Try different values to see how each change affects your monthly costs. These are estimates, so consult a mortgage expert for advice that fits your situation.
Mortgage Calculator With PMI and Taxes: Estimate How Much House You Can Afford
Updated: September 9, 2026
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Simply Estimate Your Loan Payments, Taxes & PMI.
Updated: Sep 9, 2026
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How to Use MoneyGeek’s Mortgage Calculator
Use our mortgage calculator to compare loan options and plan your home purchase.
- 1Input the home's price
Enter the full purchase price to calculate your potential loan amount.
- 2Enter the down payment
Input your upfront payment in dollars or as a percentage to determine your mortgage balance and whether you'll need PMI.
- 3Select the loan's term
Choose your mortgage duration (10, 15, 20 or 30-year terms). This shows the long-term cost and your payment schedule.
- 4Input the interest rate
Enter your lender's annual rate to see how interest affects your monthly payments and total loan cost.
- 5Enter taxes, insurance and fees
Input monthly or yearly amounts for property tax, homeowners insurance, private mortgage insurance (PMI) and HOA fees, if applicable. Property tax is calculated as a percentage of the home's value. PMI is required for down payments under 20%, and HOA fees apply if your property is within a homeowners association.
- 6Use the results
The calculator breaks down monthly payments by principal, interest, taxes, insurance and fees, plus an amortization schedule.
THE 28/36 RULE
The 28/36 rule is one way to figure out how much house you can afford. No more than 28% of your gross monthly income should go toward housing costs, and total debt payments should stay under 36% of your income. Keeping both numbers in check leaves room in your budget to save.
How to Calculate Your Mortgage Payments by Hand
A mortgage calculator handles the math, but knowing how to do it yourself helps you understand what drives your monthly payment.
To calculate your mortgage payments, have the following information ready:
P = Principal loan amount (the amount borrowed)
i = Monthly interest rate (your annual interest rate divided by 12)
n = Number of months to repay the loan (loan term in years multiplied by 12)
Apply these values to the formula M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is your monthly mortgage payment.
You can also use the PMT formula in Excel or Google Sheets to calculate your P&I payment:
=PMT(i, n, P)
Where:
i = Monthly interest rate (your annual interest rate divided by 12)
n = Number of payments (loan term in years multiplied by 12 months)
P = Principal loan amount (with a negative number representing the amount borrowed)
Sample Scenario
You want to borrow $200,000 at an annual interest rate of 6% for 30 years.
First, convert the interest rate to a monthly rate. The 6% annual becomes 0.5% monthly (0.005 as a decimal).
Next, convert the loan term into months. Thirty years becomes 360 months (30 years x 12 months/year).
Plug these values into the formula:
M = $200,000 [ 0.005(1 + 0.005)^360 ] / [ (1 + 0.005)^360 – 1] = $200,000 * (0.30 / 5.022)
That works out to $1,194 per month, before any other fees.
MONEYGEEK EXPERT TIP
A mortgage calculator is a great way to picture your ideal monthly payment. Enter prices for homes you've seen online, then try different down payment amounts to find your sweet spot. Use an interest rate a bit above current rates to build in a buffer. By the time you meet with a lender, you'll know what you can afford each month, and you can push back on the maximum they'll quote you. — Timothy Manni, Mortgage and Real Estate Consultant
How a Mortgage Calculator Helps
A mortgage calculator shows you how different loan terms and down payment amounts change your monthly payment, so you can compare options before talking to a lender.
Choosing the Right Mortgage Term for Your Budget
Julia is a teacher from Nashville buying her first home on a tight budget.
HOW DOES A RELIABLE MORTGAGE CALCULATOR HELP?
Julia used the calculator to compare loan terms. A 30-year mortgage lowered her monthly payments but raised the total interest she'd pay over time. She decided the tradeoff was worth it.
Paying Up to Pay Less
Alex is an engineer in San Diego buying his first home. He has $50,000 saved but is still deciding how much to put down. He wants to keep some funds available for investments and emergencies.
HOW DID THE MORTGAGE CALCULATOR HELP?
Alex ran different down payment scenarios for a $400,000 home. He compared putting down $30,000 versus $40,000 and went with $40,000.
A Photographer’s Path to Financial Independence
Angel is a freelance photographer from Portland who recently inherited money and is deciding how to use it. She's weighing whether to put some toward extra payments on her $300,000 mortgage or keep the funds available for other needs.
HOW DID THE MORTGAGE CALCULATOR HELP?
Angel ran the numbers on making extra monthly payments. Adding $200 a month, she found she could shorten her loan term by several years and pay less in interest overall.
Cutting Costs With Calculations
Marcus is an IT consultant in Austin who bought his home two years ago with a smaller down payment. As a result, he's been paying private mortgage insurance (PMI) along with his regular mortgage payments.
HOW DID THE MORTGAGE CALCULATOR HELP?
Marcus reviewed his amortization schedule and pinpointed when he would reach 20% equity, the threshold for requesting PMI removal on a conventional loan.
He found that a few extra payments toward the principal could get him there faster. He increased his monthly payments slightly, built equity more quickly and dropped his PMI sooner, cutting his overall monthly expenses.
How to Lower Your Monthly Mortgage Payments
Lowering your monthly mortgage payment can free up money for other expenses and savings goals. Beyond using the calculator, here are strategies that can help:
Buy a less expensive homeBuying a less expensive home reduces the principal on your mortgage, which directly lowers your monthly payment.
Seek a lower interest rateA lower rate reduces what you pay in interest each month. Improving your credit score before applying is one of the most reliable ways to get one.
Compare different mortgage typesDifferent mortgage products come with different rates and terms. Adjustable-rate mortgages (ARMs), for example, often start with lower rates than fixed-rate mortgages, which means lower initial monthly payments.
Mortgage Calculator FAQ
Monthly mortgage payments include principal, interest, property taxes, homeowners insurance and possibly private mortgage insurance (PMI) if your down payment is less than 20%.
Higher interest rates increase monthly payments and the total cost of the loan. Lower rates reduce both.
A larger down payment reduces the loan amount, which lowers your monthly payments. Put down 20% or more, and you can skip PMI entirely, cutting costs further.
A 15-year loan means higher monthly payments but much less interest paid over time compared to a 30-year loan. A shorter term builds equity faster and costs less overall. A longer term keeps monthly payments lower when cash flow is the priority.
Actual mortgage payments can differ based on local property taxes, insurance rates, interest rate changes and lender-specific fees not included in the initial estimate.
Sort of. When using a mortgage calculator for an ARM, you can see what your monthly payment and amortization look like for the initial fixed-rate period. After the rate adjusts, both will change. You can enter different interest rates to plan for rate adjustments down the line.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA) and the former Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Zachary has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.