$2,940.44
The weave of the payment
- Down payment
- $40,000
- Base loan amount
- $360,000
- Amount amortised
- $360,000
- Loan-to-value at close
- 90.0%
- Principal & interest
- $2,275.44
- Mortgage insurance, month one
- $165.00
- Mortgage insurance is charged for
- 9 yr 1 mo
- Total interest over the term
- $459,160
- Total mortgage insurance paid
- $17,985
- Payoff
- 30 yr
The schedule
| Period | Payment | Interest | Principal | Mortgage ins. | Balance | Interest to date |
|---|---|---|---|---|---|---|
| Month 1 | $2,440.44 | $1,950.00 | $325.44 | $165.00 | $359,675 | $1,950 |
| Month 2 | $2,440.44 | $1,948.24 | $327.21 | $165.00 | $359,347 | $3,898 |
| Month 3 | $2,440.44 | $1,946.46 | $328.98 | $165.00 | $359,018 | $5,845 |
| Month 4 | $2,440.44 | $1,944.68 | $330.76 | $165.00 | $358,688 | $7,789 |
| Month 5 | $2,440.44 | $1,942.89 | $332.55 | $165.00 | $358,355 | $9,732 |
| Month 6 | $2,440.44 | $1,941.09 | $334.36 | $165.00 | $358,021 | $11,673 |
| Month 7 | $2,440.44 | $1,939.28 | $336.17 | $165.00 | $357,685 | $13,613 |
| Month 8 | $2,440.44 | $1,937.46 | $337.99 | $165.00 | $357,347 | $15,550 |
| Month 9 | $2,440.44 | $1,935.63 | $339.82 | $165.00 | $357,007 | $17,486 |
| Month 10 | $2,440.44 | $1,933.79 | $341.66 | $165.00 | $356,665 | $19,420 |
| Month 11 | $2,440.44 | $1,931.94 | $343.51 | $165.00 | $356,322 | $21,351 |
| Month 12 | $2,440.44 | $1,930.08 | $345.37 | $165.00 | $355,976 | $23,282 |
| Month 13 | $2,440.44 | $1,928.20 | $347.24 | $165.00 | $355,629 | $25,210 |
| Month 14 | $2,440.44 | $1,926.32 | $349.12 | $165.00 | $355,280 | $27,136 |
| Month 15 | $2,440.44 | $1,924.43 | $351.01 | $165.00 | $354,929 | $29,060 |
| Month 16 | $2,440.44 | $1,922.53 | $352.91 | $165.00 | $354,576 | $30,983 |
| Month 17 | $2,440.44 | $1,920.62 | $354.83 | $165.00 | $354,221 | $32,904 |
| Month 18 | $2,440.44 | $1,918.70 | $356.75 | $165.00 | $353,864 | $34,822 |
| Month 19 | $2,440.44 | $1,916.77 | $358.68 | $165.00 | $353,506 | $36,739 |
| Month 20 | $2,440.44 | $1,914.82 | $360.62 | $165.00 | $353,145 | $38,654 |
| Month 21 | $2,440.44 | $1,912.87 | $362.58 | $165.00 | $352,782 | $40,567 |
| Month 22 | $2,440.44 | $1,910.90 | $364.54 | $165.00 | $352,418 | $42,478 |
| Month 23 | $2,440.44 | $1,908.93 | $366.51 | $165.00 | $352,051 | $44,387 |
| Month 24 | $2,440.44 | $1,906.95 | $368.50 | $165.00 | $351,683 | $46,294 |
| Month 25 | $2,440.44 | $1,904.95 | $370.50 | $165.00 | $351,312 | $48,199 |
| Month 26 | $2,440.44 | $1,902.94 | $372.50 | $165.00 | $350,940 | $50,101 |
| Month 27 | $2,440.44 | $1,900.92 | $374.52 | $165.00 | $350,565 | $52,002 |
| Month 28 | $2,440.44 | $1,898.90 | $376.55 | $165.00 | $350,189 | $53,901 |
| Month 29 | $2,440.44 | $1,896.86 | $378.59 | $165.00 | $349,810 | $55,798 |
| Month 30 | $2,440.44 | $1,894.81 | $380.64 | $165.00 | $349,430 | $57,693 |
| Month 31 | $2,440.44 | $1,892.74 | $382.70 | $165.00 | $349,047 | $59,586 |
| Month 32 | $2,440.44 | $1,890.67 | $384.77 | $165.00 | $348,662 | $61,476 |
| Month 33 | $2,440.44 | $1,888.59 | $386.86 | $165.00 | $348,275 | $63,365 |
| Month 34 | $2,440.44 | $1,886.49 | $388.95 | $165.00 | $347,886 | $65,251 |
| Month 35 | $2,440.44 | $1,884.38 | $391.06 | $165.00 | $347,495 | $67,136 |
| Month 36 | $2,440.44 | $1,882.27 | $393.18 | $165.00 | $347,102 | $69,018 |
| Month 37 | $2,440.44 | $1,880.14 | $395.31 | $165.00 | $346,707 | $70,898 |
| Month 38 | $2,440.44 | $1,877.99 | $397.45 | $165.00 | $346,309 | $72,776 |
