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Willow CreekHome Finance
Run the numbers

The bench

What the payment is actually made of

Principal, interest, taxes, insurance, mortgage insurance and HOA — drawn as five separate threads, not folded into one number.

Monthly paymentIllustrative figures onlyShareable as a link

Your numbers

Assumptions you can change

It recalculates as you type — there is no submit button, and nothing is sent anywhere.

Month one, all in

$2,940.44

$360,000 borrowed at an illustrative 6.5%

The weave of the payment

Principal & interest$2,275.44
Property tax$366.67
Home insurance$133.33
Mortgage insurance$165.00
HOA dues—
Down payment
$40,000
Base loan amount
$360,000
Amount amortised
$360,000
Loan-to-value at close
90.0%
Principal & interest
$2,275.44
Mortgage insurance, month one
$165.00
Mortgage insurance is charged for
9 yr 1 mo
Total interest over the term
$459,160
Total mortgage insurance paid
$17,985
Payoff
30 yr
Balance, and interest paid to date
$0$200k$400kyr 5yr 10yr 15yr 20yr 25yr 30
Balance owedInterest paid to date

The schedule

PeriodPaymentInterestPrincipalMortgage ins.BalanceInterest to date
Month 1$2,440.44$1,950.00$325.44$165.00$359,675$1,950
Month 2$2,440.44$1,948.24$327.21$165.00$359,347$3,898
Month 3$2,440.44$1,946.46$328.98$165.00$359,018$5,845
Month 4$2,440.44$1,944.68$330.76$165.00$358,688$7,789
Month 5$2,440.44$1,942.89$332.55$165.00$358,355$9,732
Month 6$2,440.44$1,941.09$334.36$165.00$358,021$11,673
Month 7$2,440.44$1,939.28$336.17$165.00$357,685$13,613
Month 8$2,440.44$1,937.46$337.99$165.00$357,347$15,550
Month 9$2,440.44$1,935.63$339.82$165.00$357,007$17,486
Month 10$2,440.44$1,933.79$341.66$165.00$356,665$19,420
Month 11$2,440.44$1,931.94$343.51$165.00$356,322$21,351
Month 12$2,440.44$1,930.08$345.37$165.00$355,976$23,282
Month 13$2,440.44$1,928.20$347.24$165.00$355,629$25,210
Month 14$2,440.44$1,926.32$349.12$165.00$355,280$27,136
Month 15$2,440.44$1,924.43$351.01$165.00$354,929$29,060
Month 16$2,440.44$1,922.53$352.91$165.00$354,576$30,983
Month 17$2,440.44$1,920.62$354.83$165.00$354,221$32,904
Month 18$2,440.44$1,918.70$356.75$165.00$353,864$34,822
Month 19$2,440.44$1,916.77$358.68$165.00$353,506$36,739
Month 20$2,440.44$1,914.82$360.62$165.00$353,145$38,654
Month 21$2,440.44$1,912.87$362.58$165.00$352,782$40,567
Month 22$2,440.44$1,910.90$364.54$165.00$352,418$42,478
Month 23$2,440.44$1,908.93$366.51$165.00$352,051$44,387
Month 24$2,440.44$1,906.95$368.50$165.00$351,683$46,294
Month 25$2,440.44$1,904.95$370.50$165.00$351,312$48,199
Month 26$2,440.44$1,902.94$372.50$165.00$350,940$50,101
Month 27$2,440.44$1,900.92$374.52$165.00$350,565$52,002
Month 28$2,440.44$1,898.90$376.55$165.00$350,189$53,901
Month 29$2,440.44$1,896.86$378.59$165.00$349,810$55,798
Month 30$2,440.44$1,894.81$380.64$165.00$349,430$57,693
Month 31$2,440.44$1,892.74$382.70$165.00$349,047$59,586
Month 32$2,440.44$1,890.67$384.77$165.00$348,662$61,476
Month 33$2,440.44$1,888.59$386.86$165.00$348,275$63,365
Month 34$2,440.44$1,886.49$388.95$165.00$347,886$65,251
Month 35$2,440.44$1,884.38$391.06$165.00$347,495$67,136
Month 36$2,440.44$1,882.27$393.18$165.00$347,102$69,018
Month 37$2,440.44$1,880.14$395.31$165.00$346,707$70,898
Month 38$2,440.44$1,877.99$397.45$165.00$346,309$72,776
Month 39$2,440.44$1,875.84$399.60$165.00$345,910$74,652
Month 40$2,440.44$1,873.68$401.77$165.00$345,508$76,526
Month 41$2,440.44$1,871.50$403.94$165.00$345,104$78,397
Month 42$2,440.44$1,869.31$406.13$165.00$344,698$80,267
Month 43$2,440.44$1,867.11$408.33$165.00$344,290$82,134
Month 44$2,440.44$1,864.90$410.54$165.00$343,879$83,999
Month 45$2,440.44$1,862.68$412.77$165.00$343,466$85,861
Month 46$2,440.44$1,860.44$415.00$165.00$343,051$87,722
Month 47$2,440.44$1,858.19$417.25$165.00$342,634$89,580
Month 48$2,440.44$1,855.93$419.51$165.00$342,214$91,436
Month 49$2,440.44$1,853.66$421.78$165.00$341,793$93,289
Month 50$2,440.44$1,851.38$424.07$165.00$341,369$95,141
