Questions about the calculator, PMI, and how this site works.
Is this mortgage calculator free?
Yes, completely. There's no signup required to calculate your monthly payment. We only ask for an email address if you want the free downloadable checklist.
How accurate is the payment estimate?
The principal-and-interest portion uses the standard amortization formula lenders use. Property tax, insurance, and PMI are estimates based on common national averages — your local tax rate and insurance quote will differ, sometimes significantly by state and provider. Treat the result as a close planning estimate, not a guaranteed payment.
What is PMI and when does it apply?
Private Mortgage Insurance is typically required on conventional loans when your down payment is under 20% of the home's price. It protects the lender against default risk, not you, and can usually be removed once your loan balance drops to 80% of the home's original value (or sooner with a new appraisal, depending on your lender).
How does CalculateYourRate make money?
We're an independent educational site. If you follow our affiliate link to Truss Financial Group and later use its services, we may receive compensation. Truss is an affiliated mortgage professional, and this relationship never affects the calculator results. Full details are in our affiliate disclosure.
Do you sell my email address?
No. If you request the free checklist, your email is used to deliver that PDF and occasional related mortgage tips — nothing else. See our privacy policy for the full picture.
Is CalculateYourRate a lender?
No. We don't originate loans, underwrite applications, provide rate quotes, or make lending decisions. We're an educational calculator and information site with an optional affiliate link to a mortgage professional.
Why does the calculator show a range of interest rates?
Mortgage rates move with the broader market and vary based on your credit profile, loan type, and lender. Rather than guess a single "current rate" that would be stale within days, the calculator lets you set the rate yourself — so you can model your own credit profile or a real quote you've already received.