| Month 39 | $2,440.44 | $1,875.84 | $399.60 | $165.00 | $345,910 | $74,652 |
| Month 40 | $2,440.44 | $1,873.68 | $401.77 | $165.00 | $345,508 | $76,526 |
| Month 41 | $2,440.44 | $1,871.50 | $403.94 | $165.00 | $345,104 | $78,397 |
| Month 42 | $2,440.44 | $1,869.31 | $406.13 | $165.00 | $344,698 | $80,267 |
| Month 43 | $2,440.44 | $1,867.11 | $408.33 | $165.00 | $344,290 | $82,134 |
| Month 44 | $2,440.44 | $1,864.90 | $410.54 | $165.00 | $343,879 | $83,999 |
| Month 45 | $2,440.44 | $1,862.68 | $412.77 | $165.00 | $343,466 | $85,861 |
| Month 46 | $2,440.44 | $1,860.44 | $415.00 | $165.00 | $343,051 | $87,722 |
| Month 47 | $2,440.44 | $1,858.19 | $417.25 | $165.00 | $342,634 | $89,580 |
| Month 48 | $2,440.44 | $1,855.93 | $419.51 | $165.00 | $342,214 | $91,436 |
| Month 49 | $2,440.44 | $1,853.66 | $421.78 | $165.00 | $341,793 | $93,289 |
| Month 50 | $2,440.44 | $1,851.38 | $424.07 | $165.00 | $341,369 | $95,141 |
| Month 51 | $2,440.44 | $1,849.08 | $426.36 | $165.00 | $340,942 | $96,990 |
| Month 52 | $2,440.44 | $1,846.77 | $428.67 | $165.00 | $340,514 | $98,837 |
| Month 53 | $2,440.44 | $1,844.45 | $431.00 | $165.00 | $340,083 | $100,681 |
| Month 54 | $2,440.44 | $1,842.11 | $433.33 | $165.00 | $339,649 | $102,523 |
| Month 55 | $2,440.44 | $1,839.77 | $435.68 | $165.00 | $339,214 | $104,363 |
| Month 56 | $2,440.44 | $1,837.41 | $438.04 | $165.00 | $338,776 | $106,200 |
| Month 57 | $2,440.44 | $1,835.03 | $440.41 | $165.00 | $338,335 | $108,035 |
| Month 58 | $2,440.44 | $1,832.65 | $442.80 | $165.00 | $337,892 | $109,868 |
| Month 59 | $2,440.44 | $1,830.25 | $445.19 | $165.00 | $337,447 | $111,698 |
| Month 60 | $2,440.44 | $1,827.84 | $447.61 | $165.00 | $337,000 | $113,526 |
| Month 61 | $2,440.44 | $1,825.41 | $450.03 | $165.00 | $336,549 | $115,352 |
| Month 62 | $2,440.44 | $1,822.98 | $452.47 | $165.00 | $336,097 | $117,175 |
| Month 63 | $2,440.44 | $1,820.53 | $454.92 | $165.00 | $335,642 | $118,995 |
| Month 64 | $2,440.44 | $1,818.06 | $457.38 | $165.00 | $335,185 | $120,813 |
| Month 65 | $2,440.44 | $1,815.58 | $459.86 | $165.00 | $334,725 | $122,629 |
| Month 66 | $2,440.44 | $1,813.09 | $462.35 | $165.00 | $334,263 | $124,442 |
| Month 67 | $2,440.44 | $1,810.59 | $464.86 | $165.00 | $333,798 | $126,252 |
| Month 68 | $2,440.44 | $1,808.07 | $467.37 | $165.00 | $333,330 | $128,061 |
| Month 69 | $2,440.44 | $1,805.54 | $469.91 | $165.00 | $332,860 | $129,866 |
| Month 70 | $2,440.44 | $1,802.99 | $472.45 | $165.00 | $332,388 | $131,669 |
| Month 71 | $2,440.44 | $1,800.43 | $475.01 | $165.00 | $331,913 | $133,469 |
| Month 72 | $2,440.44 | $1,797.86 | $477.58 | $165.00 | $331,435 | $135,267 |
| Month 73 | $2,440.44 | $1,795.27 | $480.17 | $165.00 | $330,955 | $137,063 |
| Month 74 | $2,440.44 | $1,792.67 | $482.77 | $165.00 | $330,472 | $138,855 |
| Month 75 | $2,440.44 | $1,790.06 | $485.39 | $165.00 | $329,987 | $140,645 |
| Month 76 | $2,440.44 | $1,787.43 | $488.02 | $165.00 | $329,499 | $142,433 |
| Month 77 | $2,440.44 | $1,784.79 | $490.66 | $165.00 | $329,008 | $144,218 |
| Month 78 | $2,440.44 | $1,782.13 | $493.32 | $165.00 | $328,515 | $146,000 |
| Month 79 | $2,440.44 | $1,779.46 | $495.99 | $165.00 | $328,019 | $147,779 |
| Month 80 | $2,440.44 | $1,776.77 | $498.68 | $165.00 | $327,520 | $149,556 |
| Month 81 | $2,440.44 | $1,774.07 | $501.38 | $165.00 | $327,019 | $151,330 |
