Rent & Housing
Mortgage Payment Calculator
A mortgage payment is more than principal and interest. Add taxes, insurance, PMI, and HOA dues to see the real monthly housing bill.
Estimated monthly payment is $3,519 including principal, interest, tax, insurance, HOA, and estimated PMI if applicable.
Breakdown
| Loan amount | $405,000 |
|---|---|
| Principal and interest | $2,560 |
| Property tax | $413 |
| Insurance, HOA, PMI | $546 |
| Selected state (none income-tax level, official benchmarks) | Texas |
| State income tax estimate (Planning-level state profile) | 0% |
| Rent cost pressure (2023 ACS B25064: $1,413/mo median gross rent) | near U.S. baseline |
| Childcare cost pressure (2023 DOL NDCP: $10,078/yr infant center care) | 21% below U.S. baseline |
| Car insurance pressure | 20% above U.S. baseline |
| Healthcare cost pressure | 2% below U.S. baseline |
- Property taxes, insurance, and PMI can move the real payment far above principal and interest.
- Get a lender Loan Estimate for exact terms.
- State data is an estimate for planning. Confirm tax, marketplace, insurance, housing, and benefit decisions with official state or federal sources.
- State rent and childcare benchmarks use Census ACS 2023 median gross rent and U.S. Department of Labor NDCP 2023 state childcare estimates where available.
- Confirm taxes with the Texas tax agency and IRS state-government links.
Estimate only, not tax, legal, financial, or medical advice. Always confirm important decisions with official sources or a qualified professional.
Copyable inputs
Principal and interest can look manageable until taxes, insurance, PMI, HOA, and repairs are included.
Estimated monthly payment quick reference
Use these reference points before entering your own numbers. The calculator above gives a more useful estimate for your exact situation.
| Item | Rule of thumb | Note |
|---|---|---|
| Principal and interest | Loan formula | Based on rate, term, and loan amount |
| Property tax | Local | Can change the real payment a lot |
| PMI | If low down payment | This version estimates PMI when down payment is under 20% |
Loan estimates from lenders are required for exact mortgage terms and closing costs.
Before You Decide
- Include taxes and insurance.
- Check HOA dues.
- Estimate PMI if putting less than 20% down.
- Leave room for repairs and maintenance.
Next three steps
- Test higher interest rates.
- Compare the payment with take-home pay.
- Use home affordability before shopping at the top of a lender preapproval.
Estimate only, not tax, legal, financial, or medical advice. Always confirm important decisions with official sources or a qualified professional.
Frequently Asked Questions
- Does this include PMI?
- It estimates PMI when the down payment is below 20%.
- Why is my lender estimate different?
- Exact taxes, insurance, PMI, escrow rules, and loan fees can differ.
- Is HOA part of the mortgage?
- No, but it is a real monthly housing cost and should be budgeted.