Mortgage Calculator With PMI and Taxes Enter Loan Information: Loan amount: Interest rate: Number of Years: Property Taxes: PMI: Mortgage Payment Calculation Results: Monthly Payment w/o Taxes and PMI: Total Payment w/o Taxes and PMI: Monthly Payment w/ Taxes and PMI: Total Payment w/ Taxes and PMI: function calculateMortgage() { var loanAmt = document.getElementById("loanAmt").value; var intRate = document.getElementById("intRate").value; var loanYrs = document.getElementById("loanYrs").value; var propTaxLs = document.getElementById("propTaxLs").value; var PMILs = document.getElementById("PMILs").value; //Calculating mortgage payments without taxes and PMI var mortPmtNoTaxPmi = loanAmt*(intRate/100/12)*Math.pow((1+(intRate/100/12)),loanYrs*12) / (Math.pow((1+(intRate/100/12)),loanYrs*12) -1); var totPmtNoTaxesPmi = mortPmtNoTaxPmi * loanYrs * 12; //Calculating mortgage payments with taxes and PMI var mortPmtYTaxPmi = (mortPmtNoTaxPmi * (1+(propTaxLs/100)) * (1+(PMILs/100))).toFixed(2); var totPmtWithTaxesPmi = (totPmtNoTaxesPmi * (1+(propTaxLs/100)) * (1+(PMILs/100))).toFixed(2); document.getElementById("mortPmtNoTaxPmi").value = mortPmtNoTaxPmi.toFixed(2); document.getElementById("totPmtNoTaxesPmi").value = totPmtNoTaxesPmi.toFixed(2); document.getElementById("mortPmtYTaxPmi").value = mortPmtYTaxPmi; document.getElementById("totPmtWithTaxesPmi").value = totPmtWithTaxesPmi; } Making Sense of Mortgage Calculators With PMI and Taxes If you are in the process of researching mortgages, you may have come across a variety of online mortgage calculators. These calculators make it easy for anyone to quickly calculate monthly payments and learn more about the mortgage process. But many calculators give incomplete information, and they don't always include all the fees associated with borrowing money on a home. It is particularly important to understand the costs associated with Private Mortgage Insurance (PMI) and taxes when taking out a mortgage loan. PMI is a cost associated with putting less than 20% down on a traditional mortgage. Lenders require PMI to reduce the risk of loss if the borrower defaults on the loan. It also enables those with less money saved for a down payment to purchase a home. PMI is paid as part of the monthly mortgage payment, and the lower the down payment, the higher the cost. PMI insurance can cost upwards of 0.5 percent of the loan amount annually, so it is important to understand the costs up front. In addition to PMI, it's important to understand the local and state taxes associated with owning a property. It is easier and more intuitive to understand these costs with a mortgage calculator. Not only is it important to understand the costs associated with the loan but also the tax implications of owning a home. Property taxes are often a significant cost in some parts of the country. Many mortgage calculators offer an option to include taxes in order to more accurately calculate the total cost of a monthly mortgage payment. The best mortgage calculators will also include the PMI cost and the taxes associated with owning a property. A good calculator will provide an all-encompassing view of your mortgage details. Most calculators will show you the total cost of the loan, including the interest rate, length of the loan, and other fees associated with taking out the loan. These calculators can be helpful in understanding the full cost of a loan and whether a loan is suitable for your budget and financial needs. Make sure to use a calculator that accurately reflects the full cost of the loan, including fees such as PMI and taxes. Doing so will ensure that you are in a position to make an informed and educated decision when selecting a mortgage. Ultimately, the best way to understand the costs associated with a particular loan is to use a mortgage calculator with PMI and taxes included. These calculators provide an excellent way to view the full cost of a loan and to compare different options. They can help prospective borrowers to understand the full cost of the loan and make an educated decision regarding the loan.