Mortgage calculator

How this works

The loan is the price minus the down payment. Principal and interest use the standard monthly mortgage formula: the rate is divided by 12, and the payment is the one that would zero the balance at the end of the term if nothing else changed.

Property tax and insurance are your yearly figures split into 12. HOA is already monthly. PMI, if you enter it, is that yearly percent of the original loan, also split into 12. Each month the interest is the prior balance times the monthly rate, rounded to the cent, and the rest of the principal-and-interest payment reduces the balance.

With “stop PMI at 80%” on, the PMI line drops off once the balance is at or below 80% of the price. A real servicer may use a different clock, a different percent, or a request from you. Extra principal shortens the schedule. This is an estimate, not a loan offer.

An example

Use the example for a $360,000 house with $36,000 down (10%), 6.5% for 30 years, $3,960 of property tax, $1,440 of insurance, PMI at 0.5% of the loan, and $75 of HOA. The big number is the first full month. A second line shows the payment after PMI drops off. The ring is that first month’s pieces, and the line is the balance left at each year-end.