Mortgage Payment Calculator with Taxes & Insurance
Mortgage Payment Calculator
30 Years
20 Years
15 Years
10 Years
Estimated Monthly Payment$0.00
Principal & Interest:
$0.00
Property Tax (mo):
$0.00
Home Insurance (mo):
$0.00
HOA Fees:
$0.00
Understanding Your Mortgage Payments
Buying a home is likely the largest financial commitment you will make in your lifetime. Understanding exactly how your monthly mortgage payment is calculated is crucial for maintaining financial health. Our Mortgage Payment Calculator breaks down the costs beyond just the loan repayment, giving you a realistic view of your monthly housing expenses.
What is Included in PITI?
Mortgage lenders often refer to "PITI" when discussing monthly payments. This acronym stands for the four primary components of your payment:
Principal: The portion of your payment that goes toward paying down the original loan balance. In the early years of a mortgage, this amount is small but grows over time.
Interest: The cost of borrowing money. This usually makes up the majority of your payment in the first few years of the loan term.
Taxes: Property taxes assessed by your local government. These are typically collected by your lender in an escrow account and paid annually on your behalf.
Insurance: Homeowners insurance protects your property against damage. Like taxes, this is usually bundled into your monthly payment via escrow.
How Interest Rates Affect Affordability
Even a small fluctuation in interest rates can significantly impact your monthly payment and total loan cost. For example, on a $300,000 loan:
At 4.0% interest, the Principal & Interest payment is approximately $1,432.
At 6.0% interest, that payment jumps to approximately $1,799.
That is a difference of over $360 per month, or nearly $130,000 in extra interest paid over the life of a 30-year loan. Use the calculator above to test different rate scenarios to see how they fit your budget.
Don't Forget HOA Fees
If you are buying a condo, townhouse, or a home in a planned community, you will likely have to pay Homeowners Association (HOA) fees. While these are rarely paid to the mortgage lender directly, they are a mandatory monthly cost that affects your debt-to-income ratio and overall affordability. Always input these fees to get the most accurate result.
function calculateMonthlyPayment() {
// 1. Get Input Values by ID
var homePrice = parseFloat(document.getElementById('calc_home_price').value);
var downPayment = parseFloat(document.getElementById('calc_down_payment').value);
var interestRate = parseFloat(document.getElementById('calc_interest_rate').value);
var loanTermYears = parseInt(document.getElementById('calc_loan_term').value);
var annualTax = parseFloat(document.getElementById('calc_property_tax').value);
var annualIns = parseFloat(document.getElementById('calc_home_insurance').value);
var monthlyHOA = parseFloat(document.getElementById('calc_hoa_fees').value);
// 2. Validate Inputs
if (isNaN(homePrice) || homePrice <= 0) {
alert("Please enter a valid Home Price.");
return;
}
if (isNaN(downPayment) || downPayment < 0) {
downPayment = 0;
}
if (isNaN(interestRate) || interestRate = home price
if (principal 0) {
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
var monthlyTax = annualTax / 12;
var monthlyIns = annualIns / 12;
var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyIns + monthlyHOA;
// 4. Update Result Elements
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
document.getElementById('display_pi').innerText = formatter.format(monthlyPI);
document.getElementById('display_tax').innerText = formatter.format(monthlyTax);
document.getElementById('display_ins').innerText = formatter.format(monthlyIns);
document.getElementById('display_hoa').innerText = formatter.format(monthlyHOA);
document.getElementById('display_total_monthly').innerText = formatter.format(totalMonthlyPayment);
// Show the result div
document.getElementById('mortgage_result_area').style.display = "block";
}