Mortgage Calculator with Property Tax & Insurance

PITI stands for Principal, Interest, Taxes, and Insurance — the four parts of a typical monthly mortgage payment. Principal and interest pay down the loan; taxes (property tax) and insurance are usually collected in escrow and paid on your behalf. This calculator adds all four so you see the true monthly cost of owning the home, not just the loan payment.

First find the principal & interest from the loan amount, rate, and term. Then add one-twelfth of the annual property tax and one-twelfth of the annual home insurance. For example, a $2,020 P&I plus $250 tax and $150 insurance is a $2,420 monthly PITI payment. Enter your numbers above and the tool does it for you, using your state's median property-tax rate.

Multiply your home's value by your local effective property-tax rate. For example, a $400,000 home at a 0.74% effective rate owes about $2,960 a year, or roughly $247 a month in escrow. Enter your home value and state above to get the estimate for your area, then override the rate if you know your exact local millage.

It depends on the home's value and where it is. The US median effective property-tax rate is about 0.9%, so a typical $400,000 home pays around $3,600 a year — but rates range from under 0.3% in Hawaii to over 2% in New Jersey and Illinois. Use the calculator to see the estimate for your state and home value.

The effective rate is the annual property tax divided by the home's market value, expressed as a percent. It rolls the local millage (mill rate), the assessment ratio, and exemptions into one comparable number. This tool uses each state's median effective rate so you can compare states directly, and lets you swap in your own local rate.

The assessment ratio is the share of your home's market value that is actually taxed. Many places assess at 100% of market value, but some tax a fraction — say 80% or even 10% — of it. The default here is 100%; if your assessor's notice shows a lower assessed value, enter that ratio (assessed value ÷ market value) to sharpen the estimate.

Property tax is billed annually (sometimes semi-annually) by your county or city. If you have a mortgage, the lender usually collects one-twelfth of the yearly bill with each payment and holds it in an escrow account, then pays the tax when it's due. The monthly figure this calculator shows is that escrow amount.

No — treat them as close estimates. Property tax is set by local jurisdictions (county, city, school district), so two homes in the same state can owe very different amounts. We use each state's median effective rate as a representative figure. For an exact number, check your assessor's or treasurer's office and enter your local rate and assessment ratio above.