Free Mortgage Calculator USA
Principal, interest, property taxes, insurance, PMI and HOA — for all 50 states.
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- MCP Available
- REST API
- OpenAPI
- Developer docs
Your mortgage details
Property taxes use your state’s average rate.
Your payment breakdown appears here
Principal and interest, property tax, insurance, mortgage insurance and HOA — itemised.
Understanding Your Results
The calculator above provides a comprehensive breakdown of your estimated housing costs. The monthly payment includes your mortgage principal and interest based on the loan amount and interest rate you entered. The annual property tax is calculated using your selected state's average property tax rate applied to your home's value.
Your total monthly housing cost combines your mortgage payment with the monthly portion of property taxes and estimated homeowners insurance. This PITI (Principal, Interest, Taxes, Insurance) figure represents your realistic monthly housing expense and is crucial for budgeting and determining true affordability.
Keep in mind that these are estimates based on average rates for your selected state. Actual property taxes can vary significantly by county and municipality within each state. Some areas have tax rates 2-3 times higher or lower than the state average. Additionally, your actual mortgage interest rate will depend on your credit score, down payment amount, loan type, and current market conditions. We recommend using these estimates as a starting point and consulting with local real estate professionals and mortgage lenders for precise figures.
Pro Tip: Try adjusting the down payment amount and interest rate to see how these variables affect your monthly payment. Even a 0.5% difference in interest rate or an additional 5% down payment can result in significant monthly savings over the life of your loan.
Every calculator on this site
Deciding what to buy
Affordability calculator
Work backwards from income and debts to the highest price a lender is likely to approve.
Debt-to-income calculator
Both lender ratios against the 28/36 guideline, and the exact debt to clear to reach it.
Refinance calculator
Break-even month, and whether a lower payment actually costs less over the life of the loan.
Rent vs buy calculator
The year buying pulls ahead, counting what the deposit would have earned invested.
15 vs 30 year calculator
What the shorter term costs monthly, and what it saves across the whole loan.
What it costs
Closing cost calculator
Every line item by state, with the ones you are allowed to shop for marked.
APR calculator
Turn a rate and a fee schedule into the annual percentage rate lenders must disclose.
PMI calculator
When mortgage insurance can be cancelled, when it must stop, and what asking saves.
Property tax calculator
Average effective rates, median values and estimated annual tax for all 50 states.
Extra payments calculator
What paying extra principal each month takes off the term and the total interest.
Biweekly payment calculator
The thirteenth annual payment hiding in a biweekly schedule, and how to get it free.
Loan programmes
FHA loan calculator
Upfront and annual MIP, the 3.5% minimum, and how long the insurance actually lasts.
VA loan calculator
The funding fee by down payment and prior use, and the exemption that removes it.
USDA loan calculator
Zero down in eligible rural areas, with the guarantee fees that replace mortgage insurance.
AI agents can use this platform directly
Every calculator here is available to AI assistants through the Model Context Protocol, and to any program over a REST API. The website, the API and the MCP server import the same calculation package, so an agent's answer and this page agree by construction rather than by convention. No key, no signup, no rate card.
- MCP Available
- REST API
- OpenAPI
- AI Agent Ready
Mortgage Calculator by State
Estimate mortgage payments with state-level property tax assumptions for every US state.
Complete Guide to US Mortgage Calculations and Property Taxes
Whether you're a first-time home buyer or a seasoned property investor, understanding mortgage payments and property taxes is essential for financial planning. Our comprehensive mortgage calculator USA helps you estimate monthly payments, including principal, interest, taxes, and insurance (PITI) across all 50 states.
What is a Mortgage?
A mortgage is a loan specifically used to purchase real estate, where the property itself serves as collateral. When you take out a mortgage, you agree to repay the borrowed amount (principal) plus interest over a predetermined period, typically 15 or 30 years. The lender holds a lien on the property until the loan is fully repaid. If you fail to make payments, the lender has the legal right to foreclose and take possession of the property.
Mortgages come in various types, including conventional mortgages (not government-backed), FHA loans (Federal Housing Administration, ideal for first-time buyers with lower credit scores), VA loans (for veterans and active military), and USDA loans (for rural properties). Each type has different down payment requirements, interest rates, and qualification criteria. Understanding these options helps you choose the best mortgage for your financial situation.
