How This Mortgage Calculator Works
This calculator uses standard US mortgage amortization formulas used by lenders and banks. It factors in principal, interest, estimated PMI, property taxes, and homeowners insurance to give you a realistic monthly payment.
Understanding PMI and Property Taxes
- PMI: Required when down payment is below 20%. Usually costs 0.5%–1.5% of the loan annually.
- Property Taxes: Vary by state and county and are calculated based on your home's assessed value.
- Insurance: Protects your home against damage and loss.
Mortgage Calculator for First-Time Buyers
First-time homebuyers often underestimate their total monthly housing cost. This mortgage calculator for first time buyers helps you avoid surprises and plan your budget accurately.
Is It Cheaper to Rent or Buy in 2026?
Renting offers flexibility, but buying builds equity. Use this calculator to compare long-term costs and decide what makes sense for your financial future in the United States.
Frequently Asked Questions
How much PMI will I pay on a $300,000 mortgage?
PMI typically ranges from $125 to $375 per month depending on credit score and loan type.
Can PMI be removed later?
Yes. For conventional loans, PMI can usually be removed once you reach 20% home equity.
Does this calculator work for all US states?
Yes, but property tax rates vary by state and county.
Final Verdict
Your mortgage payment is more than just principal and interest. Use this mortgage payment calculator with PMI and taxes to make smarter, safer home-buying decisions in 2026.