US mortgage calculator with taxes and insurance
Enter the home price, down payment, rate and term, and this mortgage calculator shows your monthly payment including property tax and insurance.
Last updated Updated for 2026
Estimates only. This is not tax, legal or financial advice. Private mortgage insurance, HOA fees and closing costs are not included.
How to use the US mortgage calculator
- Enter the home price.
- Enter your down payment as a percentage of the price, for example 20.
- Enter the interest rate and the loan term in years.
- Add your property tax rate and yearly homeowners insurance premium.
- Press Calculate payment to see the monthly cost, the loan amount and the total interest.
How the US mortgage calculator works
A US mortgage is usually repaid in equal monthly installments of principal and interest. The calculator works out that fixed amount with the standard amortization formula, using a monthly rate equal to the yearly rate divided by 12.
Most homeowners also pay property tax and homeowners insurance each month, often through an escrow account held by the lender. Add your county's tax rate and an insurance quote to see the full monthly cost. Private mortgage insurance, HOA fees and closing costs are not included.
Formula
Loan = price × (1 − down payment % ÷ 100). With m = annual rate ÷ 1200 and n = years × 12, monthly principal and interest = L × m × (1 + m)^n ÷ ((1 + m)^n − 1).
Monthly property tax = price × tax rate ÷ 100 ÷ 12. Monthly insurance = yearly premium ÷ 12.
Example
A $400,000 home with 20% down needs a $320,000 loan. At 6.5% over 30 years, principal and interest come to about $2,022.62 a month. Add property tax at 1.1% ($366.67) and $1,800 a year of insurance ($150) for a total of about $2,539 a month.
Over 30 years you repay about $728,142, so the interest costs about $408,142. A 15-year term raises the payment to $2,787.54 but cuts total interest to about $181,758.
Tips and common mistakes
A 20% down payment avoids PMI
With less than 20% down, most conventional loans add private mortgage insurance until you reach 20% equity. It isn't included in this result.
Compare 15 and 30 years
A shorter term means a bigger payment but far less interest. Try both to see the trade-off for your budget.
Use your local property tax rate
Effective rates range from well under 1% to over 2% of a home's value depending on the state and county. Your county assessor's website lists the rate.
Start from your take-home pay
See what you really earn each month with the US salary calculator before you set a price range.
Other loans work the same way
For car and personal loans, the EMI calculator uses the same formula without taxes and insurance.
Frequently asked questions
Is private mortgage insurance included?
No. PMI usually applies when you put down less than 20%. Ask your lender for the cost and add it to the monthly total.
What interest rate should I use?
Use the rate from a lender's quote or a current average for your loan type. The default 6.5% is only a starting point.
Are closing costs included?
No. Closing costs are paid upfront, typically a few percent of the loan, and don't change the monthly payment.
Does it work for adjustable-rate mortgages?
It assumes one fixed rate for the whole term. An adjustable-rate mortgage's payment changes whenever its rate resets.
What happens if I make extra payments?
Extra payments reduce the balance faster and cut total interest. This calculator shows the standard schedule without them.