PMI, extra payments and start datePMI rate, extra principal, first payment month, other monthly costs
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First 12 payments
| Month | Payment | Principal | Interest | Balance |
|---|
A monthly mortgage payment is principal and interest, worked out with M = P × [r(1 + r)n] ÷ [(1 + r)n minus 1], plus property tax, homeowners insurance, mortgage insurance and any HOA dues, often shortened to PITI. With the 30 year fixed averaging 7.28% for the week of October 1, 2026, a $400,000 home with 20% down costs about $2,189 a month in principal and interest, or $2,697 once average tax and insurance are added. Put down less than 20% on a conventional loan and PMI typically adds $30 to $70 monthly on each $100,000 of the loan.
How to calculate a mortgage payment
The loan part of the bill comes from one formula. This mortgage payment calculator runs it, then adds the costs your lender collects alongside it.
How this mortgage calculator works
| What it covers each month | How it is worked out in the calculator | |
|---|---|---|
| Principal and interest | Repays the loan itself plus the lender's interest | The formula above, fixed for the whole term on a fixed rate loan |
| Property tax | Your county and city tax bill, usually paid through escrow | Yearly tax ÷ 12, prefilled from your state's effective rate |
| Home insurance | The homeowners policy your lender requires | Yearly premium ÷ 12, prefilled with your state's average |
| Mortgage insurance | PMI on conventional loans under 20% down, MIP on FHA loans | Loan × yearly rate ÷ 12, dropped when the loan rules say it ends |
| HOA and other | Association dues and anything else you pay monthly | Added as entered |
| Monthly payment | Principal and interest + Tax + Insurance + Mortgage insurance + HOA | |
Worked example: $400,000 home, 20% down, 30 years at 7.28%, US average tax and insurance
When to use this mortgage calculator
Any time you need to know what the monthly bill will look like, or how one change to the loan moves it.
- Before house hunting: work backwards from the payment you can carry each month to a price range. Try a few prices with your real down payment, and keep the tax and insurance for your state switched on, because those two lines can add hundreds of dollars on their own.
- Comparing lenders: the second tab puts two rate quotes, points and fees next to each other, and the APR calculator rolls fees into one yearly rate.
- Choosing a down payment: slide between 5%, 10% and 20% and watch PMI appear and disappear.
- Refinancing: enter your current balance as the home price with no down payment to see the payment at a lower rate or a shorter term. For the full savings math, the refinance calculator goes further.
- Planning extra payments: add extra principal each month to see how much sooner the loan ends and how much interest you skip. The amortization schedule calculator lists every payment after that.
- Investment properties: treat the full monthly payment as a fixed cost before you set a rent. A rental only pays if the rent clears principal, interest, tax, insurance and the HOA, with room left for repairs and vacancy, so start from the number this mortgage payment calculator gives you.
- Budgeting the first year in a new home: know your fixed housing cost before the first repair call comes in.
What are mortgage rates right now?
Freddie Mac's weekly survey put the 30 year fixed rate at 7.28% and the 15 year fixed at 6.60% for the week of October 1, 2026. Your own quote depends on credit, down payment and points.
Monthly principal and interest per $100,000 borrowed
| Interest rate | 30 year loan | 15 year loan |
|---|---|---|
| 6.00% | $600 | $844 |
| 6.50% | $632 | $871 |
| 7.00% | $665 | $899 |
| 7.28% | $684 | $915 |
| 7.50% | $699 | $927 |
| 8.00% | $734 | $956 |
Multiply by your loan in hundreds of thousands. A $250,000 loan at 7.28% over 30 years is 2.5 × $684, about $1,711 a month.
15 year vs 30 year mortgage: how the payment changes
A shorter term raises the monthly payment but cuts total interest hard, and 15 year loans usually carry a lower rate too.
| $320,000 loan | 30 years at 7.28% | 15 years at 6.60% |
|---|---|---|
| Monthly principal and interest | $2,189 | $2,805 |
| Total interest | $468,213 | $184,930 |
| Total of all payments | $788,213 | $504,930 |
Property tax and home insurance by state
Single family homes paid property tax at about 0.9% of value nationwide in 2025, and the average homeowners policy runs about $2,490 a year. Both swing widely by state, so pick yours in the calculator.
