000

Payoff Date

Dec 2049

Total Cost to Own

$1,033,180

Mortgage Insider

Mastering Your Mortgage Strategy

A mortgage is more than just a loan; it's a long-term financial strategy. Understanding the interplay between rates and terms can save you six figures over 30 years.

"Compare different terms and rates to find the balance between manageable monthly cash flow and long-term wealth building."

Amortization Power

In early years, most of your payment goes to interest. Use extra payments to crush the principal early.

The 20% Rule

Reaching 20% equity allows you to cancel PMI, potentially saving $100-$300 monthly.

Rate Sensitivity

Even a 0.5% drop in interest rates can significantly increase your buying power.