📝 Loan Details
Additional Costs
Extra Payments (Optional)
Payment Summary
📅 Amortization Schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|
Understanding Your Mortgage
What is PMI?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It protects the lender and typically costs 0.5% to 1% of the loan amount annually. You can request PMI removal once you reach 20% equity.
15-Year vs 30-Year Mortgage
A 15-year mortgage has higher monthly payments but significantly less total interest paid. A 30-year mortgage offers lower monthly payments, giving you more flexibility with your budget. Choose based on your financial goals.
Benefits of Extra Payments
Even small extra monthly payments can save you thousands in interest and shorten your loan term by years. The extra goes directly to reducing your principal balance.
When to Refinance
Consider refinancing when interest rates drop at least 1% below your current rate, you want to switch from an adjustable to a fixed rate, or you want to shorten your loan term. Always factor in closing costs.