How Mortgage EMI (Monthly Payment) Is Calculated
Your monthly mortgage payment, often called EMI (Equated Monthly Installment), is calculated using an amortization formula that considers the loan amount, interest rate, and loan term. The formula is: M = P x [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments (loan term in years x 12).
For example, on a $300,000 mortgage at 6.5% interest for 30 years: the monthly interest rate is 0.065/12 = 0.00542, and the number of payments is 30 x 12 = 360. Plugging into the formula gives a monthly principal and interest payment of approximately $1,896. Our mortgage calculator with taxes and insurance automatically performs this calculation and adds property taxes, homeowners insurance, and PMI (if applicable) to show your complete monthly housing cost.
Real-World Mortgage Calculation Example
Scenario: Buying a $400,000 home in Texas with a 10% down payment ($40,000)
- Loan Amount: $360,000
- Interest Rate: 6.75%
- Loan Term: 30 years
- Monthly P&I: ~$2,335
- Property Tax (TX avg 1.8%): $600/month
- Homeowners Insurance: $150/month
- PMI (10% down): $180/month
- Total Monthly PITI: $3,265
This example shows why calculating the full PITI is crucial-the actual housing cost is $930 higher than just the mortgage payment!
What Is PMI (Private Mortgage Insurance)?
PMI is insurance that protects the lender (not you) if you default on your loan. It's typically required when your down payment is less than 20% of the home's purchase price. PMI costs usually range from 0.3% to 1.5% of the original loan amount annually, divided into monthly payments. For a $300,000 loan, PMI might add $75 to $375 to your monthly payment.
The good news is that PMI isn't permanent. For conventional loans, you can request PMI removal once your loan balance reaches 80% of the home's original value, or it automatically terminates at 78%. Some borrowers choose to make extra principal payments to reach the 20% equity threshold faster. FHA loans have different rules-MIP (Mortgage Insurance Premium) on FHA loans with less than 10% down lasts for the life of the loan unless you refinance to a conventional loan.
Understanding PITI: Principal, Interest, Taxes, and Insurance
PITI represents your total monthly housing payment and includes four key components. Principal is the portion that goes toward paying down your loan balance. Interest is the cost of borrowing money from the lender. Taxes refers to property taxes collected by local governments to fund schools, roads, and public services. Insurance includes both homeowners insurance (required by all lenders) and PMI if your down payment was less than 20%.
Lenders use PITI to calculate your debt-to-income (DTI) ratio when qualifying you for a mortgage. Most lenders prefer your total PITI to be no more than 28% of your gross monthly income. For example, if you earn $7,000/month, your PITI should ideally stay under $1,960. Understanding PITI helps you budget realistically and avoid becoming "house poor"-owning a home you can't comfortably afford. Use our mortgage payment calculator to see your complete PITI breakdown.
How Mortgage Amortization Works
Amortization is the process of gradually paying off your mortgage through regular monthly payments over the loan term. Each payment is split between principal and interest, but the proportion changes over time. In the early years, most of your payment goes toward interest, with only a small amount reducing the principal. As you progress, more goes toward principal and less toward interest. This is called an amortization schedule.
For example, on a 30-year, $300,000 loan at 6.5%, your first payment of $1,896 might include $1,625 in interest and only $271 in principal. By year 15, the split becomes more balanced. By the final years, nearly your entire payment goes toward principal. The total interest paid over 30 years would be approximately $382,560-more than the original loan amount! This is why making extra principal payments early can save tens of thousands in interest. Even one extra payment per year can shave years off your mortgage term.
15-Year vs 30-Year Mortgage: Which Is Better?
The choice between a 15-year and 30-year mortgage is one of the most important financial decisions homebuyers face. A 30-year mortgage offers lower monthly payments, making homeownership more accessible and leaving more room in your budget for other expenses or investments. However, you'll pay significantly more interest over the life of the loan. A 15-year mortgage typically has lower interest rates and builds equity much faster, but requires higher monthly payments.
Comparison Example: $300,000 Loan at Different Terms
30-Year Mortgage @ 6.5%
- Monthly Payment: $1,896
- Total Interest Paid: $382,560
- Total Cost: $682,560
- Equity After 10 Years: ~$63,000
15-Year Mortgage @ 5.9%
- Monthly Payment: $2,510
- Total Interest Paid: $151,800
- Total Cost: $451,800
- Equity After 10 Years: ~$163,000
Key Insight: The 15-year mortgage costs $614 more per month but saves over $230,000 in interest-enough to buy a second property or fund retirement!