Property tax rate and home insurance cost by state
| State | Effective tax rate | Tax a year on $400,000 | Home insurance a year |
|---|---|---|---|
| Alabama | 0.37% | $1,480 | $4,285 |
| Alaska | 0.94% | $3,760 | $1,385 |
| Arizona | 0.48% | $1,920 | $3,415 |
| Arkansas | 0.56% | $2,240 | $4,955 |
| California | 0.7% | $2,800 | $1,820 |
| Colorado | 0.5% | $2,000 | $3,910 |
| Connecticut | 1.54% | $6,160 | $2,135 |
| Delaware | 0.54% | $2,160 | $1,365 |
| District of Columbia | 0.6% | $2,400 | $1,645 |
| Florida | 0.78% | $3,120 | $2,845 |
| Georgia | 0.79% | $3,160 | $3,225 |
| Hawaii | 0.29% | $1,160 | $900 |
| Idaho | 0.495% | $1,980 | $2,195 |
| Illinois | 1.88% | $7,520 | $3,240 |
| Indiana | 0.76% | $3,040 | $2,985 |
| Iowa | 1.33% | $5,320 | $3,765 |
| Kansas | 1.21% | $4,840 | $5,455 |
| Kentucky | 0.74% | $2,960 | $3,795 |
| Louisiana | 0.55% | $2,200 | $2,020 |
| Maine | 0.98% | $3,920 | $1,525 |
| Maryland | 0.92% | $3,680 | $2,375 |
| Massachusetts | 1% | $4,000 | $1,645 |
| Michigan | 1.19% | $4,760 | $2,415 |
| Minnesota | 1% | $4,000 | $3,615 |
| Mississippi | 0.58% | $2,320 | $4,445 |
| Missouri | 0.89% | $3,560 | $3,805 |
| Montana | 0.61% | $2,440 | $3,765 |
| Nebraska | 1.44% | $5,760 | $6,015 |
| Nevada | 0.5% | $2,000 | $1,635 |
| New Hampshire | 1.5% | $6,000 | $1,500 |
| New Jersey | 1.88% | $7,520 | $1,480 |
| New Mexico | 0.63% | $2,520 | $2,800 |
| New York | 1.3% | $5,200 | $1,710 |
| North Carolina | 0.66% | $2,640 | $3,025 |
| North Dakota | 0.92% | $3,680 | $3,510 |
| Ohio | 1.36% | $5,440 | $2,080 |
| Oklahoma | 0.79% | $3,160 | $7,255 |
| Oregon | 0.81% | $3,240 | $1,705 |
| Pennsylvania | 1.26% | $5,040 | $1,720 |
| Rhode Island | 1.12% | $4,480 | $2,230 |
| South Carolina | 0.49% | $1,960 | $3,205 |
| South Dakota | 1% | $4,000 | $3,965 |
| Tennessee | 0.52% | $2,080 | $4,220 |
| Texas | 1.4% | $5,600 | $4,915 |
| Utah | 0.48% | $1,920 | $1,810 |
| Vermont | 1.51% | $6,040 | $1,170 |
| Virginia | 0.78% | $3,120 | $2,265 |
| Washington | 0.75% | $3,000 | $1,880 |
| West Virginia | 0.51% | $2,040 | $2,465 |
| Wisconsin | 1.32% | $5,280 | $2,175 |
| Wyoming | 0.53% | $2,120 | $1,805 |
Tax rates are the average share of home value paid by owners in 2024. Insurance averages are for a policy with $400,000 of dwelling coverage. Your county rate and your quote can differ.
When do you pay mortgage insurance, and how much?
Conventional loans add private mortgage insurance (PMI) under 20% down. FHA loans charge MIP whatever you put down. VA loans have no monthly mortgage insurance.
| Loan type | What you pay | When it ends |
|---|---|---|
| Conventional, under 20% down | $30 to $70 monthly per $100,000 of loan, about 0.36% to 0.84% of the balance a year | You can request removal at 80% of the original value, and it drops off automatically at 78% |
| FHA, 30 year | 1.75% upfront, usually added to the loan, plus 0.55% a year (0.50% with 5% or more down) | 11 years with 10% or more down, otherwise the life of the loan |
| FHA, 15 year | 1.75% upfront plus 0.40% a year, or 0.15% with 10% or more down | Same 11 year rule |
| VA | No monthly insurance. A one time funding fee of 1.25% to 3.3% of the loan, by down payment and prior use | Nothing to cancel |
What changes your monthly mortgage payment?