| Month 82 | $2,440.44 | $1,771.35 | $504.09 | $165.00 | $326,515 | $153,101 |
| Month 83 | $2,440.44 | $1,768.62 | $506.82 | $165.00 | $326,008 | $154,870 |
| Month 84 | $2,440.44 | $1,765.88 | $509.57 | $165.00 | $325,498 | $156,636 |
| Month 85 | $2,440.44 | $1,763.12 | $512.33 | $165.00 | $324,986 | $158,399 |
| Month 86 | $2,440.44 | $1,760.34 | $515.10 | $165.00 | $324,471 | $160,159 |
| Month 87 | $2,440.44 | $1,757.55 | $517.89 | $165.00 | $323,953 | $161,917 |
| Month 88 | $2,440.44 | $1,754.75 | $520.70 | $165.00 | $323,432 | $163,672 |
| Month 89 | $2,440.44 | $1,751.93 | $523.52 | $165.00 | $322,909 | $165,424 |
| Month 90 | $2,440.44 | $1,749.09 | $526.35 | $165.00 | $322,383 | $167,173 |
| Month 91 | $2,440.44 | $1,746.24 | $529.21 | $165.00 | $321,853 | $168,919 |
| Month 92 | $2,440.44 | $1,743.37 | $532.07 | $165.00 | $321,321 | $170,662 |
| Month 93 | $2,440.44 | $1,740.49 | $534.95 | $165.00 | $320,786 | $172,403 |
| Month 94 | $2,440.44 | $1,737.59 | $537.85 | $165.00 | $320,248 | $174,140 |
| Month 95 | $2,440.44 | $1,734.68 | $540.77 | $165.00 | $319,708 | $175,875 |
| Month 96 | $2,440.44 | $1,731.75 | $543.69 | $165.00 | $319,164 | $177,607 |
| Month 97 | $2,440.44 | $1,728.81 | $546.64 | $165.00 | $318,617 | $179,336 |
| Month 98 | $2,440.44 | $1,725.84 | $549.60 | $165.00 | $318,068 | $181,061 |
| Month 99 | $2,440.44 | $1,722.87 | $552.58 | $165.00 | $317,515 | $182,784 |
| Month 100 | $2,440.44 | $1,719.87 | $555.57 | $165.00 | $316,960 | $184,504 |
| Month 101 | $2,440.44 | $1,716.86 | $558.58 | $165.00 | $316,401 | $186,221 |
| Month 102 | $2,440.44 | $1,713.84 | $561.61 | $165.00 | $315,839 | $187,935 |
| Month 103 | $2,440.44 | $1,710.80 | $564.65 | $165.00 | $315,275 | $189,646 |
| Month 104 | $2,440.44 | $1,707.74 | $567.71 | $165.00 | $314,707 | $191,353 |
| Month 105 | $2,440.44 | $1,704.66 | $570.78 | $165.00 | $314,136 | $193,058 |
| Month 106 | $2,440.44 | $1,701.57 | $573.87 | $165.00 | $313,562 | $194,760 |
| Month 107 | $2,440.44 | $1,698.46 | $576.98 | $165.00 | $312,985 | $196,458 |
| Month 108 | $2,440.44 | $1,695.34 | $580.11 | $165.00 | $312,405 | $198,153 |
| Month 109 | $2,440.44 | $1,692.20 | $583.25 | $165.00 | $311,822 | $199,846 |
| Month 110 | $2,275.44 | $1,689.04 | $586.41 | — | $311,236 | $201,535 |
| Month 111 | $2,275.44 | $1,685.86 | $589.58 | — | $310,646 | $203,221 |
| Month 112 | $2,275.44 | $1,682.67 | $592.78 | — | $310,053 | $204,903 |
| Month 113 | $2,275.44 | $1,679.46 | $595.99 | — | $309,457 | $206,583 |
| Month 114 | $2,275.44 | $1,676.23 | $599.22 | — | $308,858 | $208,259 |
| Month 115 | $2,275.44 | $1,672.98 | $602.46 | — | $308,256 | $209,932 |
| Month 116 | $2,275.44 | $1,669.72 | $605.73 | — | $307,650 | $211,602 |
| Month 117 | $2,275.44 | $1,666.44 | $609.01 | — | $307,041 | $213,268 |
| Month 118 | $2,275.44 | $1,663.14 | $612.31 | — | $306,429 | $214,931 |
| Month 119 | $2,275.44 | $1,659.82 | $615.62 | — | $305,813 | $216,591 |
| Month 120 | $2,275.44 | $1,656.49 | $618.96 | — | $305,194 | $218,247 |
What this is doing
- You could ask for PMI to be cancelled at month 95 (7 yr 11 mo), when the scheduled balance first reaches 80% of the original value. Nothing happens at 80% unless you ask.
- Automatic termination is modelled at month 109, when the scheduled balance first reaches 78% of the original value (Homeowners Protection Act, 12 U.S.C. §4902(a)). Both dates run off the original schedule, so extra payments do not move them.
