2026 Rates · All 50 States · PITI Calculator

Mortgage Calculator with Taxes & PMI

Calculate your complete monthly housing payment — principal, interest, property taxes, homeowners insurance, PMI, and HOA. All 50 states included.

Principal & InterestProperty TaxesPMIHomeowners InsuranceAmortization ScheduleFree Forever

Your Loan Details

Home Price

$50K$2M

Recommended income for this home: $100,000/year

Down Payment

Loan Amount: $320,000

Loan Details

Interest Rate

30-yr avg: 6.92% · 15-yr avg: 6.22%

Location & Taxes

State

▼

Texas — High (1.60%) — no income tax

Property Tax

Est. annual taxes: $6,400 · $533.33/mo

Insurance & FeesHomeowners Insurance

Est. $200.00/mo based on 0.60% of home value

HOA Fees (Monthly)

$/mo

Homeowners Association monthly dues, if any

Total Monthly Payment

$2,845.14

Estimated monthly housing cost (PITI)

Payment Breakdown

P&I

Tax

Principal & Interest

$2,111.80/mo(74%)

Property Tax

$533.33/mo(19%)

Homeowners Insurance

$200.00/mo(7%)

$320,000

Loan Amount

80% LTV · 20% down

$440,249

Total Interest

Over 30yr at 6.92%

$760,249

Total Cost

Principal + all interest

15-Year vs 30-Year Comparison

	15-Year	30-Year
Monthly P&I	$2,738.52	$2,111.80
Total Interest	$172,934	$440,249
Total Cost	$492,934	$760,249

15-year saves $267,315 in total interest

But costs $626.72 more per month

Amortization Schedule

See exactly how each payment is split between principal and interest

Year	Principal	Interest	Balance	Equity
1First Year	$3,301	$22,041	$316,699	$83,301
2	$3,537	$21,805	$313,162	$86,838
3	$3,790	$21,552	$309,373	$90,627
4	$4,060	$21,281	$305,312	$94,688
5	$4,350	$20,991	$300,962	$99,038
6	$4,661	$20,681	$296,301	$103,699
7	$4,994	$20,348	$291,307	$108,693
8	$5,351	$19,991	$285,956	$114,044
9	$5,733	$19,609	$280,223	$119,777
10	$6,143	$19,199	$274,081	$125,919
11	$6,581	$18,760	$267,499	$132,501
12	$7,052	$18,290	$260,448	$139,552
13	$7,555	$17,786	$252,892	$147,108
14	$8,095	$17,247	$244,797	$155,203
1550% Paid	$8,673	$16,668	$236,124	$163,876
16	$9,293	$16,049	$226,831	$173,169
17	$9,957	$15,385	$216,874	$183,126
18	$10,668	$14,674	$206,206	$193,794
19	$11,430	$13,911	$194,776	$205,224
20	$12,247	$13,095	$182,529	$217,471
21	$13,122	$12,220	$169,408	$230,592
22	$14,059	$11,283	$155,349	$244,651
23	$15,063	$10,278	$140,286	$259,714
24	$16,139	$9,202	$124,146	$275,854
25	$17,292	$8,049	$106,854	$293,146
26	$18,528	$6,814	$88,326	$311,674
27	$19,851	$5,490	$68,475	$331,525
28	$21,269	$4,072	$47,206	$352,794
29	$22,789	$2,553	$24,417	$375,583
30	$24,417	$925	$0	$400,000

How Much House Can I Afford?

