- 1). Calculate the monthly principal and interest payment yourself by using the standard mortgage formula: M = P[I(1 + I)N] / [(1 + I)N - 1] where M equals the total principal and interest payment, P equals the principal, I equals the interest and N equals the number of payments. Use an online mortgage principal and interest calculator, such as those found on Bankrate and Mortgage-Calc, if you do not want to calculate the amount by hand.
- 2). Divide the annual property tax by 12 to get the monthly amount. You can do the same with homeowner's insurance, if it will be built into your monthly mortgage payment.
- 3). Contact the lender to determine the cost of any required PMI, usually 1 percent to 2 percent of the loan amount. Divide the PMI figure by 30, and divide that answer by 12 to get the monthly PMI amount.
- 4). Add the principal and interest, property tax, homeowner's insurance and PMI to get the total monthly mortgage payment amount.
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