Mortgage Calculator
30-Year Fixed Mortgage Payment Calculator Including Taxes and Insurance
Calculate your complete monthly mortgage payment including principal, interest, taxes, and insurance (PITI). Get accurate estimates for 30-year fixed-rate mortgages.
Understanding PITI Payments
Your total monthly mortgage payment consists of four components: Principal, Interest, Taxes, and Insurance (PITI). Understanding each component helps you budget accurately and avoid surprises.
Our calculator provides a complete breakdown of your 30-year fixed mortgage payment, including all taxes and insurance costs, so you know exactly what to expect each month.
Components of Your Monthly Payment
Principal & Interest
- • Principal: Reduces your loan balance
- • Interest: Cost of borrowing money
- • Fixed rate for 30 years
- • Early payments mostly interest
- • Later payments mostly principal
Property Taxes
- • Annual property tax assessment
- • Paid monthly through escrow
- • Varies by location and value
- • Typically 1-2% of home value
- • May increase over time
Homeowners Insurance
- • Protects against damage/loss
- • Required by lenders
- • Covers structure and contents
- • Annual premium divided monthly
- • May include flood insurance
Mortgage Insurance
- • PMI if down payment < 20%
- • MIP for FHA loans
- • Protects the lender
- • Can be removed later
- • VA loans don't require PMI
How to Use the PITI Calculator
- Enter loan details: Loan amount, interest rate, and term (30 years)
- Add property taxes: Annual property tax amount for your area
- Include insurance: Annual homeowners insurance premium
- Add mortgage insurance: PMI or MIP if applicable
- Review your results: See complete monthly PITI breakdown
Example 30-Year Fixed Mortgage Payment
$300,000 Home Purchase
Loan Details
- • Purchase Price: $300,000
- • Down Payment: $60,000 (20%)
- • Loan Amount: $240,000
- • Interest Rate: 6.5%
- • Term: 30 years
Monthly Payment Breakdown
- • Principal & Interest: $1,517
- • Property Taxes: $250
- • Homeowners Insurance: $100
- • PMI: $0 (20% down)
- Total PITI: $1,867
Property Tax Considerations
| State | Average Tax Rate | $300K Home Annual Tax | Monthly Tax Payment |
|---|---|---|---|
| New Jersey | 2.47% | $7,410 | $618 |
| Texas | 1.80% | $5,400 | $450 |
| California | 1.25% | $3,750 | $313 |
| Florida | 0.97% | $2,910 | $243 |
| Hawaii | 0.28% | $840 | $70 |
Insurance Cost Factors
Homeowners Insurance
- • Home value and replacement cost
- • Location and risk factors
- • Construction materials
- • Age and condition of home
- • Coverage limits and deductibles
Additional Coverage
- • Flood insurance (if required)
- • Earthquake insurance
- • Windstorm coverage
- • Personal liability protection
- • Personal property coverage
30-Year Fixed vs. Other Terms
| Loan Term | Monthly Payment | Total Interest | Best For |
|---|---|---|---|
| 15-Year Fixed | $2,089 | $136,000 | Higher income, want to pay off faster |
| 30-Year Fixed | $1,517 | $306,000 | Lower payments, more flexibility |
| 5/1 ARM | $1,360 | Varies | Short-term ownership, lower initial rate |
Tips for Managing PITI Payments
Budget for the Full Payment
Always budget for the complete PITI payment, not just principal and interest. Taxes and insurance can increase over time.
Escrow Account Benefits
An escrow account ensures taxes and insurance are paid on time and helps you budget by spreading costs throughout the year.
Shop for Insurance
Compare homeowners insurance quotes annually. You may find better rates or coverage options that can reduce your monthly payment.
Consider Property Tax Appeals
If your property is over-assessed, you may be able to appeal your property tax assessment and reduce your monthly tax payment.
Frequently Asked Questions
What is included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. It includes your loan payment plus property taxes, homeowners insurance, and mortgage insurance (if applicable).
How much should PITI be of my income?
Most lenders recommend keeping your PITI payment at 28% or less of your gross monthly income. This is known as the front-end ratio.
Can property taxes increase?
Yes, property taxes can increase due to reassessments, tax rate changes, or home value appreciation. Your escrow account will adjust accordingly.
Is homeowners insurance required?
Yes, lenders require homeowners insurance to protect their investment. The cost is typically included in your monthly PITI payment through an escrow account.
Ready to Calculate Your Complete Mortgage Payment?
Use our calculator above to get your complete 30-year fixed mortgage payment including taxes and insurance. Know exactly what to expect each month.
Plan your homeownership budget with confidence today!