Mortgage Calculator with PMI

What the payment includes

Principal and interest repay the loan. Estimated property tax and homeowners insurance are divided by 12; HOA and estimated PMI are added separately. The figures are starting monthly estimates, not a Loan Estimate or an affordability assessment. Tax, insurance and HOA costs can change.

How extra payments help

Extra money is applied to principal each month while the scheduled payment stays the same. Compare total loan interest and months saved. Confirm that your servicer applies extra payments to principal and check for prepayment restrictions. We exclude closing costs, points and investment opportunity costs.

PMI: cancellation is not automatic at 80%

For many conventional principal-residence loans, you can request cancellation at 80% of original value if conditions are met. Automatic termination generally follows the original scheduled 78% date when payments are current. Extra payments may bring forward a request, not automatically replace the scheduled date. FHA, VA and lender-paid insurance rules differ.

We use the entered home price as original value and assume it does not exceed the purchase appraisal. The PMI input is applied to the original loan amount for an initial monthly estimate. The schedule below covers principal and interest only; no precise lifetime PMI savings are claimed.

Payment formula

For loan amount P, monthly rate r and n payments: payment = P × r ÷ [1 − (1 + r)⁻ⁿ]. At 0% interest, payment = P ÷ n. Payments and monthly interest are rounded to cents; the final payment is adjusted to clear the remaining balance.

Paying down several loans? Compare strategies in the debt-payoff calculator.