\$
\$
%

\$

### Extra Payments — Amount and Start Date

\$
\$
\$
\$
 Monthly Principal & Interest \$1,690.99 Monthly Extra Payment (from Oct 2013) \$0.00 Property Taxes \$350.00 Homeowner's Insurance \$66.67 PMI (till Oct 2019) \$136.50 HOA Fees \$0.00 Total Monthly Payment \$2,244.15
 Down Payment & One-time Expenses \$35,000.00 Principal \$315,000.00 Extra Payments \$0.00 Interest \$293,755.72 Taxes, PMI, Insurance & Fees \$160,783.50
Total of all Payments
\$804,539.22
Mortgage Payment Schedule
(Oct 2013Sep 2043)
Comparison of Mortgage Payments

## How to Use the Free Mortgage Calculator

This mortgage calculator helps you estimate your monthly payment with the principal and interest components, property taxes, PMI, homeowner’s insurance and HOA fees. It also calculates the sum total of all payments including one-time down payment,  total PITI amount and total HOA fees during the entire amortization period. You are presented with a detailed mortgage payment schedule. Many homeowners wish to accelerate their mortgage schedule through extra payments or accelerated bi-weekly payments. A table showing the difference in payments, total interest paid and amortization period under both schemes is also displayed.

Here are a few important points to help you understand the mortgage calculations:

• The difference between home value and the mortgage amount is considered your down payment. If this is not the case (e.g., refinancing your loan), you should ignore the down payment and subtract this amount from the total of all payments.
• Private Mortgage Insurance (PMI) is calculated only if down payment is less than 20% of the property value (i.e., loan-to-value ratio is higher than 80%) and stops as soon as the outstanding principal amount (balance) is less than or equal to 80% of the home value. PMI is estimated at following rates: 95.01-100% LTV = 1.03% , 90.01-95% LTV = 0.875%, 85.01-90% LTV = 0.625%, 80.01-85% LTV = 0.375%. The actual PMI is based on your loan-to-value (LTV), credit score and debt-to-income (DTI) ratio.
• PMI, property taxes and homeowners insurance (aka hazard insurance OR home insurance) are defaulted to national averages in the US. These averages may not be accurate for your particular situation. You should override and enter your own estimates, if required.
• Although you may not pay property taxes and insurance on a monthly basis, it is factored into the total monthly payment with the assumption that you are setting aside this amount (through escrow / impound account or some other means) every month.
• You can enter down payment, one-time expenses, property taxes and homeowners insurance as a percentage of the home value and PMI as a percentage of the mortgage amount. You also have the choice of entering exact dollar amounts instead, if desired.
• One-time expenses can include closing costs (including discount points) and any money spent on one-time repair or renovation of the property.
• Bi-weekly payments (aka 'Accelerated Bi-weekly', 'True Bi-weekly' or 'Bi-weekly applied bi-weekly') help reduce your total interest cost and accelerate mortgage payoff.
• All extra payments pay down the principal and help reduce the loan tenure.
• Taxes, PMI, Insurance & Fees includes property taxes, PMI, Homeowner's Insurance and HOA Fees.
• PITI refers to Principal, Interest, Taxes and Insurance.

The mortgage calculations do not include the following costs and savings:

• Certain recurring costs associated with home ownership (e.g., utilities, home warranty, home maintenance costs etc.)
• Savings such as tax deductions on your mortgage payments

Some of the recurring expenses will change over the lifetime of home ownership due to home value changes, inflation and other factors. Some expenses (e.g., property taxes, homeowner's insurance etc.) will continue even after you have paid off your loan. You should consider all these factors, especially when making a rent vs. buy decision.

Best wishes for an affordable home mortgage loan and a great new home!

##### FHA Mortgage Calculator
FHA Loan Calculator With MIP, Taxes, Home Insurance & HOA Fees

## 179 responses to “U.S. Mortgage Calculator with Taxes, Insurance and PMI”

1. Debbie Pilkerton says:

is there an amorization chart

Amortization chart is visible on all mid-to-large screen computers and mobile devices. The chart cannot be shown meaningfully to mobile users with small screens.

2. RaJ says:

Any good reference for ARMs calcuator?

Sorry, I don’t know any. Try Googling…

3. The mortgage calculator worked fine for me. Love how simple it is. Too many of these types of tools are overcomplicated.

1. Agree. This mortgage calculator is one of the more accurate ones as well. I’ve recommended it to a couple of people

Thanks folks. Keep recommending this calculator to your friends!

4. DW says:

Time to monetize this thing, Vasu!

