acalculator

What is my physician loan payment?

Type the home price, your down payment and the rate. This physician loan calculator, a physician loan mortgage calculator, gives the monthly payment with a low down payment and no private mortgage insurance.

Your numbers

Taxes, insurance and HOA
Monthly payment
$4,397.01

A $570,000.00 physician loan at 6.75% over 30 years costs $4,397.01 a month, of which $3,697.01 is principal and interest.

Loan amount $570,000.00Total interest $760,923.29
43% loan amount57% total interest
Principal and interest
$3,697.01
Property tax
$550.00
Home insurance
$150.00
HOA dues
$0.00
Loan amount
$570,000.00
Loan-to-value
95%
Total interest
$760,923.29
Total cost
$1,612,923.29

Monthly payment: $4,397.01. A $570,000.00 physician loan at 6.75% over 30 years costs $4,397.01 a month, of which $3,697.01 is principal and interest.

How much of what you pay is interest?

The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use

How to calculate

Computes the monthly payment on a physician home loan with a low down payment and no private mortgage insurance, with property tax, insurance and HOA dues.

Example with the default inputs (Home price $600,000.00, Down payment $30,000.00, Interest rate 6.75%, Loan term (years) 30, Property tax (per year) 1.1%, Home insurance (per year) $1,800.00, HOA dues (per month) $0.00): A $570,000.00 physician loan at 6.75% over 30 years costs $4,397.01 a month, of which $3,697.01 is principal and interest.

Method: Loan L = price − down payment; principal and interest = L × r ÷ (1 − (1 + r)^−n), with r the rate ÷ 12 and n the months, or L ÷ n at 0%; tax, insurance and HOA dues are added. No private mortgage insurance.

  • No private mortgage insurance is charged, at any down payment. Check that your lender’s offer says the same.
  • The rate is fixed, payments are monthly, and tax, insurance and HOA dues stay the same.
  • Closing costs are not included. Lenders set their own limits on who qualifies and how much you can borrow.

Machine-readable copies: Markdown, JSON.

Worked examples

Each example is checked against the calculator on every build.

  1. Home price $600,000.00, Down payment $30,000.00, Interest rate 6.75%, Loan term (years) 30, Property tax (per year) 1.1%, Home insurance (per year) $1,800.00 gives Principal and interest $3,697.01, Property tax $550.00, Home insurance $150.00, Monthly payment $4,397.01, Loan amount $570,000.00, Loan-to-value 95%, Total interest $760,923.29, Total cost $1,612,923.29.Source: OpenStax, Contemporary Mathematics, section 6.12 Renting and Homeownership (monthly mortgage payment), https://openstax.org/books/contemporary-mathematics/pages/6-12-renting-and-homeownership; PNC Bank, Physician Mortgage Loans (low down payments, without requiring private mortgage insurance; a down payment as low as 5 to 10%; may charge higher rates than conventional loans), https://pnc.com/insights/personal-finance/borrow/physician-mortgage-loans.html (retrieved 2026-11-01)
  2. Home price $500,000.00, Down payment $0.00, Interest rate 7%, Loan term (years) 30 gives Principal and interest $3,326.51, Loan amount $500,000.00, Loan-to-value 100%, Total interest $697,544.49.Source: OpenStax, Contemporary Mathematics, section 6.12 Renting and Homeownership (monthly mortgage payment), https://openstax.org/books/contemporary-mathematics/pages/6-12-renting-and-homeownership
  3. Home price $800,000.00, Down payment $80,000.00, Interest rate 6.25%, Loan term (years) 15, Property tax (per year) 1.2%, Home insurance (per year) $2,400.00, HOA dues (per month) $100.00 gives Principal and interest $6,173.44, Monthly payment $7,273.44, Loan-to-value 90%, Total interest $391,220.03.Source: OpenStax, Contemporary Mathematics, section 6.12 Renting and Homeownership (monthly mortgage payment), https://openstax.org/books/contemporary-mathematics/pages/6-12-renting-and-homeownership; PNC Bank, Physician Mortgage Loans (low down payments, without requiring private mortgage insurance; a down payment as low as 5 to 10%; may charge higher rates than conventional loans), https://pnc.com/insights/personal-finance/borrow/physician-mortgage-loans.html (retrieved 2026-11-01)
  4. Home price $400,000.00, Down payment $40,000.00, Interest rate 0%, Loan term (years) 30 gives Principal and interest $1,000.00, Total interest $0.00, Total cost $400,000.00.

