# Mortgage payment with taxes, insurance and PMI

> Price, down payment, rate and term give your full monthly payment, the total cost and the payoff month.

Work out a mortgage’s full monthly payment with property tax, insurance, HOA and PMI, then see how extra payments cut the interest. Runs in your browser.

- Tool: [Mortgage calculator](https://fixmint.cc/mortgage-calculator)
- Category: [Numbers & dates](https://fixmint.cc/numbers)
- Fixes: What is my monthly mortgage?
- Runs in the browser: files and text stay on the device, no sign-up, free.

## How to work out a mortgage payment

1. Enter the home price, the down payment, the rate and the term.
2. Add property tax, insurance, HOA fees and PMI if they apply.
3. Read the monthly payment, the payoff month and what an extra payment saves.

## Questions

### How is the principal and interest payment worked out?

With r as the monthly rate (annual rate ÷ 12 ÷ 100) and n as the number of payments, the payment is P × r ÷ (1 − (1 + r)^−n), where P is the loan. A 320,000 loan at 6.5% over 30 years is 2,022.62 a month.

### When does PMI stop?

In the United States, the Homeowners Protection Act (1998) requires the lender to end PMI automatically when the scheduled balance reaches 78% of the home’s original value, if payments are up to date. You can ask in writing to end it at 80%. This calculator drops PMI once the actual balance is at or below 78% of the price, which can be earlier than your lender’s schedule if you pay extra. Rules as written at the time of writing.

### Does the monthly total include everything?

It adds principal and interest to the property tax, home insurance, HOA fees and PMI you enter. It leaves out closing costs and maintenance, and it assumes tax, insurance and fees stay the same. Some lenders collect tax and insurance into an escrow account, so the bill is shaped the same way.

### Does an extra payment shorten the loan?

Yes. An extra payment goes to the balance, so less interest builds up and the loan ends sooner. Check with your lender that extra money is applied to principal and that there is no prepayment penalty.

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