Mortgage Calculator With Taxes And Insurance
Estimate your monthly mortgage payment including principal, interest, property taxes, and homeowners insurance.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Mortgage Calculator with Taxes and Insurance
- Enter Home Price (required): Input the total purchase price of the home in dollars (e.g., 300000).
- Enter Down Payment (optional): Amount paid upfront in dollars (e.g., 60000). Must be less than the home price.
- Enter Loan Term (required): Number of years for the mortgage (e.g., 30). Must be between 1 and 50.
- Enter Annual Interest Rate (required): Percentage rate (e.g., 4.5 for 4.5%). Cannot be negative.
- Enter Annual Property Tax (optional): Total yearly property tax in dollars (e.g., 3600).
- Enter Annual Home Insurance (optional): Total yearly insurance cost in dollars (e.g., 1200).
- Click "Calculate" to see the monthly payment breakdown:
- Principal & Interest – based on the loan amount, rate, and term.
- Property Tax – monthly portion of annual tax.
- Insurance – monthly portion of annual insurance.
- Total Monthly – sum of all three components.
Note: All monetary values are in US dollars ($). Ensure inputs are positive numbers where required. The calculator uses the standard amortization formula with monthly compounding.
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Frequently Asked Questions
The monthly payment includes principal, interest, property taxes, and homeowners insurance.
We use the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments.
If you enter zero, those components are simply not included in the total monthly payment.
