Mortgage Taxes & Insurance Calculator: Include All Costs in Your Payment

Need to calculate your complete monthly mortgage payment including property taxes, insurance, and PMI? Our free online Taxes & Insurance Calculator helps you understand the full cost of homeownership by including all components of your monthly payment. Perfect for accurate budgeting and financial planning.

Calculate Your Total Payment Now

Why Use Our Taxes & Insurance Calculator?

  • Complete Payment: Includes all monthly costs
  • PMI Calculation: Automatically factors in private mortgage insurance
  • Tax Estimation: Calculates property tax impact
  • Insurance Costs: Includes homeowners insurance
  • Accurate Budgeting: See your true monthly payment
  • Free to Use: No cost, no registration required

How to Use the Taxes & Insurance Calculator

  1. Enter Loan Details

    • Input your loan amount
    • Specify the interest rate
    • Select the loan term
    • Enter property value

  2. Add Tax & Insurance

    • Input property tax rate
    • Enter insurance rate
    • Specify down payment
    • View PMI requirements

  3. View Results

    • See complete payment breakdown
    • Understand cost components
    • Calculate total monthly payment
    • Download payment details

Understanding Total Mortgage Payment

Key Components

Component | Description | Example
Base mortgage payment
Annual tax divided by 12
Annual premium divided by 12
Required if down payment < 20%
Sum of all components

Sample Payment Breakdowns

Property Value | Down Payment | P&I | Taxes | Insurance | PMI | Total
20%$1,347$250$100$0
10%$1,347$250$100$125
20%$1,796$333$133$0
10%$1,796$333$133$167

Use Cases for Tax & Insurance Calculation

Budget Planning

  • Calculate total housing costs
  • Plan for monthly expenses
  • Account for all payments
  • Prepare for homeownership

Loan Comparison

  • Compare different loan options
  • Evaluate down payment impact
  • Understand PMI requirements
  • Calculate total loan cost

Financial Analysis

  • Assess affordability
  • Plan for tax deductions
  • Budget for insurance
  • Manage monthly cash flow

Tips for Using Tax & Insurance Calculator

  1. Know Your Rates

    • Research local tax rates
    • Get insurance quotes
    • Understand PMI costs
    • Factor in all fees

  2. Plan for Changes

    • Account for tax increases
    • Consider insurance changes
    • Plan for PMI removal
    • Budget for maintenance

  3. Track Expenses

    • Monitor payment components
    • Document tax payments
    • Keep insurance records
    • Review annual changes

Frequently Asked Questions

What is PMI and when is it required?

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home’s value. It protects the lender in case of default.

How are property taxes calculated?

Property taxes are calculated based on your local tax rate and the assessed value of your property. They’re typically paid monthly as part of your mortgage payment.

Can I remove PMI later?

Yes! PMI can be removed once you reach 20% equity in your home, either through payments or increased property value.

Are insurance costs included in the mortgage?

Yes, homeowners insurance is typically included in your monthly mortgage payment and held in escrow by your lender.