Insurance & Payment Analysis Calculators

Understanding Your Total Housing Cost

Your monthly housing payment is more than just principal and interest. Lenders and budgeting guides refer to the full payment as PITI: principal, interest, taxes, and insurance. Each component affects how much house you can actually afford. On a $350,000 home with 10% down at 6.5%, your principal and interest is about $1,991/month, property taxes run roughly $365/month, homeowners insurance adds around $165/month, and PMI tacks on another $140/month — bringing the real total to about $2,661/month.

PMI is often the most misunderstood piece. It protects the lender, not you, and it only applies when your down payment is below 20%. Once you build 20% equity through payments or appreciation, you can request its removal. That could save $100-$200/month on a typical loan. Use our mortgage payment calculators to see how your principal and interest break down over time and when you will cross the 80% loan-to-value threshold.

Insurance and tax costs vary dramatically by location. A home in coastal Florida may pay three times the national insurance average, while property tax rates range from 0.3% in Hawaii to over 2% in New Jersey. Accurately estimating these costs before you buy prevents payment shock after closing. Our property tax calculators can help you estimate the tax portion so you get a complete picture of your monthly obligation.