The best choice depends on your financial goals, income stability, and investment strategy. If you have a stable income and can afford higher payments, a 15-year mortgage builds wealth faster. If you need flexibility, plan to invest elsewhere, or are stretching to afford the home, a 30-year mortgage provides breathing room. Some borrowers choose a 30-year term but make extra principal payments when possible, enjoying flexibility while reducing interest costs.
How Property Taxes Vary by State
Property taxes in the United States vary dramatically by state and even by county within states. The highest effective rates are in New Jersey (2.23%) and Illinois (2.07%), while Hawaii (0.27%) and Alabama (0.38%) are the lowest. On a $300,000 home that spread is about $5,880 a year — roughly $490 a month, for the same house.
These variations reflect different state funding models. States with no income tax, like Texas and Florida, often have higher property taxes to fund schools and infrastructure. States with income taxes may have lower property taxes. Urban areas typically have higher rates than rural regions due to greater service demands. Always check your specific county's property tax rate rather than relying solely on state averages. Visit our guide to mortgage rates for more state-specific insights.
Essential Tips for Home Buyers
- Always calculate your full PITI payment, not just principal and interest
- Compare total costs across different loan terms (15-year vs 30-year)
- Factor in property taxes when comparing homes in different states or counties
- Aim for a down payment of 20% to avoid PMI if possible
- Get pre-approved to understand what you can truly afford
- Consider making extra principal payments to save on interest
- Use our mortgage calculator with property tax to compare multiple scenarios
- Research local tax rates and potential exemptions (homestead, senior, veteran)
Check our state-by-state comparison table below to see property tax rates for all 50 states. For comprehensive guidance, visit our About page to learn about our mission and expertise.
State-by-State Property Tax Comparison
Compare average property tax rates, median home values, and estimated annual taxes across all 50 U.S. states. Use this data to inform your home buying decisions.
Highest Average Property Tax Rates
Lowest Average Property Tax Rates
Data: ACS 2019-2023 5-year estimates · last reviewed: September 2026 · compiled from publicly available averages (U.S. Census Bureau, American Community Survey 5-year estimates). Averages are statewide; confirm any specific parcel with its county assessor.
Frequently Asked Questions
Common questions about mortgages, property taxes, PMI, and home financing
How accurate are the property tax estimates?
Our estimates use average property tax rates for each state based on publicly available data from the U.S. Census Bureau and state tax assessor offices. While these averages provide a good starting point, actual rates can vary significantly by county and municipality. Some counties may have rates 2-3 times higher or lower than the state average. For the most accurate estimate, contact your local county tax assessor's office.
What factors affect my mortgage interest rate?
Your mortgage interest rate depends on several factors including your credit score, down payment amount, loan type (conventional, FHA, VA), loan term (15 or 30 years), current market conditions, and the lender you choose. Borrowers with excellent credit (740+) and larger down payments (20%+) typically qualify for the lowest rates. Shop around with multiple lenders to find the best rate for your situation.
What is PITI and why does it matter?
PITI stands for Principal, Interest, Taxes, and Insurance-the four components of your total monthly housing payment. Principal and interest are your mortgage payment, taxes are property taxes, and insurance includes homeowners insurance (and PMI if applicable). Lenders use your PITI to determine affordability and calculate your debt-to-income ratio when qualifying you for a loan.
Which states have the highest property taxes?
New Jersey (2.23%), Illinois (2.07%), Connecticut (1.92%), New Hampshire (1.77%) and Vermont (1.71%) carry the highest average effective property tax rates in the country. At the other end, Hawaii (0.27%), Alabama (0.38%), Nevada (0.49%), Colorado (0.49%) and South Carolina (0.51%) are the lowest. These are statewide averages, and county rates within a single state vary far more than the gap between many neighbouring states. Median real estate taxes paid (B25103) and median home value (B25077) for owner-occupied units, U.S. Census Bureau American Community Survey 2019-2023 5-year estimates. The effective rate is the first divided by the second. Check our state-by-state comparison table for complete rankings.
What is PMI and how much does it cost?
PMI (Private Mortgage Insurance) is insurance that protects the lender if you default on your loan. It's required when your down payment is less than 20% of the home's purchase price. PMI typically costs 0.3% to 1.5% of the original loan amount annually, divided into monthly payments. For a $300,000 loan, this means $75 to $375 per month. You can request removal once you reach 20% equity.
