Enrichment · Life Skills · Homeownership

The whole
monthly payment,
not just the loan.

Type the price, down payment and rate, then taxes, insurance and dues. The calculator builds the real monthly payment and shows what half a point would change.

Build my paymentWhat you get

The mortgage payment scenario calculator

The worked example is a starter townhouse with 10% down. Nothing you type leaves this browser.

Loading the calculator. If nothing appears, turn on JavaScript.

What you get

Enrichment · Life SkillsFree

What you finish with
The monthly payment piece by piece, the interest over the loan, a second rate side by side and the income a common guideline implies. It prints as a summary and downloads as a spreadsheet.
Who it is for
First-time buyers, families planning a purchase, and students learning how a mortgage payment is built.
Format
Browser calculator for a phone, tablet or computer, by touch or keyboard. Prints a summary; downloads a spreadsheet (.csv); export and import a file.
Access
Free. No account, no sign-in and nothing to install. Everything you type stays in this browser; nothing is sent to Caveat.
Where it lives
The Life Skills space in Caveat Enrichment.
Support
Questions, a correction or a request: team@caveatacademic.com.

How to use it

  1. Type the price and down payment.
  2. Use a rate from a Loan Estimate.
  3. Add the county’s property tax rate.
  4. Get an insurance quote.
  5. Try a second rate to see what shopping is worth.

Build my payment

How the payment is built

One formula for the loan, then the monthly add-ons.

The worked example: a starter townhouseLoan$306,000$340,000 less 10%P and I$1,9346.5%, 360 monthsPlus$709tax, insurance, PMI, HOAA month$2,643all inThe worked example: a starter townhouseLoan$306,000$340,000 less 10%P and I$1,9346.5%, 360 monthsPlus$709tax, insurance, PMI, HOAA month$2,643all in
The amortization formula gives principal and interest; the other pieces are added by the month.

Principal and interest

A fixed-rate loan is paid in equal monthly amounts that cover each month’s interest and pay down the balance. The formula uses the monthly rate, the yearly rate divided by 12, and the number of months.

What sits on top

Most lenders collect property tax and homeowners insurance with the payment through an escrow account. With less than 20% down on a conventional loan, private mortgage insurance is added until the balance falls to 80% of the original value. HOA dues are paid separately but belong in the same budget.

Sources

  1. Consumer Financial Protection Bureau. Owning a Home: Loan Estimate explainer and rate tool (consumerfinance.gov/owning-a-home).
  2. Consumer Financial Protection Bureau. When can I remove private mortgage insurance (PMI) from my loan? (consumerfinance.gov).
  3. Homeowners Protection Act of 1998, 12 U.S.C. 4901 et seq. (govinfo.gov).
  4. U.S. Department of Housing and Urban Development. Buying a home: tips and housing counseling (hud.gov).

The worked example’s price, rates and costs are examples, not offers. This is an estimate, not a loan quote. Your entries stay in this browser. Support: team@caveatacademic.com.