About the numbers

Mortgages and loans

The calculators give estimates. They are not an offer of credit, and they are not financial advice. Your lender can give other numbers. All the math runs in your browser.

• A loan compounds every month. The rate for a month is the yearly rate divided by 12. The payment is the same each month and is rounded to the cent. The last payment pays what is left. Source: Consumer Financial Protection Bureau (CFPB), amortization.
• Private mortgage insurance (PMI) applies when the down payment is under 20%. It ends when the scheduled balance reaches 78% of the original value. The Homeowners Protection Act of 1998 (12 U.S.C. 4902) sets this rule. CFPB, when can I remove PMI.
• The affordability calculator uses the 28/36 rule. It is a common lender rule. It is not a law. The stretch figure uses the 31% and 43% ratios that FHA uses.
• FHA loans: the upfront mortgage insurance premium (MIP) is 1.75% of the base loan. The annual MIP depends on the term, the loan amount (the line is $726,200) and the loan-to-value ratio. It is figured on the average balance of each year and paid every month. The rules are in HUD Mortgagee Letter 2023-05 and HUD, monthly mortgage insurance premium calculation. The FHA loan limits for one home in 2026 are $541,287 in most areas and $1,249,125 in the costliest areas. They are in HUD No. 25-145.
• Taxes, insurance and HOA dues are numbers you type. They can change each year. A lender may also ask you to pay them into an escrow account.

Updates

The FHA rates and loan limits are updated when HUD publishes new ones. The page names the year.

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