Loan Calculator

The loan amount you enter is treated as the purchase price. The down payment is subtracted from it, and every figure, from the monthly payment to the amortization schedule, is computed on the remaining balance. The calculator rejects a down payment equal to or larger than the purchase price, and the helper note reminds you that putting under 20 percent down is exactly the situation that usually triggers PMI.

Any extra amount you enter is added to principal every month in the amortization simulation. When it is greater than zero, the results gain three lines: the new payoff time in years and months, the interest saved compared with the scheduled payment stream, and the number of payments eliminated. The monthly payment figure itself stays at the scheduled amount, with the extra tracked separately, and the schedule table reflects the accelerated payoff, expanding from the first 12 months to every remaining payment via the Show Full Schedule toggle.

Enter an annual PMI rate, for example 0.5 for half a percent, and the calculator charges one twelfth of that rate against the original loan balance each month, but only while the remaining balance is above 80 percent of the purchase price. Once simulated principal payments push equity past the 20 percent mark, the PMI line drops to zero automatically. Leave the field at 0 to turn PMI off entirely, and note the projected stop depends on your extra payments too.

It appears once you fill in monthly tax and insurance or a PMI rate, and totals your true housing payment: principal plus interest plus any extra payment, the tax and insurance amount, the current PMI charge, and the combined total monthly cost. This is the number lenders compare against your income when qualifying you.

Nobody but you. Payments, PMI, and the amortization rows are all computed by JavaScript on this page; there is no account, no submit, and no storage. Closing the tab clears every figure you typed.