Try different values to see how each change affects your monthly costs. The calculator provides estimates, so consulting a mortgage expert is the best way to get advice tailored to your situation.
Mortgage Calculator With PMI and Taxes: Estimate How Much House You Can Afford
Updated: June 14, 2026
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Simply Estimate Your Loan Payments, Taxes & PMI.
Updated: Jun 14, 2026
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How to Use MoneyGeek’s Mortgage Calculator
MoneyGeek's mortgage calculator helps you understand your options when purchasing a home.
- 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 a mortgage duration of 10, 15, 20 or 30 years to see the long-term financial impact on 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.
- 5Add in any additional 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 of 20% or less, and HOA fees apply if your property is within a homeowners association.
- 6Review the results
The calculator breaks down monthly payments by principal, interest, taxes, insurance and fees, along with a full amortization schedule. Try different values to see how changes affect your monthly costs. For personalized advice, consult a mortgage expert.
HOW MUCH HOUSE CAN YOU AFFORD?
The "28/36 rule" is a common guideline for figuring out how much house you can afford. It says no more than 28% of your gross monthly income should go toward housing expenses, and your total debt payments should stay at or below 36% of your income. Keeping both numbers in check gives you more room to save.
How to Calculate Your Mortgage Payments by Hand
While a mortgage calculator will help you determine your monthly mortgage payments, there’s no harm in knowing how to get this information with a pencil and paper. This will give you a better understanding of how the underlying factors influence what you pay out of pocket.
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 calculator 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 so it appears as follows:
M = $200,000 [ 0.005(1 + 0.005)^360 ] / [ (1 + 0.005)^360 – 1] = $200,000 * (0.30 / 5.022)
That comes up to $1,194 per month, excluding any additional fees.
MONEYGEEK EXPERT TIP
A mortgage calculator is a good way to plan your ideal monthly payment. Start by entering prices from homes you've seen online, then adjust the down payment amounts to find what works for your budget. Enter an interest rate slightly higher than the current rate to build in a buffer. By the time you speak with a lender, you'll know what you can afford each month and can weigh that against their maximum figure. — 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
Meet Julia, a teacher from Nashville buying her first home on a limited budget.
HOW DOES A RELIABLE MORTGAGE CALCULATOR HELP?
A mortgage calculator lets Julia test different loan terms to see how each one changes her monthly payment. By comparing a 30-year mortgage against shorter terms, she can see that the longer term lowers her monthly costs, though she'll pay more interest overall. For Julia, that trade-off makes sense given her budget.
Paying Up to Pay Less
Alex is an engineer in San Diego buying his first home. He has saved $50,000 but is still deciding on the down payment, since he wants to keep enough funds for other investments and emergencies.
HOW DID THE MORTGAGE CALCULATOR HELP?
Using a mortgage calculator, Alex compared two down payment options on a $400,000 home: $30,000 and $40,000. The calculator showed him how the larger down payment would lower his monthly costs and reduce his total interest, so he 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?
Using a mortgage calculator, Angel calculated the effects of making additional monthly payments on her mortgage. By adding $200 extra each month, she discovered she could shorten her loan term by several years and save a substantial amount in interest.
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 explored his amortization schedule using a mortgage calculator and pinpointed when he would achieve 20% equity in his home — the point when he can request the removal of PMI on his conventional loan.
He found that with a few extra payments toward the principal, he could reach this milestone sooner. Motivated, Marcus increases his monthly payments slightly, accelerating his equity buildup and paving the way to dropping his PMI, thus lowering his overall monthly expenses. He was able to better determine how much he owes with an accurate mortgage estimator with taxes and PMI.
How to Lower Your Monthly Mortgage Payments
A mortgage is a long-term commitment, and there are several ways to reduce what you pay each month. Running the numbers in a mortgage calculator first, including PMI and taxes, gives you a clearer picture before you act.
Buy a less expensive home
Opting for a more affordable property directly reduces the principal amount of your mortgage. A lower principal means lower monthly payments, making this a straightforward strategy for staying within your budget.
Seek a lower interest rate
A lower rate reduces the amount you pay in interest each month. Improving your credit score before applying can qualify you for these lower rates. A better credit score signals lower risk to lenders, prompting them to offer more favorable terms.
Explore different mortgage types
Different mortgage products have varying payment terms and rates. For example, adjustable rate mortgages (ARMs) typically offer lower initial rates compared to fixed-rate mortgages, leading to lower initial monthly payments.
Mortgage Calculator FAQ
What is included in monthly mortgage payments?
Monthly mortgage payments typically include principal, interest, property taxes, homeowner's insurance and possibly private mortgage insurance (PMI) if your down payment is less than 20%.
How do interest rates affect monthly payments?
Higher interest rates increase monthly payments and the total cost of the loan. In comparison, lower rates decrease these payments, making the loan more affordable over time.
How does a down payment affect monthly mortgage payments?
A larger down payment reduces the loan amount, which lowers your monthly payment. It can also eliminate the need for PMI, required when your down payment is below 20%, cutting your monthly costs further.
How does the loan term (for example, 15 years vs. 30 years) impact monthly payments and total interest paid?
A 15-year loan comes with higher monthly payments than a 30-year loan, but you'll pay far less interest over the life of the loan. The shorter-term approach builds equity faster and costs less overall; the longer-term approach keeps monthly payments lower if cash flow is the priority.
Why might actual mortgage payments be different from the calculated amount?
Actual mortgage payments can differ due to variations in local property taxes, insurance rates and changes in interest rates, as well as lender-specific fees that may not be included in the initial calculation.
Can you use the calculator for adjustable-rate mortgages (ARMs)?
Sort of. When using a mortgage calculator for an ARM, you will be able to see what your monthly payment and amortization will look like for the initial fixed-rate portion of your loan. After the rate adjusts, your monthly payment and amortization will look different. You can use a mortgage calculator to enter different interest rates to prepare yourself financially for your adjusted rate and new payment.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the 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.
Romeo 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.