US Mortgage Calculator
Estimate your full monthly mortgage payment - principal, interest, property tax, insurance, PMI and HOA - plus a complete amortization schedule.
Figures are estimates for planning purposes only. Actual property tax rates, insurance premiums and PMI rates vary by lender, location and credit profile - confirm exact figures with your lender.
Loan Details
Understanding PITI
Most US mortgage lenders quote a single monthly payment that bundles four things: Principal (repaying what you borrowed), Interest (the lender's charge for the loan), Taxes (your share of annual property tax, collected monthly) and Insurance (homeowners insurance, and PMI if applicable). This calculator shows each piece separately so you can see exactly what drives your monthly housing cost.
Typical US Property Tax Rates
| Hawaii | ~0.3% |
| Alabama | ~0.4% |
| National Average | ~1.1% |
| Texas | ~1.7% |
| Illinois | ~2.1% |
| New Jersey | ~2.2% |
Effective rate as a % of assessed home value, per year. Always check your county assessor for exact figures.
Frequently Asked Questions
PITI stands for Principal, Interest, Taxes and Insurance - the four components that typically make up a US monthly mortgage payment. Principal and interest repay the loan itself, while property tax and homeowners insurance are usually collected monthly by your lender and held in an escrow account, then paid on your behalf when due.
Private Mortgage Insurance (PMI) is typically required on conventional loans when your down payment is less than 20% of the home price. It protects the lender, not you, if you default. By federal law, lenders must automatically cancel PMI once your loan balance falls to 78% of the original home value, and you can usually request cancellation once it reaches 80%.
Property tax varies enormously by state and county, from under 0.3% of home value per year in Hawaii to over 2% in New Jersey and Illinois. A common national rule of thumb is around 1.0-1.3% of home value annually. Homeowners insurance typically runs $1,200-$2,500 a year for an average home, though this varies with location, home value and coverage level.
A 15-year mortgage has a higher monthly payment but a much lower interest rate and dramatically less total interest paid, because the loan is repaid over half the time. A 30-year mortgage spreads payments out for lower monthly costs but usually costs roughly double in total interest for the same loan amount and rate. Use the loan term selector to compare both.
Yes. If your property is part of a homeowners association, you can enter the monthly HOA fee and it will be added to your total monthly housing cost alongside principal, interest, taxes, insurance and PMI. HOA fees are paid directly to the association, not escrowed by your mortgage lender.