Month 51$2,440.44$1,849.08$426.36$165.00$340,942$96,990
Month 52$2,440.44$1,846.77$428.67$165.00$340,514$98,837
Month 53$2,440.44$1,844.45$431.00$165.00$340,083$100,681
Month 54$2,440.44$1,842.11$433.33$165.00$339,649$102,523
Month 55$2,440.44$1,839.77$435.68$165.00$339,214$104,363
Month 56$2,440.44$1,837.41$438.04$165.00$338,776$106,200
Month 57$2,440.44$1,835.03$440.41$165.00$338,335$108,035
Month 58$2,440.44$1,832.65$442.80$165.00$337,892$109,868
Month 59$2,440.44$1,830.25$445.19$165.00$337,447$111,698
Month 60$2,440.44$1,827.84$447.61$165.00$337,000$113,526
Month 61$2,440.44$1,825.41$450.03$165.00$336,549$115,352
Month 62$2,440.44$1,822.98$452.47$165.00$336,097$117,175
Month 63$2,440.44$1,820.53$454.92$165.00$335,642$118,995
Month 64$2,440.44$1,818.06$457.38$165.00$335,185$120,813
Month 65$2,440.44$1,815.58$459.86$165.00$334,725$122,629
Month 66$2,440.44$1,813.09$462.35$165.00$334,263$124,442
Month 67$2,440.44$1,810.59$464.86$165.00$333,798$126,252
Month 68$2,440.44$1,808.07$467.37$165.00$333,330$128,061
Month 69$2,440.44$1,805.54$469.91$165.00$332,860$129,866
Month 70$2,440.44$1,802.99$472.45$165.00$332,388$131,669
Month 71$2,440.44$1,800.43$475.01$165.00$331,913$133,469
Month 72$2,440.44$1,797.86$477.58$165.00$331,435$135,267
Month 73$2,440.44$1,795.27$480.17$165.00$330,955$137,063
Month 74$2,440.44$1,792.67$482.77$165.00$330,472$138,855
Month 75$2,440.44$1,790.06$485.39$165.00$329,987$140,645
Month 76$2,440.44$1,787.43$488.02$165.00$329,499$142,433
Month 77$2,440.44$1,784.79$490.66$165.00$329,008$144,218
Month 78$2,440.44$1,782.13$493.32$165.00$328,515$146,000
Month 79$2,440.44$1,779.46$495.99$165.00$328,019$147,779
Month 80$2,440.44$1,776.77$498.68$165.00$327,520$149,556
Month 81$2,440.44$1,774.07$501.38$165.00$327,019$151,330
Month 82$2,440.44$1,771.35$504.09$165.00$326,515$153,101
Month 83$2,440.44$1,768.62$506.82$165.00$326,008$154,870
Month 84$2,440.44$1,765.88$509.57$165.00$325,498$156,636
Month 85$2,440.44$1,763.12$512.33$165.00$324,986$158,399
Month 86$2,440.44$1,760.34$515.10$165.00$324,471$160,159
Month 87$2,440.44$1,757.55$517.89$165.00$323,953$161,917
Month 88$2,440.44$1,754.75$520.70$165.00$323,432$163,672
Month 89$2,440.44$1,751.93$523.52$165.00$322,909$165,424
Month 90$2,440.44$1,749.09$526.35$165.00$322,383$167,173
Month 91$2,440.44$1,746.24$529.21$165.00$321,853$168,919
Month 92$2,440.44$1,743.37$532.07$165.00$321,321$170,662
Month 93$2,440.44$1,740.49$534.95$165.00$320,786$172,403
Month 94$2,440.44$1,737.59$537.85$165.00$320,248$174,140
Month 95$2,440.44$1,734.68$540.77$165.00$319,708$175,875
Month 96$2,440.44$1,731.75$543.69$165.00$319,164$177,607
Month 97$2,440.44$1,728.81$546.64$165.00$318,617$179,336
Month 98$2,440.44$1,725.84$549.60$165.00$318,068$181,061
Month 99$2,440.44$1,722.87$552.58$165.00$317,515$182,784
Month 100$2,440.44$1,719.87$555.57$165.00$316,960$184,504
Month 101$2,440.44$1,716.86$558.58$165.00$316,401$186,221
Month 102$2,440.44$1,713.84$561.61$165.00$315,839$187,935
Month 103$2,440.44$1,710.80$564.65$165.00$315,275$189,646
Month 104$2,440.44$1,707.74$567.71$165.00$314,707$191,353
Month 105$2,440.44$1,704.66$570.78$165.00$314,136$193,058
Month 106$2,440.44$1,701.57$573.87$165.00$313,562$194,760
Month 107$2,440.44$1,698.46$576.98$165.00$312,985$196,458
Month 108$2,440.44$1,695.34$580.11$165.00$312,405$198,153
Month 109$2,440.44$1,692.20$583.25$165.00$311,822$199,846
Month 110$2,275.44$1,689.04$586.41—$311,236$201,535
Month 111$2,275.44$1,685.86$589.58—$310,646$203,221
Month 112$2,275.44$1,682.67$592.78—$310,053$204,903
Month 113$2,275.44$1,679.46$595.99—$309,457$206,583
Month 114$2,275.44$1,676.23$599.22—$308,858$208,259
Month 115$2,275.44$1,672.98$602.46—$308,256$209,932
Month 116$2,275.44$1,669.72$605.73—$307,650$211,602
Month 117$2,275.44$1,666.44$609.01—$307,041$213,268
Month 118$2,275.44$1,663.14$612.31—$306,429$214,931
Month 119$2,275.44$1,659.82$615.62—$305,813$216,591
Month 120$2,275.44$1,656.49$618.96—$305,194$218,247

