Mortgage Payment Calculator (with PMI, Taxes, Insurance)
TL;DR: In 2026, a full mortgage payment (PITI+PMI) on a $400,000 home with 10% down at a 6.75% rate runs about $3,150–$3,400/month — roughly 30% higher than the principal + interest alone once property tax (1.1% national median), homeowners insurance ($1,800/yr), and PMI ($185/mo until 20% equity) are added.
Bottom line
- Typical range: PITI+PMI ≈ 1.28–1.42× principal & interest
- Median: $400k home, 10% down, 6.75% = $2,335 P&I → ~$3,275 all-in
- Biggest driver: Property tax rate (0.4–2.4% by state) + PMI (0.5–1.0% of loan/yr until 20% equity)
- When this applies: Recalculate on every rate quote and every property tax reassessment.
2026 full monthly mortgage payment (PITI+PMI) — 30-year fixed at 6.75%, 1.1% property tax, $150/mo insurance
| Home price | 10% down PITI+PMI | 15% down PITI+PMI | 20% down PITI (no PMI) |
|---|---|---|---|
| $250,000 | $2,050 | $1,910 | $1,720 |
| $350,000 | $2,865 | $2,670 | $2,405 |
| $450,000 | $3,685 | $3,435 | $3,090 |
| $550,000 | $4,500 | $4,195 | $3,775 |
| $650,000 | $5,320 | $4,955 | $4,460 |
| $800,000 | $6,545 | $6,100 | $5,485 |
Overview
The 30-second mortgage calculators on rate-shopping sites give you principal and interest (P&I) — the amortized loan payment. What they leave out is the other 30% of what actually leaves your bank account: property taxes (escrowed), homeowners insurance (escrowed), private mortgage insurance (if less than 20% down), and HOA dues. This calculator produces the full PITI+PMI figure lenders use for qualification and the number that hits your account every month. It also generates an amortization schedule, a PMI-removal date (based on the 78% LTV automatic termination and 80% LTV request), and a break-even analysis for buying discount points.
FAQs
What is included in a full mortgage payment?
A full monthly mortgage payment (PITI) has four components: Principal (loan balance reduction), Interest (cost of borrowing), Taxes (property tax, escrowed), and Insurance (homeowners insurance, escrowed). Add PMI if you put down less than 20%, and HOA/condo fees if applicable. On a $400k home with 10% down, that's approximately $2,335 P&I + $370 tax + $150 insurance + $185 PMI = $3,040/mo.
How is PMI calculated and when does it drop off?
PMI runs 0.5%–1.0% of the loan balance per year, divided into monthly payments. On a $360k loan at 0.75% PMI = $225/mo. PMI automatically terminates at 78% loan-to-value based on original value, or you can request removal in writing at 80% LTV (with clean 24-month payment history and often an appraisal). VA loans have no PMI; FHA loans require MIP for the life of most loans.
How much are property taxes in 2026?
The national median property tax rate is about 1.1% of home value, but ranges from 0.3% (Hawaii, Alabama) to 2.4% (New Jersey, Illinois). On a $400k home, that's $1,200/yr in HI vs. $9,600/yr in NJ — a $700/mo difference. Always look up the specific county rate before you make an offer; assessments and rates can shift significantly within a single metro.
Should I pay discount points to lower my rate?
Buy points if you'll hold the loan longer than the break-even period. Each point costs 1% of the loan and typically reduces the rate by 0.25%. On a $400k loan, 1 point = $4,000 to save ~$65/mo — break-even at month 62 (5 yrs). Only worth it if you'll stay 7+ years and won't refinance. Never buy points with cash you'd otherwise use for down payment (avoiding PMI is a better return).
Is a 15-year mortgage worth it over a 30-year?
A 15-year mortgage saves ~50% of total interest but adds 45–55% to the monthly payment. On $400k at 6.75%: 30-yr = $2,595 P&I / $482k total interest; 15-yr = $3,540 P&I / $237k total interest. Take the 15-yr only if the higher payment still leaves 3-month emergency reserves plus 1% maintenance reserve intact. Otherwise, take the 30-yr and pay extra principal voluntarily.
How much homeowners insurance do I need?
You need dwelling coverage equal to the cost to rebuild (not market value — the land isn't insured). National average premium in 2026 is $1,800/yr; coastal Florida and California fire zones run $4,000–$9,000/yr. Lenders require coverage matching the loan balance minimum. Umbrella liability adds $200–$500/yr for another $1M–$2M of protection.