Mortgage Payment Calculator With Taxes and Insurance
Estimate your true monthly housing costs. Plan your future home purchase with a detailed breakdown of principal, interest, taxes, and insurance.
Educational Disclaimer
Wyzfin calculators and guides are for educational and informational purposes only. They do not constitute financial, tax, or legal advice. The results provided are estimates based on user input and general assumptions. Every financial situation is unique; always consult with a qualified professional before making significant financial decisions.
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Payment Breakdown (A)
15yr vs 30yr Comparison
Amortization Schedule
Wyzfin Intelligence
This mortgage payment calculator with taxes and insurance shows your full monthly mortgage payment breakdown, not just principal and interest. Enter the home price, down payment, mortgage rate, property tax, insurance, and PMI assumptions to estimate what the house really costs each month. It is built for buyers who want to know how much house they can afford before talking to a lender.
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Understanding Your Mortgage Payment
Buying a home is one of the largest financial decisions you will ever make. Our mortgage calculator helps you understand exactly what your monthly commitment will be. Adjust the home price, down payment, and interest rate to see how different scenarios affect your budget, then run the rent vs buy break-even calculator to test whether buying beats renting for your timeline.
What is PITI?
Your monthly payment usually consists of four main components, often referred to as PITI:
- Principal: The portion that goes toward paying off the loan balance.
- Interest: The cost of borrowing the money from your lender.
- Taxes: Property taxes assessed by your local government.
- Insurance: Homeowners insurance and potentially PMI.
15-Year vs 30-Year Mortgage: Which Is Better?
A 30-year mortgage provides lower monthly payments, giving you more breathing room in your monthly budget. However, you will pay significantly more in interest over the life of the loan.
A 15-year mortgage has higher monthly payments, but usually offers a lower interest rate and builds equity twice as fast. Check the comparison chart in the calculator to see the total cost difference for your specific scenario, and use the 50/30/20 budget calculator or paycheck planner to verify the payment fits your monthly cash flow.
Frequently Asked Questions
What is a good down payment?
While 20% is ideal to avoid PMI (Private Mortgage Insurance), many first-time buyers put down between 3% and 5%. Just remember that a lower down payment means a larger loan amount and higher monthly payments.
Should I pay points for a lower rate?
Paying "points" means paying an upfront fee at closing to lower your interest rate. If you plan to stay in the home for a long time, buying points can save you thousands. If you plan to move in a few years, it might not be worth the upfront cost.
How do I calculate a mortgage payment with taxes and insurance?
Start with principal and interest, then add monthly property taxes, homeowners insurance, and PMI if your down payment is below 20%. Property tax and insurance can add hundreds of dollars to the payment. A full PITI calculator gives a more realistic affordability number than a principal-and-interest estimate alone.
How much house can I afford?
A common starting point is keeping housing costs near 28% of gross monthly income and total debt near 36%. The better answer depends on your debts, savings, taxes, insurance, and local costs. Use the calculator above to test home prices until the full monthly payment fits your budget comfortably.
Plan your home purchase with confidence.
Use our other tools to make sure your budget is ready for homeownership.