How accurate is this mortgage calculator?

It provides strong estimates based on your inputs, but final lender quotes can differ due to credit profile, taxes, insurance, and fees.

When does PMI drop off?

This tool estimates PMI drop at roughly 78% loan-to-value based on amortization progress.

How is refinance break-even calculated?

Break-even months are estimated by dividing refinance closing costs by monthly payment savings.

Mortgage Calculation Hub | US Mortgage Calculator

Total Monthly Payment

$2,784

Loan Amount$360,000

Down Payment$90,000

Cash to Close$105,217

Payoff Time30y 0m

P + I81.7%

$2,275

Tax13.5%

$375

Insurance4.8%

$133

Live National Averages

Averages via St. Louis Fed (FRED).

30Y Fixed—

15Y Fixed—

FHA 30Y—

VA 30Y—

Estimates only. Actual rates vary by lender.

Amortization Over Time

Principal Interest Balance

Interest Summary

Total Interest$459,160
Total Principal$360,000
Total Paid$819,160

Cash to Close

Down Payment$90,000
Closing Costs$6,750
Prepaid & Escrow$2,817
Total Cash$105,217

Frequently Asked Questions

●How accurate is this calculator?

It provides market-leading estimates based on national averages. For precise numbers, always consult your Loan Estimate (LE) provided by your lender.

●When does PMI automatically drop?

Most lenders cancel PMI once you reach 22% equity (78% LTV) based on the original value. This tool estimates that milestone based on your principal paydown schedule.

●How is refinance break-even computed?

We divide your total closing costs by the monthly P&I savings. This tells you exactly how many months you need to stay in the home to recover the upfront investment.

Mortgage Fundamentals

P & I (Principal and Interest)

The engine of your loan. Interest is front-loaded, meaning you pay more interest in the early years and more principal towards the end.

PMI (Mortgage Insurance)

Protection for the lender, paid by you. It's usually required for down payments under 20%. We model both monthly and total costs over time.

Escrow (Taxes & Insurance)

Think of this as a forced savings account. Your lender collects it to ensure property taxes and insurance are paid on time every year.

Amortization Path

The mathematical journey of your loan balance. Extra payments early on can significantly reduce the total interest paid over 15 or 30 years.

Legal Disclaimer: Estimates are for informational purposes. Actual terms, rates, and costs vary by lender and credit profile. This tool does not constitute financial advice or a commitment to lend.