Comprehensive Guide
Learn more in our Loans & Mortgage Guide.
How it works
mortgage calculator with pmi takes your inputs and produces principal & interest, pmi (monthly), total monthly payment. Calculate total mortgage costs including PMI, taxes, insurance, and HOA. You provide 5 inputs: Home Price (currency, in dollars) (default: 400000 dollars); Down Payment % (percent, in percent) (default: 10 percent); Mortgage Rate % (percent, in percent) (default: 7 percent); Annual Property Tax (currency, in dollars) (default: 5000 dollars); Annual Insurance (currency, in dollars) (default: 1500 dollars). The calculator returns 3 outputs: Principal & Interest (a secondary output); PMI (monthly) (a secondary output); Total Monthly Payment (the primary result). Loans and mortgages are amortized instruments where the split between interest and principal shifts every month. Understanding the total cost of borrowing — not just the monthly payment — is the difference between a sustainable debt load and one that erodes your net worth over time. This calculator reveals the full amortization picture. With the default values, total monthly payment is computed from the interaction of every input field — change any one of them and the result updates immediately, so you can stress-test different scenarios without re-entering the whole form. Adjust the inputs to match your real financial situation. The defaults are realistic starting points, but every person's circumstances differ — your actual income, expenses, rates, and timelines will produce a different answer. Use the tool iteratively: start with the defaults, then change one variable at a time to see which factor has the largest impact on your outcome.Tips
- Start with the default values to see a baseline result, then change one input at a time to understand which factor matters most for your outcome.
- Replace every default with your actual number — estimates and rules of thumb produce estimates, not answers. Pull your real figures from pay stubs, statements, or account dashboards.
- Compare the total cost of borrowing, not just the monthly payment. A lower monthly payment often means paying thousands more in interest over the life of the loan.
Frequently asked questions
What is my total mortgage payment?
$400K home, 10% down ($360K loan): P&I $2,410, PMI $200, tax $417, insurance $125 = $3,152/month total.
How accurate are the calculator results?
The math is exact — the same formulas a financial professional would use by hand. The precision of the output depends entirely on how realistic your inputs are. Use your actual numbers rather than estimates when possible. The defaults are reasonable starting points, but your real income, rates, and timeline will produce a different result.
What should I enter for home price?
Enter your actual home price value. The default of 400000 dollars is a common starting point, but replace it with your real figure for an accurate result.