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).
As an Amazon Associate and CJ Affiliate publisher we earn from qualifying purchases. Prices and availability may vary.
US Mortgage Guide
What's the key thing to understand about 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 — typically capping total housing costs at around 28% of gross monthly income and total debt at 36-43%, depending on the loan program.
What do I need to know about 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
What's the key thing to understand about 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 as property values rise faster, which is why long-time California homeowners often pay dramatically less tax than a new buyer of an equivalent home.
What's the difference between 30-Year and 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 mortgages force faster equity building and pay off significantly less total interest, at the cost of a higher required monthly payment with less flexibility.