This calculator calculates your monthly mortgage payment for two loans, given a down payment and other loan terms.
Payments are shown for principal and interest (P+I) and combined (P+I+T+I) payments. Combined payments include insurance, taxes, and private mortgage insurance where applicable.
If you enter a down payment that is less than 20% of the home purchase price, the calculator estimates a monthly amount for private mortgage insurance (PMI). Mortgage lenders generally require that you obtain mortgage insurance if your down payment is less than 20% of the home purchase price.
The cost disadvantage of making a smaller down payment is less if you intend to live in the home for only a few years.