Mortgage Calculator

The monthly payment is principal and interest, plus a twelfth of the yearly property tax and home insurance, plus PMI and HOA. Principal and interest use the standard formula: payment = loan × r ÷ (1 − (1 + r)−n), where the loan is the price less the down payment, r is the rate divided by 12 and n is the number of months. Each month's interest is rounded to the cent, and the last payment is whatever clears the balance.

Type the down payment in dollars or as a percent of the price and the other follows. Change the price and the one you typed last stays as it is.

With less than 20% down, lenders usually add private mortgage insurance (PMI), charged on the loan amount. The suggested rate is a rough guide by down payment: 0.3% a year from 15% down, 0.5% from 10%, 0.7% from 5% and 0.9% below that. Real rates run from about 0.3% to 1.5% and depend on your credit score and lender, so type the rate you are quoted. PMI here stops once the balance reaches 78% of the price, the point where US law has it end on its own; you can usually ask your lender to drop it at 80%.

An extra payment goes straight to the balance, so the loan ends sooner and costs less interest, and PMI ends sooner too. Total cost is the price plus all the interest and PMI; it leaves out taxes, insurance, HOA and closing costs, which you pay either way. Dates count from a first payment one month from today, and the yearly schedule shows whole dollars.

What you type is saved on this device so you can come back to it. Clear all empties it, and Undo brings it back.