The 28/36 rule — used by most lenders to approve mortgages

Monthly Gross Income

Annual: $99,996

Other Monthly Debts

Car, student loans, credit cards

With $8,333/month income, you can afford:

28% Rule — Max housing payment

$2,333.24/mo

Lenders prefer under 28% of gross income

36% Rule — Available after debts

$2,999.88/mo

Total DTI including other debts

Estimated home price (20% down, 6.92% rate)

$331,457

Property Tax Rates by State 2026

Annual rate as % of home value · Source: Census Bureau, Tax Foundation

State	Rate	Annual Tax on $400K	Ranking
New Jersey	2.23%	$8,920	#1
Illinois	2.08%	$8,320	#2
Connecticut	1.79%	$7,160	#3
New Hampshire	1.77%	$7,080	#4
Vermont	1.74%	$6,960	#5
Texas	1.60%	$6,400	#6
Wisconsin	1.55%	$6,200	#7
Nebraska	1.45%	$5,800	#8
New York	1.45%	$5,800	#9
Ohio	1.40%	$5,600	#10
Iowa	1.37%	$5,480	#11
Michigan	1.36%	$5,440	#12
Pennsylvania	1.35%	$5,400	#13
Rhode Island	1.31%	$5,240	#14
Kansas	1.22%	$4,880	#15
Maine	1.09%	$4,360	#16
Massachusetts	1.04%	$4,160	#17
Minnesota	1.01%	$4,040	#18
South Dakota	1.01%	$4,040	#19
Maryland	0.99%	$3,960	#20
Alaska	0.92%	$3,680	#21
Missouri	0.88%	$3,520	#22
Oklahoma	0.85%	$3,400	#23
Florida	0.83%	$3,320	#24
Georgia	0.83%	$3,320	#25
Washington	0.83%	$3,320	#26
North Dakota	0.82%	$3,280	#27
Oregon	0.82%	$3,280	#28
Virginia	0.82%	$3,280	#29
North Carolina	0.77%	$3,080	#30
California	0.75%	$3,000	#31
Indiana	0.74%	$2,960	#32
Montana	0.74%	$2,960	#33
Kentucky	0.72%	$2,880	#34
Mississippi	0.63%	$2,520	#35
New Mexico	0.62%	$2,480	#36
Tennessee	0.60%	$2,400	#37
Idaho	0.58%	$2,320	#38
Arkansas	0.57%	$2,280	#39
Delaware	0.57%	$2,280	#40
Wyoming	0.57%	$2,280	#41
Washington DC	0.56%	$2,240	#42
Louisiana	0.53%	$2,120	#43
Utah	0.52%	$2,080	#44
Arizona	0.51%	$2,040	#45
South Carolina	0.51%	$2,040	#46
Colorado	0.49%	$1,960	#47
West Virginia	0.49%	$1,960	#48
Nevada	0.47%	$1,880	#49
Alabama	0.38%	$1,520	#50
Hawaii	0.28%	$1,120	#51

Rates shown are effective rates (median taxes paid / median home value). Actual rates vary by county. Source: 2024 ACS data.

— MORTGAGE GUIDE —

Understanding Your Mortgage Payment in 2026

What PITI Means

Your total monthly mortgage payment is called PITI: Principal, Interest, Taxes, and Insurance. Many first-time buyers are surprised to find their actual payment is significantly higher than the principal and interest alone. For example, a $400,000 home in Texas with 20% down at 6.92% has a P&I payment of $2,114, but after adding property taxes ($533) and homeowners insurance ($200), the total monthly PITI reaches $2,847.

Property Taxes Vary Dramatically by State

Property tax rates vary from 0.28% in Hawaii to 2.23% in New Jersey. On a $400,000 home, that is the difference between $1,120/year (Hawaii) and $8,920/year (New Jersey) — a $648/month difference in your mortgage payment from property taxes alone. Texas, despite having no income tax, has one of the highest property tax rates at 1.60%. When comparing homes across state lines, always factor in property taxes.

PMI: When You Need It and When It Ends

Private Mortgage Insurance is required when your down payment is less than 20% of the home price. PMI typically costs 0.2%–1.2% of the loan amount annually. Under the Homeowners Protection Act, lenders must automatically cancel PMI when your loan balance reaches 80% of the original home value — which typically takes 7–10 years on a 30-year mortgage. A larger down payment eliminates PMI entirely and reduces your interest costs significantly.

