Finance
Calculator for mortgage repayment
Estimate mortgage payment from house price, deposit, interest rate and how long the loan go last.
Add to workspaceYour numbers
Result dey update as you type; no Calculate button dey. All calculation dey run inside your browser.
All monthly payments together
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Breakdown of monthly payment
| Amount | |
|---|---|
| Principal & interest | — |
| Property tax for one month | — |
| House insurance for one month | — |
| PMI for one month | — |
| HOA for one month | — |
| All monthly payments together | — |
How the payment split
The bars dey use total monthly payment as their scale. Principal & interest usually take the biggest share. Tax and insurance na estimates from the yearly figures wey you enter.
Formula
Loan = home price − down payment. Loan-to-value = loan ÷ home price. Principal & interest dey use the standard amortization formula on the loan amount. PMI dey apply only when loan-to-value pass 80%, at loan × PMI rate ÷ 12 per month. Tax and insurance na yearly figures ÷ 12.
Example wey show the calculation
House price na $400,000 with $80,000 down payment: loan na $320,000, loan-to-value na 80.00%. At 6.5% for 30 years, principal & interest na $2,022.62. Add tax of $400.00 and insurance of $125.00 monthly. PMI na $0 because loan-to-value no pass 80%. Total monthly payment na $2,547.62.
Where e fit work and limits
Rate remain fixed for the full term. We dey charge PMI at one rate while loan-to-value pass 80%; real PMI fit stop or change rate. Closing costs, points and rate changes no dey inside. Tax and insurance remain constant here, but both fit change for real life. Extra principal dey shorten the loan, but no dey inside the main payment total above.
Questions wey people dey ask often
When PMI dey apply?
For this model, only when loan pass 80% of house price. At exactly 80%, PMI no dey. Lenders get their own PMI rules and cancellation thresholds too.
The extra principal dey inside the total?
No. The main total na required monthly bill. Extra principal na voluntary payment, so we show am separately to keep required payments comparable.
Why loan amount no be the same as house price?
You pay down payment at the start, so na only the remainder you borrow. Bigger down payment go reduce both loan and monthly payment.
Tax and insurance dey remain the same?
No. Both usually dey change from year to year. This calculator dey spread the yearly figures wey you enter equally across months.
This one include closing costs?
No. You pay closing costs when you buy; dem no be part of monthly payment. The refinance calculator dey model dem separately.
Other tools wey relate to dis
- Calculator for loan repayment — principal & interest for any loan
- Calculator for refinancing — compare with a new mortgage
- Calculator for renting or buying home — compare buying house with renting
Results na estimates; dem no replace advice from qualified professional.