Mortgage Calculator - PMI, Property Tax, HOA Fees Included
Calculate complete monthly mortgage payments including PMI, property tax, insurance, and HOA fees. Shows payment breakdown, total interest over loan term. No signup, free mortgage calculator with all costs.
Loan Details
Down payment: $80,000
Monthly Payment
Monthly Breakdown
Income Requirements (28% Rule)
Annual: $108826
Mortgage Tips & Information
Tips to Lower Your Payment
- Make a larger down payment (20% avoids PMI)
- Shop around for better interest rates
- Consider a longer loan term (but pay more interest overall)
- Improve your credit score before applying
- Buy points to reduce your interest rate
Additional Costs to Consider
- Closing costs (2-5% of home price)
- Moving expenses
- Home maintenance (1-2% of home value annually)
- Utilities and other monthly expenses
How to Use
- 1
Enter home price
Input the total price of the home you want to purchase
- 2
Set down payment
Enter your down payment as a percentage or dollar amount
- 3
Choose loan term
Select your loan term (15, 20, 25, or 30 years)
- 4
Enter interest rate
Input the annual interest rate for your mortgage
- 5
Add additional costs
Include property tax, insurance, and HOA fees
- 6
View results
See your monthly payment breakdown and total costs
Frequently Asked Questions
What is PMI and when do I need to pay it?
What is PMI and when do I need to pay it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It typically costs 0.5-1% of your loan amount annually and protects the lender if you default on the loan. You can usually remove PMI once you reach 20% equity in your home.
What is the 28/36 rule for mortgage affordability?
What is the 28/36 rule for mortgage affordability?
The 28/36 rule is a guideline used by lenders: your housing expenses should not exceed 28% of your gross monthly income, and your total debt payments (including the mortgage) should not exceed 36%. This helps ensure you can comfortably afford your monthly payments.
Should I choose a 15-year or 30-year mortgage?
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest paid and builds equity faster. A 30-year mortgage has lower monthly payments, making it more affordable month-to-month, but you'll pay more interest over the life of the loan. Choose based on your monthly budget and long-term financial goals.
What additional costs should I budget for when buying a home?
What additional costs should I budget for when buying a home?
Beyond your monthly mortgage payment, budget for: closing costs (2-5% of home price), moving expenses, home maintenance (1-2% of home value annually), utilities, HOA fees if applicable, and an emergency fund for unexpected repairs. Don't forget to factor in property tax and homeowners insurance.