Question 1

What does the estimated monthly payment include?

Accepted Answer

It combines principal and interest with monthly shares of property taxes, homeowners insurance, HOA dues, and PMI when the down payment is under 20%. Each part is also shown separately in the payment breakdown.

Question 2

When is PMI added to the payment?

Accepted Answer

PMI appears whenever the down payment is under 20% of the home price. It is calculated as the loan amount times the annual PMI rate you enter, divided by 12.

Question 3

Can the calculator model an adjustable-rate mortgage?

Accepted Answer

Yes. In ARM mode it shows the payment during the initial fixed period, the projected loan balance at adjustment, and an estimated payment after adjustment based on the adjusted rate you enter.

Question 4

How do discount points work in the calculator?

Accepted Answer

One point costs 1% of the loan amount and lowers the rate by the reduction you set per point. The calculator shows the upfront cost of the points, the monthly savings, and how many months of savings it takes to cover that cost.

Mortgage calculator

Mortgage calculator