How to use this calculator
Estimate principal, interest and common ownership charges rather than looking at the mortgage payment alone.
What goes into the payment
Principal and interest are calculated using fixed-rate monthly amortization. Property tax and insurance are spread across twelve months.
PMI and extra payments
The initial payment includes estimated PMI if the down payment is below 20%. For many eligible conventional loans, you can request cancellation at 80% of the home’s original value if conditions are met. Automatic termination is generally scheduled at 78% of original value, assuming payments are current. Extra payments may make an earlier request possible, but they do not automatically cancel PMI. Extra principal payments can shorten the loan.
Verify with your lender
Mortgage APR, closing costs, adjustable rates, lender PMI cancellation, taxes, escrow reserves and other costs can change the actual payment.
Useful resources, not just numbers.
These independent references can help you find better inputs or understand the decision. External links open the publisher’s website; none is a paid placement.
For PMI cancellation rules, see the Consumer Financial Protection Bureau’s PMI explanation. We link to independent resources for context, not endorsement. We are not affiliated with these organizations.
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