Most calculators show you principal and interest and stop there, which can understate your real payment by hundreds of dollars. This one builds the whole number: principal, interest, taxes, insurance, PMI and HOA, with South Carolina defaults already filled in. No signup, no email.
10% down. Under 20% adds PMI until you reach 20% equity.
SC average is about 0.53% of value.
Applied only while under 20% equity.
Adding a little to principal each month is the highest-return move most buyers never make. Early payments are almost all interest, so even a small amount paid early has outsized impact.
Add an extra amount above to see the time and interest you would save.
| Year | Principal | Interest | Balance |
|---|
Yearly summary of principal and interest on the loan amount. Taxes, insurance, PMI and HOA are not part of the loan balance and are shown separately above.
Estimates for educational purposes only, not a commitment to lend, an offer to extend credit, or financial advice. Actual payment depends on your final rate, loan program, credit, property, county tax assessment, and insurance quote. As a broker, Evolution Mortgage arranges loans through third-party lenders and does not lend directly. Default property tax and insurance figures are South Carolina estimates and will differ for your specific home.
The mistake that wrecks more budgets than any other is treating the monthly payment as just principal and interest. Your real payment is what lenders call PITI: principal, interest, taxes and insurance, and for many buyers it also includes mortgage insurance and HOA dues. Two homes at the same price can carry very different payments once county taxes and an insurance quote are factored in. That is why a calculator that stops at principal and interest can be off by hundreds of dollars a month.
Running a few scenarios is more useful than getting one number. Here is what moves your payment, and by how much:
If your down payment is under 20%, most conventional loans add private mortgage insurance until you reach 20% equity. It is not permanent. Once the loan balance crosses that line, PMI comes off and your payment drops. The calculator treats PMI as a separate, temporary cost rather than baking it into the loan forever, which is how it actually works.
If you qualify for a VA loan, the math is different in your favor: no down payment requirement and no monthly mortgage insurance, in exchange for a one-time funding fee that many borrowers roll into the loan. That changes the comparison enough that it deserves its own tool, which is coming. In the meantime, if you have a VA question, the fastest answer is a call.
It uses the standard amortization formula lenders use, and it includes taxes, insurance, PMI and HOA, so it is far closer to your real payment than a principal-and-interest-only calculator. It is still an estimate. Your final number depends on your locked rate, loan program, credit, the county tax assessment on the specific home, and your actual insurance quote. For a number you can rely on, the next step is a pre-approval.
Most likely because this one includes property taxes, homeowners insurance, and PMI, which many basic calculators leave out. Those three items commonly add several hundred dollars a month. Leaving them out makes a home look more affordable than it is, which is exactly the surprise this tool is built to prevent.
Private mortgage insurance is usually required on conventional loans when you put down less than 20%. It protects the lender, not you, and it is temporary. Once you reach 20% equity, it can be removed and your payment drops. VA loans do not have monthly mortgage insurance at all.
A 30-year loan keeps the monthly payment lower and your cash flow flexible. A 15-year loan costs more each month but saves a large amount of total interest and builds equity faster. Try both in the calculator above. There is no single right answer, it depends on your budget and goals, which is a good thing to talk through.
No. The calculator is free and works with no signup and no email. If you want help turning the estimate into a real plan, you can start a pre-approval or call directly, but that is your choice, not a requirement to see the numbers.