- Every figure here is illustrative. It is generated from the numbers you typed using published rules, and it is not a rate quote, a pre-qualification, or an offer of credit.
The rule this page applies
Conventional PMI may be cancelled on request at 80% of the original value and terminates automatically at 78%, both on the original amortisation schedule. FHA annual MIP follows a different rule entirely and does not cancel with equity.
Source: Homeowners Protection Act, 12 U.S.C. §4902 · HUD Mortgagee Letters 13-04 and 2023-05
Questions people ask about this one
Why is my mortgage insurance still being charged after I hit 20% equity?
Because you are probably not on a conventional loan. Conventional PMI comes off; FHA annual MIP does not, unless the loan-to-value was 90% or less when it was written. On a 3.5%-down FHA loan the premium runs for the life of the loan and the usual way out is a refinance into a conventional loan once you have the equity.
Does the calculator use my appreciated value for PMI?
No, and neither does the law. The Homeowners Protection Act ties both the 80% request date and the 78% automatic date to the original value and the original amortisation schedule. Appreciation can get PMI removed, but only through a lender-specific process with a new appraisal, which is a different thing.
Are taxes and insurance really a percentage?
They are entered that way because it makes the numbers move sensibly with the price, but in reality a tax bill is set by an assessor and a premium by an underwriter. Put in your real figures divided by the price if you have them.
The rest of the bench
Amortisation
The full schedule, switchable month-wise and year-wise, with a running total and the crossover month called out.
Affordability
Income, debts and cash in, a defensible price out — and a plain statement of which of the three constraints is the one actually holding the number down.
Refinance
Costs divided by monthly saving is the answer most sites give, and it ignores the fact that a new 30-year term restarts the clock. Both numbers are shown here.
Extra payment
A recurring extra, a one-off lump sum, or both — against the interest they remove and the months they take off the end.
Rent vs buy
Both households start with the same cash. Whichever is cheaper in a given month invests the difference; whichever is dearer draws it down. That symmetry is the whole argument.
FHA MIP
The upfront premium, the annual premium, and the part almost every calculator gets wrong: whether it ever comes off.
VA purchase
The VA funding fee changes with the down payment and with whether it is your first use of the entitlement. Exempt borrowers pay none of it.
VA refinance
An IRRRL carries a 0.50% funding fee; a VA cash-out carries 2.15% or 3.30%. Both are shown against a true break-even.
Points
One point is one percent of the loan, paid today, for a lower rate for as long as you keep it. The only question that matters is how long that is.
HELOC
Interest-only while you draw, then a fully amortising payment that can be several times larger. Both are shown, because the second one is the surprise.
DSCR
Debt-service coverage divides the rent the property brings in by what the property costs to carry. Most lenders want 1.20 or better.
Fix & flip
Acquisition, rehab, points, interest, holding costs and selling costs against the after-repair value — with the cash you actually have to put in.