5. pooja says:

Vasu – Tool is pretty cool, looking to see if you have any plans to add the below features to the tool

Glad you liked the tool. I am afraid that adding more complexity may overwhelm first time homeowners. So, there no plans to add multiple one-time extra payments.

6. Erika says:

This is the most accurate and easy-to-use mortgage calculator I have seen thus far. I have spent hours trying to create my own spreadsheet until it dawned on me that someone surely has put this information in somewhere. Most calculators do not have the PMI or the ability to change it from % –> \$. This feature is handy because most statements have a \$ amount attached to it and it makes it difficult to have an accurate amortization schedule. Thank you for your hard work and input.

7. Guest says:

Really wish I could export this to a spreadsheet so I could compare different loan options and payment scenarios

You should use the ‘Share’ button to get a custom link with all your numbers pre-filled. You can use this custom link to view and compare your payment scenarios anytime you want.

8. Martin says:

Vasu,
Excellent job. This mortgage calculator is great. Very simple and incredibly useful.

JimSoCal

9. Brian Hise says:

This is absolutely AMAZING. I work for a new home builder and happened across this calculator. It will be a game-changer for me.

10. This is an awesome calculator. What software did you use to make it?

11. Kim says:

Hi Vasu – love this app on my android. Wondering is there a possibility of getting the html code for the FHA calculator and the U.S. Mortgage Calculator with Taxes, Insurance and PMI for my website? Let me know. Thanks Kim

12. Cheryl says:

This is the best calculator !!!! Under totals, it would be nice if it would calculate the PMI separately, so can we more easily compare the total amount of PMI over the life of the loan.

Thanks for this suggestion. I will make this change shortly.

13. nigel7ofssc says:

This calculator has been extremely helpful while I’ve been in the planning stages of buying my house. One added feature I would recommend is an end date for “extra payments”, for instance, say I buy a house with less than 20% down payment, however, only in the first year I want to pay \$1000 per month extra to get out from under PMI, but once I no longer have PMI I return to normal payment. It would be nice to see the effect of these temporary “extra payments”. I know I could get an estimate by putting a one time payment at the end of the year, however, I don’t get a sense of avoided interest in that case. THANKS!!

Making big extra payments to get rid of PMI quickly is a great idea!

When it comes to extra payments, every new input adds to the complexity of the calculator. Some want to make multiple one-time payments, some want multiple start & end dates, some want half-yearly payments and so on…It is difficult to build a calculator that handles all these what-if scenarios and yet retain its simplicity.

14. Excellent calculator. All the features anyone would need for realistic calculation of monthly costs. Now all I add is estimate of monthly utilities. For all of the house related expenses.

15. crankerchick says:

This is the best mortgage calculator I have ever used!

16. Anil Ayyar says:

The “bestest” of mortgage calculators I have seen until now. Appreciate your work. If I notice any good to have additional features will let you know. Will also appreciate if an offline Excel version is available.

17. Darren Smith says:

Excellent, and spot on with my current payments since the beginning. I understand the complexity of calculations vs. the simplicity of use, but I have been giving extra monthly since the start of my loan and was wanting to see how my numbers would change if I started giving more per month.. a 2nd ‘extra per month’ starting at a later date. Any help or suggestions?

Sorry for the late reply. You could take the outstanding loan amount and loan tenure (from the first calculation) and do another calculation using the increased extra monthly payment.

18. Ashurbanipal says:

Wow, this is the best graphic tool i’ve ever seen concerning mortgages!

19. Bernard K says:

Hi Vasu,

This calculator is great. Is there any way you can create an HTML script that would allow this to act as a widget on other sites? I work in real estate, and this would be incredibly helpful.

Thanks again!

1. Hammer says:

Vasu, I have two questions… one – is there a way to get the widget as a secure site widget? two – is it possible for me to pay you to make us our own calculator? Please let me know, you can email me at hammer (at) hmrsol (dot) com.

1) At the moment, we don’t provide the widget as a secure site widget. It has been requested by many and I will work to make it available on HTTPS. 2) Sorry, I don’t develop calculators for others.

1. Have you updated the calculator to work on secure sites with Https? Really want to use this on our site but it doesn’t display.

20. Kaushik says:

Vasu,

Thanks for the kind words!

Great tool. Thanks.

22. starrfrog says:

Love this calculator – now if you could add fields for utilities (gas, water, sewer, electric) that would be even better!

23. RAY MEJIA says:

Best app ever.

24. Mike says:

This is the best mortgage calculator in the world. I visited here religiously a few years ago on my first house and its my daily go to again as I am in pursuit of buying a second house. Lenders have not been the most accurate or trustworthy. This thing has been a time and life saver. Thanks!

25. ??? says:

In your calculator, are the extra principle payments applied before or after the regular PITI payment every month?