How to Use the Mortgage Calculator with PMI
This mortgage calculator allows you to estimate monthly mortgage payment with the principal and interest components, property taxes, PMI, homeowner’s insurance and HOA fee. It also calculates the sum total of all payments down payment, total PITI amount (PITI stands for to Principal, Interest, Taxes and Insurance.) and total HOA fees during the whole amortization period.
PMI stands for Private Mortgage Insurance. This is a special type of insurance policy to protect a lender against loss if a borrower defaults. Most PMI policies require the borrower to pay monthly. Your lender should automatically cancel PMI when your outstanding loan balance drops to 78 percent of the original value of the home. It may takes several years.
This mortgage calculator is a great first step to estimate how much home you can afford. By entering different values in down payment or home price you can see you monthly mortgage payment and figure our how much you can afford.
Click on the "Show payment schedule" to see an interactive downloadable table showing the principal and interest paid (as well as the remaining balance) for each month.
This mortgage calculator has only been designed to give a useful general indication of costs. It's important you always get a specific quote from the lender and double-check the price yourself before acting on the information.