15-Year vs 30-Year: The Real Cost Difference

On a $320,000 loan at current 2026 rates (6.92% for 30-year, 6.22% for 15-year), the 30-year mortgage has a P&I payment of $2,114 versus $2,747 for the 15-year — a difference of $633/month. However, the total interest paid over the loan life is approximately $441,000 for the 30-year versus $174,000 for the 15-year. Choosing the 15-year saves roughly $267,000 in interest while building equity twice as fast.

How It Works

How Your Mortgage Payment Is Calculated

STEP 01

Loan Amount

Home price minus your down payment equals the loan amount. A larger down payment means a smaller loan and lower monthly payment.

STEP 02

Principal & Interest (P&I)

Calculated using standard amortization: M = P × [r(1+r)^n] / [(1+r)^n − 1]. Early payments are mostly interest; later payments are mostly principal.

STEP 03

Property Tax (T)

Annual property tax (assessed by your county) divided by 12. Rates vary from 0.28% (Hawaii) to 2.23% (New Jersey) of home value per year.

STEP 04

Homeowners Insurance (I)

Typically 0.50–0.80% of home value annually. Lenders require this to protect their collateral. National average is about 0.60%.

STEP 05

PMI — Private Mortgage Ins.

Required if your down payment is less than 20%. Protects the lender, not you. Costs 0.2–1.2% of loan per year. Cancels automatically at 80% LTV.

STEP 06

HOA Fees

Homeowners Association fees vary widely by community. Typically $100–$500/month for condos and planned neighborhoods.

STEP 07

Amortization Schedule

Each payment is split between interest and principal. Early on, most goes to interest. Over time, more goes to principal — building your equity.

STEP 08

Extra Payments

Paying even $100/month extra can save years off your loan and thousands in interest. Extra payments go directly to principal.

FAQ

Frequently Asked Questions

What is the current 30-year mortgage rate in 2026?+

As of May 2026, the average 30-year fixed mortgage rate is approximately 6.92%. The 15-year fixed rate averages 6.22%. Rates vary by lender, credit score, down payment, and loan type. Borrowers with excellent credit (760+) and 20% down typically qualify for rates near or below the national average.

What is PMI and when can I remove it?+

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender, not you, and typically costs 0.2–1.2% of the loan amount per year. Under the Homeowners Protection Act, lenders must automatically cancel PMI when your loan balance reaches 80% of the original home value.

How much house can I afford on my salary?+

Most lenders use the 28/36 rule: your monthly housing payment (PITI) should not exceed 28% of gross monthly income, and total debt payments should not exceed 36%. For example, with a $100,000 annual income ($8,333/month), max housing payment is $2,333/month. At 6.92% with 20% down and average taxes/insurance, this supports roughly a $300,000–350,000 home purchase.

Which state has the highest property taxes?+

New Jersey has the highest effective property tax rate at 2.23%, followed by Illinois (2.08%), Connecticut (1.79%), New Hampshire (1.77%), and Vermont (1.74%). Hawaii has the lowest at 0.28%, followed by Alabama (0.38%) and Nevada (0.47%). On a $400,000 home, New Jersey homeowners pay about $8,920/year while Hawaii homeowners pay about $1,120/year.

Should I choose a 15-year or 30-year mortgage?+

A 15-year mortgage saves dramatically on total interest — typically 40–50% less — and builds equity faster. However, monthly payments are roughly 30–40% higher. Choose 15-year if you can comfortably afford the higher payment and want to own your home free and clear sooner. The lower 15-year rate (currently 6.22% vs 6.92% for 30-year) adds additional savings.

What is a jumbo loan?+

A jumbo loan exceeds the conforming loan limit set by the FHFA. In 2026, the standard conforming limit is $806,500 for most US counties. High-cost areas (California, New York, Hawaii) have limits up to $1,209,750. Jumbo loans typically require better credit (720+), larger down payments (10–20%+), and carry rates 0.25–0.50% higher than conforming loans.

How do extra mortgage payments save money?+

Extra payments go directly to your principal balance, reducing the amount interest is calculated on each month. On a $320,000 loan at 6.92%, paying an extra $200/month saves approximately $68,000 in total interest and pays off the loan about 5 years earlier. Every dollar of principal paid early reduces interest on all future payments.

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