What the mortgage calculator leaves out

No live rates, no tax lookup, no FHA insurance, and no fees added to the loan balance. You type the amounts.

Nothing is fetched

The tool does not look up today’s mortgage rates, your county tax, or an insurance quote. Every dollar starts as something you typed or as math on those numbers.

That keeps the month explainable. If a figure is wrong, it is the figure in the field, not a hidden table.

Products it does not model

FHA mortgage insurance is out. Interest-only periods, adjustable rates, balloons, and buydowns are out. The schedule is a fixed note rate and a fully amortizing payment for the whole term.

Lender fees implied by the APR are paid up front. They are not added to principal. A quote that finances those fees will show a larger loan than this screen.

What it will do

It will split the housing payment, date conventional PMI at 80% and 78% of the original price, draw the balance, list each year, and say which of two offers costs less over a hold period.

Use it as the month and the comparison. Use the lender’s disclosure for the named closing charges.

This explains how WiseCalculator treats the numbers you type. It is not a lender’s offer and it is not advice for your loan.