Mortgage Calculator with PMI
Calculate your monthly mortgage payments including PMI, taxes, and insurance.
Calculator
Results
Total Monthly Payment
$1552.71
Mortgage Payment
$1077.71
Property Tax
$375.00
Home Insurance
$100.00
PMI
$0.00
Loan Amount
$240000.00
Down Payment
20.00%
How It Works
The Mortgage Calculator with PMI helps you estimate your monthly mortgage payments, including principal, interest, taxes, insurance, and private mortgage insurance (PMI). Here's how it works:
- Calculate the loan amount: Home Price - Down Payment
- Calculate the monthly mortgage payment using the formula:
P = L[c(1 + c)^n]/[(1 + c)^n - 1]
Where:- P = Monthly payment
- L = Loan amount
- c = Monthly interest rate (annual rate divided by 12 and expressed as a decimal)
- n = Total number of monthly payments (years * 12)
- Calculate monthly property tax: (Home Price * Annual Property Tax Rate) / 12
- Calculate monthly home insurance: Annual Home Insurance / 12
- Calculate PMI:
- If down payment is less than 20% of home price:
- For percentage-based PMI: (Loan Amount * Annual PMI Rate) / 12
- For fixed PMI: Use the specified monthly amount
- Sum up all monthly costs for the total monthly payment
The calculator also generates a chart showing how your loan balance decreases and home equity increases over time.
How to Use
- Enter the home price you're considering.
- Input your planned down payment amount.
- Set the annual interest rate for your mortgage.
- Choose the loan term (15, 20, or 30 years).
- Select whether you want to calculate PMI as a percentage or a fixed amount.
- Enter the PMI rate or fixed amount, depending on your selection.
- Input the annual property tax rate for your area.
- Specify your estimated annual home insurance cost.
- Review the calculated monthly payments and the loan amortization chart.
- Adjust any inputs to see how they affect your monthly payments and long-term costs.