This mortgage calculator helps you estimate your monthly mortgage payment using the annuity repayment scheme. To perform the calculation, you need to enter the home price, down payment amount, annual property tax rate, and the monthly insurance payment. If your down payment is less than 20% of the home’s purchase price, you may also be required to pay Private Mortgage Insurance (PMI). PMI is an additional insurance premium that protects the lender and is determined by a private mortgage insurance provider.
In many cases, PMI can be removed once your loan balance reaches approximately 78–80% of the original property value. However, PMI rules may vary depending on the loan type and lender, so this information should always be verified during the mortgage planning stage.
The calculator also takes annual property taxes into account. Property tax rates are not fixed and may vary based on several factors, including the location of the property and local tax regulations.
For this reason, the calculator allows you to manually adjust both the PMI amount and the property tax rate. After entering all required data and running the calculation, you will receive an estimated monthly payment amount, typically applicable for at least one year, as some parameters may change over time.
Because this calculator includes both property taxes and insurance costs, it can be used not only when planning a mortgage, but also during the active repayment period — for example, if property tax rates or insurance premiums change.