Mortgage payment
- P&I
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- Loan
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- Extras
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- Total
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How is monthly P&I calculated?
Principal is price minus down payment. r is the annual rate divided by 12 and by 100. n is term years times 12. Monthly P&I is P × r × (1+r)^n / ((1+r)^n − 1).
What about tax, insurance, PMI, and HOA?
Those monthly fields start empty. If you fill any of them, they add to the total payment under the hero. The big number stays principal and interest. PMI is not estimated for you.
Is this a quote?
No. It is the standard fully amortizing payment formula. Lenders add other costs.
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