How is my monthly mortgage payment calculated?
Your monthly payment is calculated using an amortization formula: M = P x [r(1+r)^n] / [(1+r)^n - 1], where M is monthly payment, P is principal, r is monthly interest rate (annual rate / 12), and n is total number of payments (years x 12). Our mortgage EMI calculator automatically performs this calculation for you.
Should I choose a 15-year or 30-year mortgage?
A 30-year mortgage offers lower monthly payments but you'll pay significantly more interest over time. A 15-year mortgage has higher monthly payments but builds equity much faster and costs far less in total interest. For example, on a $300,000 loan, a 15-year mortgage can save over $230,000 in interest compared to a 30-year term. Choose based on your budget and financial goals.
Can I remove PMI from my mortgage?
Yes, for conventional loans you can request PMI removal once your loan balance reaches 80% of the home's original value, or it automatically terminates at 78%. You can make extra principal payments to reach this threshold faster and eliminate PMI sooner. FHA loans have different rules-MIP (Mortgage Insurance Premium) lasts for the life of the loan if your down payment was less than 10%.
What is included in homeowners insurance?
Homeowners insurance typically covers damage to your home's structure from fire, wind, hail, and other perils, personal property damage or theft, liability protection if someone is injured on your property, and additional living expenses if your home becomes uninhabitable. Costs average $1,500-$2,000 annually but vary significantly based on location, home value, and coverage level.
How much should my down payment be?
While 20% down is ideal to avoid PMI and secure the best rates, many buyers put down less. FHA loans require just 3.5% down, conventional loans can go as low as 3% for qualified buyers, and VA loans offer 0% down for eligible veterans. A larger down payment reduces your loan amount, monthly payment, total interest paid, and may eliminate PMI requirements.
What credit score do I need to buy a house?
Minimum credit scores vary by loan type: FHA loans accept scores as low as 580 (500 with 10% down), conventional loans typically require 620 or higher, and the best interest rates go to borrowers with 740+ scores. Higher credit scores can save you tens of thousands in interest over the life of your loan, so improving your credit before applying is worthwhile.
Are property taxes deductible?
Yes, property taxes are deductible on federal income taxes, but the SALT (State and Local Tax) deduction is capped at $10,000 per year for both property taxes and state income taxes combined. This limit was established by the Tax Cuts and Jobs Act of 2017. The deduction only benefits you if you itemize deductions rather than taking the standard deduction. Consult a tax professional for personalized advice.
What is an amortization schedule?
An amortization schedule is a detailed table showing how each mortgage payment is divided between principal and interest over the entire loan term. In early years, most of your payment goes toward interest with only a small amount reducing the principal. As time progresses, the ratio flips and more goes toward principal. Understanding your amortization schedule helps you see the powerful impact of making extra principal payments.
How do I get pre-approved for a mortgage?
To get pre-approved, contact a mortgage lender and provide documentation including recent pay stubs (2 months), tax returns (2 years), bank statements (2 months), credit report authorization, employment verification, and information about current debts and assets. Pre-approval shows sellers you're a serious, qualified buyer and helps you understand exactly what you can afford before house hunting.
What is escrow and how does it work?
Escrow is an account managed by your lender where funds are collected and held to pay your property taxes and homeowners insurance when they're due. Each month, a portion of your mortgage payment (typically 1/12 of annual taxes and insurance) goes into this escrow account. When your tax and insurance bills come due, the lender pays them from this account on your behalf, ensuring these critical expenses are always covered.
Can I pay off my mortgage early?
Most modern mortgages allow early payoff without prepayment penalties, but always check your loan documents to be certain. Making extra principal payments or switching to bi-weekly payments (26 half-payments = 13 full payments per year) can significantly reduce the total interest you pay and shorten your loan term. Even one extra annual payment can shave 4-6 years off a 30-year mortgage and save tens of thousands in interest.
Important Disclaimer
Disclaimer: This tool provides approximate estimates based on publicly available U.S. property tax data. Actual property tax rates and mortgage terms may vary significantly by county, municipality, or lender. This website is for informational purposes only and does not constitute legal, financial, or tax advice. Always consult with qualified professionals-including licensed mortgage brokers, real estate agents, and tax advisors-before making any property purchase or financial decisions.