Mortgage Payment Calculator

Calculate your monthly payment with applicable financial charges, PMI, hazard insurance, and property taxes.

Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Yrs)
Property Information
Home Value : ($)
Taxes And Insurance Information
Annual Taxes :
Annual Insurance :
Annual PMI :
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Financial Analysis (Switch to Plain English)
Monthly Principal & Interests : $1,342.05
Monthly Real Estate Taxes : $250.00
Monthly Insurance : $125.00
Loan To Value Ratio : 83.33%
Months With PMI : 31
Monthly PMI : $104.17
Total Monthly Payments : $1,821.22
Plain English Help (Switch to Financial Analysis)

The fundamental mortgage characteristics, such as the Total Amount borrowed, the Interest Rate and the Term of the mortgage, are not the only factors to determine your monthly payments. Taxes, insurance, PMI and the value of your home also have their say.

Let's see what happens if you borrow $250,000.00 for the period of 30 years with an interest rate of 5.000%. With the value of your home of $300,000.00, your property taxes of $3,000.00 per year and your insurance of $1,500.00 per year, you should expect a total monthly payment of $1,821.22 - namely $1,342.05 towards the actual loan, $250.00 as real estate taxes and $125.00 towards insurance.

As the loan to value ratio of your mortgage is 83.33%, you will also have to pay PMI for 31 months, i.e. another $104.17 a month. Don't forget to drop the PMI after all the obligations of month 31 of the loan term are completed. You may need to have a re-appraisal done for that, though.