Question 1

How does this mortgage calculator estimate the monthly payment?

Accepted Answer

It uses a standard fixed-rate formula for the loan amount, interest rate, and term you enter. Principal and interest stay level in the estimate. The first payment is the 1st of the month after the loan start date. Property tax, insurance, PMI, HOA, and other costs are added at the monthly amounts you enter.

Question 2

Does the payment include property tax, insurance, and PMI?

Accepted Answer

Yes, when you enter them. The housing payment is principal and interest plus property tax, home insurance, PMI, HOA dues, and other monthly costs. A blank cost counts as $0. Those amounts stay flat here, and a real bill can change.

Question 3

Can I compare more than one home loan?

Accepted Answer

You can compare up to six US home loans. A useful set is two loans for each home, for as many as three homes. Duplicate a card to change one field, or add a blank card. The chart compares the loans you leave visible, and the amortization schedule opens one loan at a time.

Question 4

Which mortgage loan type fits my situation?

Accepted Answer

The loan fit form asks how long you expect to keep the loan, how much you can put down, your credit history in broad terms, whether a VA or USDA loan may apply, and whether the loan would be above the conforming limit. It suggests loan types to compare. It is not a loan offer or a credit decision.

Question 5

Is this mortgage calculator a loan offer?

Accepted Answer

No. It is a free planning tool from Aartiyya LLC in Frederick, Maryland. It is not a loan offer, a credit decision, or tax advice. A lender can quote a different rate, payment, or mortgage insurance.