Does this cover PMI?
Private mortgage insurance is not included automatically. If you owe PMI, add the monthly cost to the HOA field to see the full payment.
Step-by-step walkthrough
Mortgage Calculator Guide
Use this companion guide beside the interactive calculator to make sure you understand the “why” behind every click. Each section includes the classroom explanation, student-friendly language, and quick practice prompts.
Before you start
Collect the data points listed below and double-check their units. Keeping an organized “givens” list is one of the fastest ways to reduce math errors and impress exam graders.
- mortgage
- piti
- housing
Detailed procedure
Step 1
Enter the home price and your planned down payment percentage.
Step 2
Provide the interest rate, loan term, property tax rate, insurance cost, and monthly HOA dues.
Step 3
Review the breakdown to see principal & interest alongside each escrowed expense.
Teaching & troubleshooting tips
What if I know exact tax and insurance bills?
Swap the percentage-based inputs for the annual dollar figures you receive and the calculator will still divide them into monthly amounts.