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Conventional, FHA and VA loans
Use your lender's quote and the property's actual costs. Every starting figure is an illustration.
Conventional financing with an editable PMI quote. Confirm the down payment and eligibility requirements for your program.
Use the lender's PMI quote. Automatic termination follows the original schedule with current payments; extra principal does not assume earlier approved cancellation.
Property tax: $3,500.00 per year. Confirm the bill after purchase and property-specific insurance quotes.
Principal and interest in payment 1
The bars show each cost's share of the total. Costs may be paid to different parties. Maintenance, utilities and special assessments are additional.
Compare Two Loans Head-to-Head
Pit two scenarios against each other (different loan amounts, rates, terms, or extra-payment strategies) and see which one saves you more in monthly cash flow, lifetime interest, and total borrowing cost.
Conventional financing with an editable PMI quote. Confirm the down payment and eligibility requirements for your program.
Use the lender's PMI quote. Automatic termination follows the original schedule with current payments; extra principal does not assume earlier approved cancellation.
Property costs, mortgage insurance and closing cash
Enter property-specific costs and written lender quotes. Keep fees, points, prepaids and escrow separate. Credits and the deposit reduce closing cash; retained reserves stay in the broader cash plan.
Conventional financing with an editable PMI quote. Confirm the down payment and eligibility requirements for your program.
At 20% down or more, this model has no borrower-paid monthly PMI.
Property costs, mortgage insurance and closing cash
Enter property-specific costs and written lender quotes. Keep fees, points, prepaids and escrow separate. Credits and the deposit reduce closing cash; retained reserves stay in the broader cash plan.
| Metric | Loan A | Loan B | Difference |
|---|---|---|---|
| Loan Product | Conventional | Conventional | - |
| Home Price | $350,000 | $350,000 | $0 |
| Down Payment | $35,000 (10%) | $70,000 (20%) | $35,000 |
| Upfront Fee/MIP | - | - | $0 |
| Total Financed | $315,000 | $280,000 | $35,000 |
| Nominal Rate | 6.5% | 6.25% | 0.25% |
| Term | 30 yr | 30 yr | 0 yr |
| Monthly P&I | $1,991 | $1,724 | $267 |
| Monthly PMI/MIP | $158 | - | $158 |
| Full Monthly Housing | $2,690 | $2,266 | $425 |
| Extra Monthly Principal | $0 | $0 | $0 |
| Planned Monthly Cash Outlay | $2,690 | $2,266 | $425 |
| Payoff Time | 30 yr 0 mo | 30 yr 0 mo | 0 mo |
| Total Interest Paid | $401,765 | $340,643 | $61,122 |
| Total PMI/MIP Paid | $17,010 | - | $17,010 |
| Interest / Loan Amount (Int/Financed) | 127.5% | 121.7% | 5.9% |
| Total Cost of Borrowing | $422,275 | $346,943 | $75,332 |
| Cash Still Due at Closing | $45,000 | $82,800 | $37,800 |
| 5-Year Ownership Cost | $147,285 | $126,085 | $21,201 |
| Balance After 5 Years | $294,875 | $261,344 | $33,530 |
Edit any field above (amount, rate, term, or extra monthly) and everything recalculates live. Useful for comparing VA vs FHA vs Conventional, or different extra-principal plans, or 30-yr vs 15-yr.
Differences are absolute amounts. Interest / Loan Amount is a lifetime ratio, not APR. Cash includes the entered fees, points, prepaids, escrow, credits and deposit. Period ownership cost excludes equity and does not count prepaids or initial escrow twice. No appreciation, resale expenses or tax deductions are assumed.
Run the Numbers on Extra Payments
Extra principal reduces the balance on which future interest is charged. Model different payment frequencies and extra-payment strategies below. This uses the same loan amount, interest rate, and term from Monthly payment. Everything updates live.
26 half-payments or 52 quarter-payments equal 13 monthly payments per year. Modeled as equivalent extra principal each month.
Added to every monthly principal payment.
Applied at the end of each loan year, starting in month 12.
