Principal, interest, taxes, insurance, and PMI: the number you'll actually be billed.
Last reviewed August 2026
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Enter your loan details plus real property tax, insurance, and PMI. We show the complete monthly payment, not a principal-and-interest number that undersells what you'll actually owe.
Plenty of quick mortgage calculators only show principal and interest, the P&I part of the loan itself. That number looks smaller and friendlier, and it is also not what shows up in your bank account draft every month. Most lenders collect property tax and homeowners insurance through an escrow account and roll them into one payment, and if you put down less than 20%, PMI rides along too.
Skip taxes and insurance in your planning and you can end up qualified for a payment on paper that does not match the payment you actually get billed. This calculator includes all of it.
The escrow account itself is not a fixed number either. Your servicer estimates next year's tax and insurance bills, divides by 12, and collects that monthly along with your principal and interest. Once a year they run an escrow analysis comparing what they collected to what they actually paid out. Collect too little, because your tax bill or insurance premium rose, and you owe a shortage, usually spread across the next 12 months of payments, which is the most common reason a mortgage payment changes even on a fixed-rate loan. Collect too much and federal rules generally require the servicer to refund the surplus or apply it to your account rather than keep it. This calculator's tax and insurance fields are your own current estimate; expect your servicer's actual escrow requirement to drift from that estimate over time as local tax rates and insurance premiums change.
On a conventional loan, private mortgage insurance is required whenever your loan balance is above 80% of the original home value. Under the federal Homeowners Protection Act, once your balance drops to that 80% mark through regular payments or extra principal payments, you can request PMI removal, and once it drops to 78% the servicer is required to remove it automatically if you are current on payments.
FHA loans work differently. On FHA loans with less than 10% down and originated after 2013, the mortgage insurance premium (MIP) typically lasts for the entire life of the loan, it does not cancel at 80% LTV the way conventional PMI does. That is a real long-term cost difference worth running the numbers on before choosing FHA over conventional.
The Federal Housing Finance Agency (FHFA) sets the conforming loan limit each November for the following year. For 2026 the national baseline limit is $832,750 for a single-unit home, and high-cost areas (much of California, New York City, Hawaii, and parts of Colorado and Washington) go up to $1,249,125. A loan above your area's limit is a jumbo loan, which typically comes with a different rate and stricter down payment requirements than a conforming loan.
Leave this calculator on its defaults, a $350,000 home, 30-year term, 7.0% rate, $350 a month in property tax, $150 a month in insurance, and put 20% down. The loan amount is $350,000 x 0.80 = $280,000. Run that through the standard amortization formula and principal and interest comes to $1,862.85 a month; add the $350 tax and $150 insurance and the full payment is $2,362.85 a month. No PMI applies, since the down payment clears the 20% line. Over the full 30-year term, total interest paid on the loan itself comes to $390,625, more than the original loan amount.
Change only the down payment to 10% and the loan grows to $315,000, pushing principal and interest to $2,095.70 a month. PMI now applies, at the calculator's default 0.5% annual rate on the loan balance: $315,000 x 0.005 / 12 = $131.25 a month. Add tax and insurance and the full payment is $2,726.95 a month, $364.10 more than the 20%-down scenario. Only $131.25 of that gap is PMI; the other $232.85 is simply the interest and principal on the extra $35,000 borrowed. PMI is real money, but on this example it is well under half of what a smaller down payment actually costs you each month.
Principal and interest use the standard fixed-rate amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments. Property tax, insurance, PMI, and HOA are added on top as the monthly amounts you enter, PMI is included only when down payment is below 20% and uses your entered annual PMI rate against the loan amount. Total interest is summed across the full amortization schedule. The biweekly figure is half the monthly P&I payment, paid every two weeks, which works out to 26 half-payments (13 full monthly-equivalent payments) a year instead of 12, and typically shortens a 30-year loan by several years.
It models a fixed-rate loan only, not an adjustable-rate mortgage or a rate that resets. It does not model closing costs, state transfer or recording taxes (which range from none in some states to 1.4% to 1.8% of price in places like New York), or discount points. Property tax rates are not looked up automatically, you enter your own estimate, since rates vary by county and even by school district within a state.
Biweekly payments are not the only way to shorten a loan. On the same $280,000, 7.0%, 30-year loan used above, adding a flat $200 a month toward principal from day one, on top of the regular payment, cuts the term to about 270 months (22.5 years) and total interest to roughly $276,532, a savings of 7.6 years and $114,093. That beats the biweekly result (6.3 years and about $96,000 saved) on this loan, because $200 a month works out to $2,400 a year in extra principal versus biweekly's roughly $1,863 in extra principal (one thirteenth month's payment). Either strategy works; the one that saves you more is simply whichever puts more extra dollars toward principal each year. Neither commits you to anything: most mortgages allow extra principal payments at any time, in any amount, with no prepayment penalty on the great majority of loans originated after 2014, though it is worth confirming your specific loan does not carry one.
Principal, Interest, Taxes, and Insurance, the four components of a typical monthly mortgage payment collected through escrow. PMI and HOA dues, when they apply, are added on top.
On a conventional loan, PMI is required while your balance is above 80% of the original home value. Once it drops to 80%, you can request removal, and it is automatically removed at 78% if you are current. FHA loans with low down payments often carry mortgage insurance for the life of the loan instead.
$832,750 nationally, up to $1,249,125 in high-cost areas, per the FHFA's November 2025 announcement.
Property tax is set locally, not federally. Effective rates range from under 0.3% of assessed value in the lowest states to over 2% in the highest, which can change your real monthly payment by hundreds of dollars on an identical loan.
On a $350,000 home at 7.0%, going from 20% down to 10% down grows your loan from $280,000 to $315,000 and adds PMI at the calculator's default 0.5% rate, about $131.25 a month. Your full payment rises from $2,362.85 to $2,726.95 a month, a $364.10 difference, of which only $131.25 is PMI itself; the rest is interest and principal on the extra $35,000 borrowed.
On the calculator's $280,000, 7.0%, 30-year default, switching from monthly payments to true biweekly payments (half the monthly P&I every two weeks, 26 payments a year instead of 12 monthly ones) cuts the loan to about 23.7 years and reduces total interest from $390,625 to roughly $294,130, a savings of about $96,000 and 6.3 years. The mechanism is simple: 26 half-payments a year works out to 13 full monthly-equivalent payments instead of 12, so you make one extra payment a year without feeling it as a lump sum. Confirm your servicer applies biweekly payments to principal immediately rather than holding them, since some servicers batch them monthly instead, which erases the benefit.
Disclaimer. This calculator is designed to estimate your monthly mortgage payment based on the inputs you provide. It is not financial advice, a loan pre-approval, or a guarantee of any actual loan terms. Actual payment amounts may vary based on lender policies, your credit profile, local tax rates, and insurance requirements. This calculator uses a fixed-rate amortization formula and does not model adjustable-rate mortgages or rate resets. PMI rate defaults to 0.5% annually, actual PMI varies by lender and credit score. Consult a licensed mortgage professional before making any home-buying decision.