Tools

U.S. mortgage calculator: the real monthly payment with property tax, insurance and PMI

By Romulo Felizola · Published November 10, 2026

Official read in the law or the Gazette. Reported from law firms, press or operators, with their date. Unconfirmed no reliable source: check before deciding.

A U.S. mortgage payment is principal and interest plus property tax, homeowners insurance and, with under 20% down, private mortgage insurance (PMI). Enter the price, down payment, rate and term: the calculator gives you the total monthly payment and the interest you pay over the life of the loan.

How it is calculated

Principal and interest (P&I): payment = loan × r ÷ (1 − (1 + r)⁻ⁿ), where r = annual rate ÷ 12 and n = years × 12.
Property tax: a yearly percentage of the price, which varies by county. The calculator spreads it over 12 months.
Homeowners insurance: a yearly figure, also spread over 12.
HOA: the association’s monthly fee, if there is one.
PMI: added only if the down payment is under 20%. The CFPB says a conventional loan with a down payment of less than 20% may require it, and that the premium shows up on the Loan Estimate and the Closing Disclosure Official. The sample percentage (0.7%) is our assumption, not a published rate.

Example with the calculator’s defaults: a $350,000 home with 20% down leaves a $280,000 loan. At 7% over 30 years, principal and interest are about $1,863 a month; with property tax and insurance and no PMI, the total payment rises to about $2,384 ($321 property tax and $200 insurance a month).

What the payment leaves out

Closing costs (lender fees, appraisal, title, title insurance) are paid when you sign and are not in the monthly figure. Ask for them on the Loan Estimate and add them to the cash you need, together with the down payment.

If you buy with an ITIN or without U.S. credit history

This is what lenders that publish their requirements say, not an official rule Reported:

ITIN loans are lender-specific and many are non-QM; there is no down payment minimum that applies to all of them Reported. Other lender sources cite between 15% and 25%, and more for non-resident foreigners Unconfirmed.
They ask for income and asset documents (tax returns, bank statements, employer letters) and an ID; some accept alternative credit, such as rent or utility payments Reported.
An ITIN does not guarantee approval Reported.
FHA: requires a Social Security number. HUD removed non-permanent residents’ eligibility in 2025, according to the sources we read Reported. We did not read it in the current text of Handbook 4000.1 Unconfirmed.

The differences between foreign national, ITIN and non-QM loans are in our foreign national mortgage guide. Always compare several lenders and ask for the Loan Estimate in writing. A half-point difference in rate is thousands of dollars over 30 years; test it by changing the rate in the calculator.

If you also own or inherited property in Venezuela

If the down payment will come from selling or inheriting property in Venezuela, read selling property in Venezuela from abroad before counting on that money: the process has deadlines and costs.

This guide is informational; it is not financial or legal advice or a credit offer. To decide, talk to a lender licensed in your state.

Questions people ask

What does a U.S. mortgage payment include?

Principal and interest, plus property tax, homeowners insurance and, if the down payment is under 20%, private mortgage insurance (PMI). If the home is in an association, the HOA fee is added on top. The calculator above adds all of it into one total monthly payment.

How much down payment do I need?

It depends on the program. The CFPB says a conventional loan with less than 20% down may require PMI. For ITIN programs, the lenders we read give different ranges (between 15% and 25%, and more for non-resident foreigners); there is no single minimum. Get the offer in writing.

Can I use an FHA loan with an ITIN?

Generally no. The sources we read say FHA requires a Social Security number for every borrower, and HUD removed non-permanent residents' eligibility for FHA loans in 2025. Confirm with your lender before counting on it.

Is the calculator a loan offer?

No. It is arithmetic on the numbers you enter. The rate, property tax, insurance and PMI vary by lender, state and your profile; the official offer is the Loan Estimate your lender gives you.

Sources checked on November 10, 2026

Something changed or looks wrong? Send us a correction.