US Mortgage Calculator with Property Tax & Insurance
Calculate your full US monthly mortgage payment including principal, interest, property tax, homeowners insurance, PMI, and HOA fees (PITI).
US Mortgage Guide
PITI — The Full Monthly Cost
Mortgage lenders use PITI: Principal + Interest + Taxes + Insurance. Many buyers focus on P&I and forget T&I, which can add 20-40% to the monthly bill. A $400,000 home at 6.5% with 20% down has P&I of about $2,022/month. Adding 1.2% property tax ($400/month) + $125/month insurance + $50 HOA = $2,597 total — 28% more than the headline mortgage figure. Always calculate PITI when budgeting, not just principal and interest. Lenders use PITI (plus other monthly debts) for debt-to-income ratio — typic
PMI — Private Mortgage Insurance
If you put down less than 20%, conventional loans require PMI — insurance that protects the lender if you default. PMI typically costs 0.3-1.5% of the loan amount annually, paid monthly. A $320,000 loan with 0.5% PMI = $133/month extra. PMI automatically cancels when you reach 78% LTV (loan-to-value), and you can request cancellation at 80% LTV. FHA loans have similar 'MIP' (Mortgage Insurance Premium) that for most current FHA loans lasts the LIFE of the loan unless you refinance to conventiona
Property Tax — The Hidden Variable
Property tax varies enormously by state and locality. Highest property tax rates 2025: New Jersey 2.49%, Illinois 2.27%, New Hampshire 2.18%, Connecticut 2.14%, Texas 1.81%. Lowest: Hawaii 0.27%, Alabama 0.39%, Louisiana 0.55%, Colorado 0.55%, South Carolina 0.55%. A $400,000 home costs $9,960/year in Newark, NJ vs $1,080/year in Honolulu — an $8,880/year difference for the same purchase price. This dramatically affects affordability. California's Proposition 13 caps annual increases at 2% even
30-Year vs 15-Year Mortgages
30-year mortgage: lower monthly payment, more interest over time. $400k loan at 6.5%: $2,528/month, $510,178 total interest paid. 15-year mortgage: higher monthly payment, much less total interest. Same loan at 6.0% (typically 0.5% lower for 15-year): $3,375/month, $207,477 total interest. The 15-year saves $302,701 in interest but requires $847/month more cash flow. For most buyers, 30-year provides flexibility (can always pay extra principal but not required during tight months). 15-year force
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