Estimate only. PMI kicks in automatically when down payment is under 20%, at 0.55% of loan/year. Actual rates and fees vary by lender.
The estimate above is your PITI + HOA — principal, interest, property taxes, homeowners insurance, and any HOA dues. It’s the number your lender will actually escrow for and the number your bank will use to qualify you.
PMI is added automatically whenever your down payment is under 20% of the home price, at a typical rate of 0.55% of the loan amount per year. Real PMI rates vary from 0.30% to 1.50% depending on your credit and loan type — the estimate uses a middle number so you’re not blindsided.
The calculator does not include one-time closing costs (typically 2–5% of the loan), moving costs, or reserves. Every lender’s PITI quote should be within a few dollars of what you see above; if a lender’s quote is far higher, they’re bundling something extra you should ask about.