Estimate the full monthly payment on a property before you apply for the loan. The loan payment is usually the biggest monthly cost of a rental or a home you plan to buy. The DealWorthIQ mortgage calculator estimates principal and interest, then adds taxes, insurance, PMI, and HOA dues so you see the full monthly cost and the total interest over the life of the loan.
The principal and interest payment uses the loan amount, the monthly interest rate, and the number of payments. Taxes, insurance, PMI, and HOA dues are then added to get the total monthly payment.
Conventional loans for investment properties often require 15% to 25% down, and rates are usually higher than for a primary home. Enter your lender's terms to see the payment.
PMI usually applies when the loan is more than 80% of the price. The calculator only adds PMI above 80% loan-to-value.