First 120 payments shown without JavaScript. With JavaScript the table switches between month-wise and year-wise views and pages through the whole schedule.

What this is doing

  • You could ask for PMI to be cancelled at month 95 (7 yr 11 mo), when the scheduled balance first reaches 80% of the original value. Nothing happens at 80% unless you ask.
  • Automatic termination is modelled at month 109, when the scheduled balance first reaches 78% of the original value (Homeowners Protection Act, 12 U.S.C. §4902(a)). Both dates run off the original schedule, so extra payments do not move them.
  • Every figure here is illustrative. It is generated from the numbers you typed using published rules, and it is not a rate quote, a pre-qualification, or an offer of credit.

The rule this page applies

Conventional PMI may be cancelled on request at 80% of the original value and terminates automatically at 78%, both on the original amortisation schedule. FHA annual MIP follows a different rule entirely and does not cancel with equity.

Source: Homeowners Protection Act, 12 U.S.C. §4902 · HUD Mortgagee Letters 13-04 and 2023-05

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Questions people ask about this one

Why is my mortgage insurance still being charged after I hit 20% equity?

Because you are probably not on a conventional loan. Conventional PMI comes off; FHA annual MIP does not, unless the loan-to-value was 90% or less when it was written. On a 3.5%-down FHA loan the premium runs for the life of the loan and the usual way out is a refinance into a conventional loan once you have the equity.

Does the calculator use my appreciated value for PMI?

No, and neither does the law. The Homeowners Protection Act ties both the 80% request date and the 78% automatic date to the original value and the original amortisation schedule. Appreciation can get PMI removed, but only through a lender-specific process with a new appraisal, which is a different thing.

Are taxes and insurance really a percentage?

They are entered that way because it makes the numbers move sensibly with the price, but in reality a tax bill is set by an assessor and a premium by an underwriter. Put in your real figures divided by the price if you have them.

Take this scenario to a person

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This form does not send anything. It validates what you type and shows a confirmation. Nothing is stored in a database, nothing is emailed, and nobody will call you. Willow Creek Home Finance is a fictional company built to demonstrate a design system.

The rest of the bench

Amortisation

The full schedule, switchable month-wise and year-wise, with a running total and the crossover month called out.

Affordability

Income, debts and cash in, a defensible price out — and a plain statement of which of the three constraints is the one actually holding the number down.

Refinance

Costs divided by monthly saving is the answer most sites give, and it ignores the fact that a new 30-year term restarts the clock. Both numbers are shown here.

Extra payment

A recurring extra, a one-off lump sum, or both — against the interest they remove and the months they take off the end.

Rent vs buy

Both households start with the same cash. Whichever is cheaper in a given month invests the difference; whichever is dearer draws it down. That symmetry is the whole argument.

FHA MIP

The upfront premium, the annual premium, and the part almost every calculator gets wrong: whether it ever comes off.

VA purchase

The VA funding fee changes with the down payment and with whether it is your first use of the entitlement. Exempt borrowers pay none of it.

VA refinance

An IRRRL carries a 0.50% funding fee; a VA cash-out carries 2.15% or 3.30%. Both are shown against a true break-even.

Points

One point is one percent of the loan, paid today, for a lower rate for as long as you keep it. The only question that matters is how long that is.

HELOC

Interest-only while you draw, then a fully amortising payment that can be several times larger. Both are shown, because the second one is the surprise.

DSCR

Debt-service coverage divides the rent the property brings in by what the property costs to carry. Most lenders want 1.20 or better.

Fix & flip

Acquisition, rehab, points, interest, holding costs and selling costs against the after-repair value — with the cash you actually have to put in.