Mortgage Calculator
Estimate your full monthly payment — principal and interest plus taxes, insurance, PMI, and HOA. Defaults reflect Texas property-tax norms.
$80,000 of $400,000
Texas avg ~2.0%
LTV 80.0% — no PMI required
- Principal & interest
- $2,022.62
- Property tax
- $666.67
- Home insurance
- $150.00
- PMI
- —
- HOA
- —
- Loan amount
- $320,000
- Total interest
- $408,142
- Total of payments
- $728,142
- Payoff date
- May 2056
Enter your contact info to download the PDF summary.
Estimate only. Actual rate, taxes, insurance, and PMI depend on your full loan profile. PMI shown is a static estimate (0.5% annual of loan amount); it actually drops as the loan amortizes below 80% LTV.
What goes into PITI.
PITI is mortgage shorthand for the four pieces of your monthly payment: Principal, Interest, Taxes, and Insurance. Most borrowers also pay PMI (private mortgage insurance) when their down payment is under 20%, and many pay HOA dues if their home is in a managed community. This calculator handles all five so you see the real all-in monthly number, not just the principal- and-interest figure that lender ads quote.
Principal and interest
Principal is the chunk of your payment that pays down the loan balance. Interest is the cost of borrowing — calculated on the remaining balance every month. In the early years of a loan, most of your payment is interest; the principal share grows steadily as the balance shrinks. The standard amortization formula is M = P × [r(1+r)n] / [(1+r)n−1] where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Why Texas property taxes are higher than the national average
Texas has no state income tax. To fund schools, counties, and municipal services, the state relies heavily on property taxes — collected at the county appraisal-district level. Average effective rates across the state run between 1.6% and 2.3%, with DFW counties (Collin, Dallas, Denton, Tarrant) typically in the 1.8% to 2.2% range. Your actual rate also depends on municipality, school district, MUD or PID overlays, and any homestead, over-65, disability, or veteran exemptions you claim. The default 2.0% in this calculator is a reasonable starting point for DFW; check your county appraisal notice for the exact rate on a specific address.
Home insurance and PMI
Lenders require homeowner's insurance to protect their collateral. Premiums vary widely by location, construction type, and coverage limits — the $1,800 default reflects a typical DFW single-family home, but coastal Texas and high-wildfire areas run materially higher. PMI (private mortgage insurance) protects the lender — not you — against default when your loan-to-value ratio is above 80%. It usually runs 0.3% to 1.5% of the loan amount per year; this calculator estimates 0.5% as a static mid-range. PMI naturally drops off once you reach 80% LTV through normal amortization, and you can request removal at 80% LTV or it cancels automatically at 78%.
What this calculator does not include
Closing costs, prepaid escrow setup, optional flood insurance, and any HOA-special assessments are not factored in. Mortgage insurance for FHA loans (MIP) follows different rules than conventional PMI — talk to a Q Mortgage broker for an FHA-specific quote. This calculator also assumes a fixed-rate loan; ARM payments change at adjustment dates and need separate modeling.
DFW property-tax cheat sheet
- Collin County avg
- ~2.1%
- Dallas County avg
- ~2.2%
- Denton County avg
- ~2.0%
- Tarrant County avg
- ~2.1%
Effective rates blend county, city, school, and special-district levies. Homestead exemption typically saves 10–20% off the assessed value before the rate is applied.