Plan fixed-rate mortgage payments, conventional PMI milestones, extra principal payments and remaining cash to close. Compare a separate income-based affordability scenario.
Choose your path
Estimate the recurring payment and cash required to buy a home, then compare safer financing choices.
Understand the payment beyond principal and interest.
Enter price, down payment, rate, tax, insurance, PMI, and HOA; then review cash-to-close and monthly breakdown.
Can explain the full monthly estimate and identify which assumptions still need a lender quote.
Find a payment ceiling before shopping for a property.
Use affordability mode with income, debts, available down payment, and a conservative DTI limit.
Leaves with a maximum planning price that remains below the household comfort limit.
See whether extra payments materially improve payoff time and interest.
Add monthly, annual, or one-time principal payments and compare the new payoff schedule.
Can compare interest saved, time saved, and the liquidity tradeoff without treating the estimate as advice.
Outputs and checklists are planning aids. Review the linked current authorities and the records, terms, instructions, and requirements that apply to your exact situation before a consequential decision.
This tool is part of these guided projects. Each project provides step-by-step instructions with checklists and all the tools you need in one place.
Build a dated relocation dossier from household needs, housing evidence, exact inventory, comparable written terms, move-day controls, and delivery acceptance.
Coordinate a home-purchase decision from actual cash flow, official credit and loan documents, inspected property evidence, written contracts, and closing controls.
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Plan a down payment, user-set closing costs, additional cash needed, a month-end savings timeline, comparison targets, and a starting PMI illustration.
Calculate home equity over time from mortgage paydown and property appreciation. Project equity buildup from down payment, loan balance, and home value growth.
Calculate fixed-rate loan payments, total interest, amortization, and extra-principal savings. Enter principal, annual note rate, and term; fees are excluded.
For a fixed note rate and level monthly payments, P is price minus down payment, r is annual percent ÷ 100 ÷ 12, and n is whole years × 12. At zero interest, M = P/n. This is principal and interest only, not the complete monthly housing total.
M = P[r(1+r)^n]/[(1+r)^n-1]The schedule sums each month's interest and adjusts the final principal payment to clear the balance. Displayed and CSV amounts are rounded to cents; calculations retain precision. Extra-payment savings exclude changes to PMI, taxes, insurance and any prepayment fees.
Total Interest = (Monthly Payment × Number of Payments) - PrincipalThe standard CSV contains monthly principal/interest/balance and annual totals, without extra payments. Dates begin next month. Conventional borrower-paid PMI uses the lower of purchase price and appraisal, compares threshold balances at cent precision, and models scheduled 78% termination or the month after term midpoint; 80% is a separate request milestone. Eligibility and billing require servicer confirmation.
Updated: August 2026
Illustrative $300,000 purchase, 20% down, 6.5% fixed rate and 30 years. Tax, insurance and HOA must be estimated separately.
→ Principal and interest: $1,516.96/month, before recurring housing costs.
A $400,000 purchase, $40,000 down, 6.5% for 30 years, purchase appraisal equal to price and 0.5% annual PMI. No extra payments.
→ P&I $2,275.44; initial PMI $150/month. Standard-schedule 80% request milestone: month 95; modeled automatic end: month 109, with $16,200 total PMI under the stated billing convention.
Quoted closing costs are already net of lender credits and include prepaids and initial escrow. Subtract the deposit and seller credits once.
→ $84,000 remaining cash; $89,000 total contribution including the $5,000 deposit. Other closing adjustments are excluded.
Use local tax bills, insurance quotes, PMI terms and HOA dues. These costs are not universally $200–500/month, may change, and may be paid outside escrow. Also budget separately for maintenance and utilities.
Compare monthly affordability, total interest, upfront costs and liquidity together. A shorter term reduces interest for the same principal and rate but increases the required payment; no term is universally best.
Conventional PMI premiums and eligibility depend on the loan. Use a quote, check the original-value basis and distinguish a cancellation request from automatic termination. Government-backed and lender-paid insurance rules are outside this model.
Model a fully amortizing purchase loan with monthly payments. Separate principal and interest from estimated recurring costs, distinguish PMI request and automatic-end milestones, and reconcile a closing-cost scenario with deposits and seller credits. Results are planning estimates, not loan approval or a lender quote.