| Year | Principal | Interest | Ending Balance |
|---|---|---|---|
| Year 1 | $5,994 | $20,299 | $309,006 |
| Year 2 | $6,395 | $19,897 | $302,611 |
| Year 3 | $6,823 | $19,469 | $295,788 |
| Year 4 | $7,280 | $19,012 | $288,508 |
| Year 5 | $7,768 | $18,524 | $280,740 |
| Year 6 | $8,288 | $18,004 | $272,452 |
| Year 7 | $8,843 | $17,449 | $263,608 |
| Year 8 | $9,435 | $16,857 | $254,173 |
| Year 9 | $10,067 | $16,225 | $244,106 |
| Year 10 | $10,742 | $15,551 | $233,364 |
| Year 11 | $11,461 | $14,831 | $221,903 |
| Year 12 | $12,229 | $14,064 | $209,675 |
| Year 13 | $13,047 | $13,245 | $196,627 |
| Year 14 | $13,921 | $12,371 | $182,706 |
| Year 15 | $14,854 | $11,439 | $167,852 |
| Year 16 | $15,848 | $10,444 | $152,004 |
| Year 17 | $16,910 | $9,382 | $135,094 |
| Year 18 | $18,042 | $8,250 | $117,052 |
| Year 19 | $19,251 | $7,042 | $97,801 |
| Year 20 | $20,540 | $5,752 | $77,261 |
| Year 21 | $21,915 | $4,377 | $55,346 |
| Year 22 | $23,383 | $2,909 | $31,963 |
| Year 23 | $24,949 | $1,343 | $7,014 |
| Year 24 | $7,014 | $82 | $0 |
How to read this: "Interest / Loan Amount" is total interest divided by the original amount borrowed. It is a lifetime ratio, not APR or an annual interest rate. Weekly amounts use a monthly equivalent; the servicer's actual posting dates may change savings. Confirm how extra principal and partial payments are applied.
Principal includes every extra payment. The final year can contain fewer than 12 payments; download the monthly schedule for the exact payoff month.
How much cash should you have ready?
Separate money due at closing from money already paid and the reserve you want to keep. This uses your Monthly payment loan.
This is a payment scenario, not a lender approval or a recommendation to spend the maximum. At a different home price, update property-specific expenses and the cash plan. Your lender evaluates income, debts, credit, property and program eligibility.
Does the rental work after the expenses?
Each strategy keeps its own inputs while you compare. Replace the examples with property records, quotes and realistic rental evidence.
See annual operating expenses
Replacement reserves and debt payments appear separately below.
365 available nights; 1.0 expected stays / turnovers. Annual averages can hide seasonal shortfalls. This coverage ratio uses NOI and debt service; it is not a lender qualification result.
Cash flow as occupancy changes
Move across the chart or use the sliderWhat if the year is weaker?
Rent 10% lower, paid occupancy 10 percentage points lower, and fixed operating costs 15% higher.
| Annual measure | Long-term | Mid-term | Vacation rental |
|---|---|---|---|
| Rent collected | $28,500 | $31,200 | $49,275 |
| Operating income (NOI) | $12,875 | $10,144 | $18,604 |
| Loan payments | $22,025 | $22,025 | $22,025 |
| Replacement reserve | $1,425 | $1,560 | $2,464 |
| Cash flow | -$10,575 | -$13,441 | -$5,885 |
| Cash invested | $110,000 | $122,500 | $122,500 |
| Cash-on-cash return | -9.6% | -11.0% | -4.8% |
Each strategy uses its own inputs, including purchase price, financing and expenses. Select a strategy above to adjust its plan.
NOI excludes financing and replacement reserves. Cash flow deducts both. No appreciation, resale gain, income-tax deductions or landlord labor cost is assumed. Enter lodging taxes collected for government neither as rent nor as income; include any tax you absorb in your expenses. Confirm rental permission, HOA rules, insurance coverage and local licensing before relying on projected income.
How should you use these mortgage calculators?
Start with a home you could actually buy and a rate from a written lender quote. Add the property's estimated taxes, appropriate insurance and association dues. Then use the other tools to test the closing cash, the loan structure and your plans for the home. A calculator is most useful when it makes a question visible before an offer.
These tools are for buyers and owners in Pensacola, Gulf Breeze, the Emerald Coast and coastal Alabama. The starting dollar amounts are invented examples. They are not average local costs, available mortgage rates or rental-income forecasts. You can change them without creating an account.
What is included in the monthly payment?
The estimate combines principal and interest, mortgage insurance when modeled, property taxes, homeowners or wind insurance, separate flood coverage, and HOA or condo dues. Some costs may be paid outside a lender's escrow account. Maintenance, utilities and a future special assessment still belong in your household plan.
A worked example: A hypothetical $350,000 purchase with 20% down leaves a $280,000 base loan. At an illustrative fixed 6.5% for 30 years, principal and interest are $1769.79 a month. Adding $3,500 in annual taxes, $3,000 in annual homeowners insurance, $1,000 in annual flood insurance and $100 in monthly dues brings the modeled total to $2494.79 a month.
Those inputs describe no listing or lender offer. Conventional monthly PMI is zero in this example because the down payment is 20%. Different terms or costs produce different results.
How are conventional, FHA and VA loans handled?
Conventional is the starting choice. Its PMI input is an editable annual rate applied to the original base loan. The model uses scheduled automatic termination for a borrower who remains current. Extra principal can support a request for earlier cancellation, but the calculator does not assume that request is approved. CFPB explains PMI cancellation and termination.
FHA purchase estimates use HUD's upfront premium and annual MIP table for the original base loan, loan-to-value ratio and term. Annual premiums follow the original scheduled average balance and the applicable duration. The model supports standard purchases, with the fee either financed or paid at closing. It does not decide county loan-limit or borrower eligibility. HUD's current premium structure.
