Amortization Nerd

How to use this mortgage calculator?

Start with the purchase price — the number on the listing. Then enter any one of down payment (in dollars or percent), loan amount, or loan-to-value, and the other three fill in automatically. That's how buyers actually think: "I'm buying at $500,000 and putting $25,000 down," not "my loan amount is $475,000." Your principal-and-interest payment appears instantly, prefilled with today's national average rate.

How to get rid of mortgage insurance?

Mortgage insurance isn't forever — if you play it right. On a conventional loan, PMI cancels automatically when your balance amortizes down to 78% of the original home value, and you can request removal at 80% — or sooner if rising values push your equity past 20% and you get an appraisal.

FHA, VA, USDA or conventional — which loan type fits?

Conventional usually wins for buyers with strong credit (roughly 720+) and at least 5% down: PMI is cheaper at high credit scores and it cancels. FHA shines for lower credit scores or thin credit files — the 3.5%-down minimum and forgiving underwriting come at the price of that long-lasting MIP.