Rate, loan size and term set the loan part. Where you live sets most of the rest. Effects below use a $400,000 home at 7.28% as the base.
| Factor | What changes the payment | Typical effect |
|---|---|---|
| Interest rate | Every quarter point compounds over 360 payments. | Half a point on $320,000: about $108 to $110 a month |
| Loan amount | Price minus down payment, plus any financed FHA or VA fee. | $68 a month per extra $10,000 borrowed |
| Down payment | Less down means a bigger loan, and under 20% on a conventional loan it also brings PMI into the bill until enough equity builds up. | 10% instead of 20%: $274 more principal and interest, plus PMI |
| Loan term | Shorter terms pay the balance off faster. | 15 years: $616 more a month, $283,283 less interest |
| Property tax | Set by your county and state. | $97 to $627 a month on $400,000 |
| Home insurance | Weather risk drives most of the gap between states, with storm and hail states paying several times what quiet ones do. | $75 to $605 a month by state average |
| Loan type | FHA and VA trade lower down payments for their own fees. | FHA: 1.75% upfront + 0.55% a year |
| Points | Paying points upfront buys a lower rate. | One point = 1% of the loan, $3,200 on $320,000 |
| HOA dues | Paid to the association, not the lender, but part of the monthly cost. | Dollar for dollar |
Serving new homeowners? Their first repair call goes to whoever picks up.
Someone who just signed a mortgage is about to need a plumber, an HVAC check, a locksmith and a dozen small fixes, and they call during the move in week, often after hours. ServiceAgent answers every one of those calls, quotes from your price list, puts the visit on your schedule and sends the follow up, so the new customer on the street becomes yours.
Book a free demoFrequently asked questions
Plain answers on mortgage payments, PMI, rates and how this calculator works them out.
Book a free demoHow do you calculate a monthly mortgage payment?
Principal and interest come from M = P × [r(1 + r)^n] ÷ [(1 + r)^n minus 1], where P is the loan amount, r is the yearly rate divided by 12 and n is the number of monthly payments. Then add one twelfth of your yearly property tax and home insurance, plus any PMI and HOA dues. So $320,000 borrowed for 30 years at 7.28% comes to $2,189 a month before tax and insurance.
What is included in a mortgage payment?
Most lenders collect PITI: principal, interest, property taxes and homeowners insurance, with the tax and insurance often held in an escrow account. Mortgage insurance is added if you put down less than 20% on a conventional loan or take an FHA loan. HOA dues are usually paid to the association separately but still belong in your monthly budget.
How accurate is this mortgage payment calculator?
Principal and interest are exact for a fixed rate loan with the rate and term you enter. Tax and insurance start from state averages, so swap in your county tax bill and a real insurance quote to get within a few dollars of the lender's figure.
What is the average mortgage rate right now?
Freddie Mac's survey for the week of October 1, 2026 put the 30 year fixed rate at 7.28% and the 15 year fixed rate at 6.60%. A year earlier they were 6.34% and 5.55%.
When do I have to pay PMI, and when does it stop?
On a conventional loan, PMI applies when you put down less than 20%. Freddie Mac puts it at $30 to $70 per month on each $100,000 you borrow. You can ask your servicer to cancel it once the balance is scheduled to reach 80% of the home's original value, and it ends automatically at 78% if you are current on payments.
Does a bigger down payment lower my mortgage payment?
Yes, twice over. You borrow less, and at 20% down on a conventional loan PMI disappears. On a $400,000 home at 7.28%, going from 10% to 20% down cuts principal and interest by about $274 a month and removes $108 to $252 of PMI.
What is the difference between a fixed rate and an adjustable rate mortgage?
A fixed rate is set when you take out the loan and does not change, so principal and interest stay the same for the whole term. An adjustable rate can go up or down after the opening period, so the payment can change at each reset.
Do biweekly payments save interest?
Paying half your payment every two weeks adds up to 26 half payments, which is 13 full payments a year instead of 12. That extra payment goes to principal, so the loan ends sooner. To see the effect here, enter one twelfth of your monthly principal and interest in the extra monthly payment field.
Can I enter my own taxes, insurance and HOA dues?
Yes. Choose your state and the calculator loads that state's average tax rate and insurance cost; type over either one with your own figure. HOA dues and any other monthly costs are added as you enter them, which also makes the calculator useful for checking a rental's numbers.
Leads growth and product marketing for ServiceAgent at SaaS Labs, where he has worked in product marketing since 2020. Writes ServiceAgent's coverage of AI call answering, CRM and home services operations.
Published by ServiceAgent, the AI front office for home service teams. Estimates only. Your lender's figures depend on your credit, the property, local tax bills and the insurance you buy. Check the Loan Estimate before you commit.