How it works
Principal and interest use the standard fixed-rate formula, rounded to the cent. Property tax is the price times the tax rate ÷ 12, insurance the yearly premium ÷ 12, and PMI the loan times the PMI rate ÷ 12 when you put down less than 20%. The loan is then amortized month by month to find the total interest and the payment at which the balance reaches 80% of the price, when PMI can be cancelled on request. Payment tables: mortgage payment table.