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Mortgage Calculator with Taxes, Insurance & PMI

This comprehensive tool helps you estimate your total monthly mortgage payment, including principal, interest, property taxes, homeowner's insurance, and Private Mortgage Insurance (PMI). Understand the full cost of homeownership before you commit. Simply enter the details of your potential loan and property to get a detailed breakdown.

Home Purchase Price ($)

Down Payment ($ or %)

Loan Term (Years) 30 Years 25 Years 20 Years 15 Years

Interest Rate (%)

Monthly Cost Estimates

Annual Property Tax ($ or %)

Annual Home Insurance ($)

PMI Rate (%)

HOA Fees (Monthly $ - Optional)

Calculation Summary

Total Estimated Monthly Payment

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P&I (Principal & Interest)

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Property Tax (Monthly)

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Insurance (Monthly)

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PMI (Monthly)

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HOA Fees (Monthly)

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Total Interest Over Term

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In-Depth Guide to Understanding Your Mortgage

[PLACEHOLDER FOR THE 2000-WORD ENGLISH ARTICLE] This section will contain the long-form, SEO-optimized content, structured with H2 and H3 tags, covering topics like "How to use the calculator," "The formula behind P&I," "The importance of property taxes and insurance," and "Tips for reducing your total mortgage cost." Example H3: The Calculation Formula Explained The core of the calculator uses the standard fixed-rate mortgage formula... $M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]$...

Frequently Asked Questions (FAQ)

What is the difference between P&I and the Total Monthly Payment?

P&I stands for Principal and Interest, which is the core loan repayment to the lender. The Total Monthly Payment includes P&I plus other crucial costs like Property Taxes, Home Insurance, and PMI (if applicable), which are often held in an escrow account by the lender.

How is PMI calculated and when does it apply?

PMI (Private Mortgage Insurance) is required by lenders when your down payment is less than 20% of the home's purchase price. It is typically an annual percentage of the loan amount, paid monthly. Once your equity reaches 20-22%, you can request to have the PMI cancelled.

Does the calculator use the Annual Percentage Rate (APR)?

No, the calculator asks for the simple annual Interest Rate (nominal rate). APR is a broader measure that includes certain fees and closing costs, which are not factored into the basic monthly P&I calculation used here.

What if I don't know my annual property tax?

You can either enter the estimated annual dollar amount or the property tax rate (e.g., 1.2%) for your area. The calculator will automatically convert this to a monthly cost. Check your local county or real estate listings for estimates.

Why is my interest payment higher at the beginning of the loan term?

Mortgages use an amortization schedule where the initial payments are heavily weighted towards interest. As the principal loan balance slowly decreases over time, a larger portion of your fixed monthly payment then goes toward paying down the principal.

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