ConvertOnlineMortgage Calculator with Taxes, Insurance and PMI
Report source: https://convertonline.org/calculators/mortgage-calculator
Mortgage Calculator
Estimated total monthly payment
Amortization schedule
| Payment | Date | Amount | Principal | Interest | Extra | Balance |
|---|
Mortgage Calculator formula
Principal and interest use M = P × r ÷ [1 − (1 + r)⁻ⁿ]. Estimated monthly housing cost adds annual property tax ÷ 12, annual insurance ÷ 12, HOA fees, and estimated PMI when selected.
PMI is shown as an initial estimate when the down payment is below 20%. Lender pricing and cancellation rules vary.
Assumptions and limitations
- The mortgage has a fixed rate and monthly principal-and-interest payments.
- Property tax and insurance are divided evenly across 12 months; actual escrow adjustments may differ.
- PMI is an estimate based on the initial loan amount and entered annual PMI rate. It is not part of the loan balance.
- Closing costs, prepaid costs, utilities, maintenance, and tax deductions are excluded.
Worked example
Example: $400,000 home with 20% down
A $400,000 purchase with an $80,000 down payment creates a $320,000 mortgage. At 6.5% for 30 years, estimated principal and interest are $2,022.62 per month.
Adding $6,000 annual property tax, $1,800 annual insurance, and a $100 HOA fee produces an estimated initial monthly housing payment of $2,772.62. PMI is $0 because the down payment is 20%.
Frequently asked questions
What costs are included in this mortgage payment?
The result can include principal, interest, property tax, homeowners insurance, HOA fees, and an estimated PMI amount. Closing costs, maintenance, and utilities are separate.
When is PMI included?
The estimate is included when you choose PMI and the entered down payment is below 20% of the home price. Actual PMI eligibility, price, and cancellation depend on the loan.
Does an extra payment reduce taxes or insurance?
No. Extra payments reduce mortgage principal. Property tax, insurance, and HOA estimates remain separate ownership costs.
This calculator provides an estimate for planning and education. Actual lender calculations, fees, and payment dates may differ.