How it works

This is the mortgage calculator’s payment with no private mortgage insurance at any down payment. With price V, down payment D, yearly rate j (percent) and Y years:

  • Loan amount L = V − D. A down payment of the whole price or more gives no answer, with the message "The down payment covers the whole price, so there is no loan."
  • Loan-to-value = L ÷ V × 100.
  • r = j ÷ 1,200 and n = 12 × Y. Principal and interest P = L × r ÷ (1 − (1 + r)^−n), or L ÷ n at 0%.
  • Property tax = tax percent × V ÷ 1,200. Home insurance = yearly premium ÷ 12. HOA dues are the monthly amount typed.
  • Monthly payment = P + property tax + home insurance + HOA dues.
  • Total interest = P × n − L, or 0 at 0%. Total cost = D + monthly payment × n.

Rules

  • Price $1,000 to $1 billion; down payment $0 to $1 billion; rate 0% to 30%; term 1 to 40 whole years; tax 0% to 10%; insurance $0 to $1 million a year; HOA dues $0 to $100,000 a month.
  • Left empty, tax, insurance and HOA dues count as 0.
  • The loan, tax, insurance and loan-to-value are exact on the decimals as typed. Money shows to the cent, rounded half up.
  • The page does not check who qualifies, or a lender’s loan limits.

Worked examples by hand

$600,000 home, $30,000 down, 6.75% over 30 years, 1.1% tax, $1,800 of insurance. L = $570,000 (LTV 95%), P = $3,697.01. Tax is $550 and insurance $150, so the monthly payment is $4,397.01. Interest is $760,923.29 and the total cost is $1,612,923.29.

$500,000 home, no down payment, 7% over 30 years. L = $500,000 (LTV 100%), P = $3,326.51; interest $697,544.49.

$800,000 home, $80,000 down, 6.25% over 15 years, 1.2% tax, $2,400 of insurance, $100 of HOA dues. L = $720,000 (LTV 90%), P = $6,173.44. With tax $800, insurance $200 and dues $100, the monthly payment is $7,273.44. Interest is $391,220.03.

$400,000 home, $40,000 down, 0% over 30 years. P = 360,000 ÷ 360 = $1,000; interest $0; total cost $400,000.

Other questions people ask

What is a physician loan?

A home loan for doctors that allows a low down payment without private mortgage insurance. PNC describes them as typically reserved for MDs, DOs, residents and interns who meet each lender’s other criteria.

How much down payment does a physician loan need?

It depends on the lender and the borrower. PNC mentions a down payment as low as 5 to 10%. Type yours here, including $0 to see the payment with no money down.

How is the payment calculated?

It uses the fixed-rate mortgage formula: L × r ÷ (1 − (1 + r)^−n). $570,000 at 6.75% over 30 years is $3,697.01 of principal and interest a month. Tax, insurance and HOA dues are added, with no PMI.

Do physician loans cost more?

They may. PNC says they may charge higher interest rates than conventional loans to offset the risk to lenders, although the PMI you save may offset some or all of that. Type each rate here to compare offers.

How does a low down payment change the cost?

A smaller down payment means a bigger loan, so a higher monthly payment and more interest over the life of the loan. Try two down payments to see the difference.

How does it compare with a regular mortgage?

A conventional loan usually needs PMI when you put down less than 20%. The mortgage calculator can add PMI, and it has the same principal and interest for the same loan, rate and term.