VA remains available for eligible buyers. You can choose first or subsequent use, a confirmed funding-fee exemption, and whether to finance the fee. VA financing is subject to eligibility, entitlement, personal-occupancy requirements and lender approval. Verify the fee and exemption rules with VA.
Why compare loans over your expected ownership period?
A lower monthly payment can come with higher upfront costs. Compare both quotes at the same expected sale or refinance horizon, and check the remaining balance as well as the cost. Principal repayment builds equity; interest and fees do not. The comparison makes that distinction and assumes the home's value stays unchanged.
Our period-cost estimate includes interest, mortgage insurance, closing expenses and the ownership costs you enter. Starting escrow and prepaids are displayed in the cash plan, rather than added again to annualized taxes and insurance. Returns on unused cash, appreciation, sale expenses and tax effects are outside this model. Use CFPB's Loan Estimate comparison guide alongside the tool.
What cash do you need beyond the down payment?
Plan for lender fees, discount points, other closing charges, prepaid expenses and initial escrow. Apply only credits your lender confirms are allowed. Earnest money already paid reduces what remains due at closing. A reserve for repairs or a move is money to keep available, even though it is not necessarily a closing charge.
The household budget uses take-home income and the expenses you enter. Its price-at-payment result keeps tax, insurance and HOA dollar assumptions fixed. Update those costs for any different home you consider. Your lender's qualification process is separate from deciding which payment leaves room for the rest of your life. Prepare for preapproval and review Florida closing costs.
How does rental cash flow differ from rental revenue?
Collected rent is the starting point. A long-term rental may leave fewer utilities with the owner but still have vacancy and turnover. A furnished mid-term rental adds setup and carrying costs. Vacation rentals depend on paid nights, average stay length, booking fees, cleaning and the time the property is unavailable for rent.
The rental tool subtracts operating costs to show net operating income, or NOI. It then subtracts debt service and replacement reserves to show cash flow. Cap rate is NOI divided by purchase price. Cash-on-cash return compares annual cash flow with the initial cash invested, including the reserve you enter. A positive NOI does not necessarily mean positive cash flow.
The downside case lowers rent and occupancy while increasing fixed operating expenses. It is a stress test, not a prediction. Annual averages can conceal winter vacancies or large repairs, so also review a monthly operating budget and adequate cash reserves. The displayed debt-coverage ratio uses NOI divided by debt service; lenders may use different definitions and underwriting.
What should Gulf Coast buyers verify for the actual property?
- Obtain the expected tax bill after purchase, including applicable exemptions and assessments.
- Request homeowners, wind and flood quotes for the address and intended use.
- Review association dues, reserves, pending assessments and rental restrictions.
- For rentals, verify the governing jurisdiction, zoning, licensing, taxes and insurance. A projection does not establish permission to rent.
- Compare documented operating history with the seller's projections and account for personal use.
For the local cost questions, use our Florida and Alabama ownership-cost worksheet, insurance guide, Gulf Shores and Orange Beach guide, and neighborhood guides.
What are the calculation methods and limits?
The extra-payment analyzer offers monthly, accelerated biweekly, weekly and custom-payment controls. The accelerated options represent 26 half-payments or 52 quarter-payments per year as one extra monthly payment spread over 12 months. Custom weekly amounts also use a monthly equivalent.
Annual lump sums arrive in month 12 and every 12 months after that; custom payments start in the selected month. These are monthly planning estimates. Actual payment posting and any prepayment charges depend on your loan and servicer. Confirm how your servicer applies extra principal and partial payments.
Fixed-rate principal and interest uses the standard amortization formula: loan amount times the monthly rate, divided by one minus the discounted remaining-payment factor. At zero interest, it is the loan amount divided by the number of payments. The schedule caps the final payment at the remaining balance plus interest.
Prices are assumed to match the original value used for loan-to-value calculations. The tool does not handle appraisal gaps, adjustable rates, interest-only loans, balloon payments, temporary buydowns, refinance rules or a recast. The estimates are not APR, a Loan Estimate, an approval, or a promise of investment performance. Ask a licensed lender to verify the specific loan and a qualified adviser to review tax or legal questions.
Calculator figures stay in the page unless you choose to save them in this browser or download them. Saving is optional and local to the device. The site may record which tool is opened, but the calculator does not send your entered financial amounts in its analytics events. Read the site privacy policy.
Sources and review
Loan rules and calculation methods reviewed September 9, 2026. Example prices, rates and operating costs are illustrative. Confirm current rules and obtain current property and lender quotes before acting.
- HUD annual MIP rates and duration; HUD monthly premium calculation.
- CFPB Closing Disclosure explainer.
- Florida DBPR vacation rental licensing guide; City of Gulf Shores rental licensing. Check the authority for the property's actual location.
Bring the property and the questions. Gregg Costin and The Costin Team can help compare the homes, local costs and next steps. Your lender confirms financing. Talk through your purchase or investment plan.