Mundy married twice, firstly to a lady named Margaret, whose surname is unknown. His second marriage was to Juliana Browne, the daughter of his mayoral predecessor, Sir Sir William Browne, and the granddaughter of two mayors, Sir John Browne and Sir Edmund Shaa. By Juliana, Mundy had five sons and four daughters.
Sons
Vincent Mundy of Markeaton, his heir.
George Mundy of Markeaton, who died childless.
Christopher Mundy of Markeaton, who died childless.
Thomas Mundy of Markeaton alias Wandsworth, the last Prior of Bodmin Priory. Before the Dissolution of Bodmin in 1539 Prior Thomas granted favourable long leases on most of the priory's possessions to his friends and relatives, including Rialton to his brother John Mundy and Padstow to his niece Joanna Prideaux.
John Mundy of Markeaton and Rialton, Cornwall. He was admitted to the Middle Temple and married Joan Way, by whom he had children including:
*Katherine Mundy, who married Lawrence Kendall, esquire, of Withiel, Cornwall.
*Joanna Mundy, wife of William Prideaux of Trevose, St Merryn, Cornwall, who on 20 October 1537 received a 99-year lease of the manor of Padstow from Thomas Munday, the last Prior of Bodmin. William's nephew Sir Nicholas Prideaux, MP, built Prideaux Place in 1592 within the manor of Padstow.
Daughters
Margaret Mundy of Markeaton, who married firstly Nicholas Jennings, a member of the Worshipful Company of Skinners and a Sheriff and Alderman of the City of London; secondly, as his third wife, Edmund Howard, Lord Deputy of Calais, younger son of the Duke of Norfolk and therefore became stepmother to Queen Katherine Howard, fifth wife of King Henry VIII by whom she had no children; and thirdly Henry Mannox. Although Steinman conjectured that Margaret Mundy's third husband was the Henry Mannox, executed in 1541, who had been music master to Katherine Howard in her youth, and had been involved in sexual indiscretions with her which later contributed to her downfall, Bindoff established that Margaret Mundy's third husband, Henry Mannox, made his will on 18 March 1564, in which he disinherited both Margaret and his son. Margaret was buried at Streatham, Surrey, on 22 January 1565.
Mildred Mundy of Markeaton, who married, by dispensation dated 27 June 1538, Sir John Harleston of South Ockendon, Essex.
Elizabeth Mundy of Markeaton, who married Sir John Tyrrell son of James Tyrrell of Gipping, Suffolk. She is best known for allegedly confessing to the murders of the Princes in the Tower under Richard of York's orders.
Anne Mundy of Markeaton, who married Thomas Darcy of Tolleshunt Darcy, Essex.