What goes in, what comes out
| Input | Detail |
|---|---|
| Purchase price and down payment | Down payment in dollars or as a percent |
| Loan term | 30, 25, 15 or 5 years |
| Interest rate | Fixed rate; an interest-only switch is built in |
| Property taxes and homeowners insurance | Entered per year, shown per month |
| PMI | Yearly rate, applied only when the down payment is under 20% |
| HOA and other monthly costs | Per month |
Questions
Frequently asked
What does the mortgage calculator show?
The monthly payment broken into principal and interest, property tax, homeowners insurance, PMI, HOA and other costs; the total interest over the term; the taxes, insurance and fees over the term; and a full amortization schedule as a chart or a yearly or monthly table.
When is PMI included?
Only when you enter a PMI rate and the down payment is under 20%. The tool charges the yearly rate on the loan amount, divided by 12. At 20% down or more it shows that no PMI is required.
Can I calculate an interest-only loan?
Yes. Switch on interest only and the payment line becomes interest only, with total interest calculated on that basis.
Can I download the amortization schedule?
Yes. The schedule downloads as a CSV file, by year or by month.
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