| Monthly Principal & Interest | $1,470.44 |
| Property Taxes | $364.58 |
| Homeowner's Insurance | $102.08 |
| PMI* | $160.42 |
| HOA Fees | $0.00 |
| Total Monthly Payment | $2,097.52 |
| Principal | $308,000.00 |
| Interest | $221,358.08 |
| PMI | $177,304.17 |
* Private Mortgage Insurance (PMI) is calculated only if down payment is less than 20% of the property value (i.e., loan-to-value ratio is higher than 80%) and stops as soon as the outstanding principal amount (balance) is less than or equal to 78% of the home value. PMI is estimated at following rates: 95.01-100% LTV = 1.03% , 90.01-95% LTV = 0.875%, 85.01-90% LTV = 0.625%, 80.01-85% LTV = 0.375%. PMI may vary depending on your loan-to-value (LTV), credit score and debt-to-income (DTI) ratio. Monthly Mortgage Insurance on FHA Loans is required for the life of the loan. In some cases it can be removed after 11 years if requested
Disclaimer:
Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. We do not guarantee the accuracy of any information or inputs by users of the software.
This calculator does not have the ability to pre-qualify you for any loan program which should be verified independently with one of our Loan Consultants. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. We do not guarantee any of the information obtained by this calculator.
