{
  "id": "physician-loan",
  "version": "d9a88caa9249",
  "status": "published",
  "name": "Physician Loan Calculator",
  "question": "What is my physician loan payment?",
  "summary": "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.",
  "category": "finance",
  "subcategory": "loans",
  "url": "https://www.acalculator.org/finance/physician-loan-calculator",
  "markdown": "https://www.acalculator.org/finance/physician-loan-calculator.md",
  "kind": "function",
  "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.",
  "assumptions": [
    "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."
  ],
  "inputs": {
    "$schema": "https://json-schema.org/draft/2020-12/schema",
    "type": "object",
    "properties": {
      "price": {
        "title": "Home price",
        "description": "The price of the home.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 1000,
        "maximum": 1000000000
      },
      "down": {
        "title": "Down payment",
        "description": "The cash you pay toward the price. The loan is the price minus this.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 0,
        "maximum": 1000000000
      },
      "rate": {
        "title": "Interest rate",
        "description": "The fixed yearly rate your lender quotes. The monthly rate is this ÷ 12.",
        "type": "number",
        "x-unit": "percent",
        "minimum": 0,
        "maximum": 30
      },
      "years": {
        "title": "Loan term (years)",
        "description": "The length of the mortgage, for example 30 or 15 years.",
        "type": "integer",
        "minimum": 1,
        "maximum": 40
      },
      "tax": {
        "title": "Property tax (per year)",
        "description": "The yearly property tax as a percent of the home price.",
        "type": "number",
        "x-unit": "percent",
        "minimum": 0,
        "maximum": 10
      },
      "insurance": {
        "title": "Home insurance (per year)",
        "description": "The homeowners insurance premium for one year.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 0,
        "maximum": 1000000
      },
      "hoa": {
        "title": "HOA dues (per month)",
        "description": "Homeowners association or condo dues for one month.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 0,
        "maximum": 100000
      }
    }
  },
  "outputs": {
    "monthly": {
      "label": "Monthly payment",
      "description": "Principal and interest, property tax, home insurance and HOA dues for one month.",
      "format": "money"
    },
    "pi": {
      "label": "Principal and interest",
      "description": "The level monthly payment on the loan.",
      "format": "money"
    },
    "taxes": {
      "label": "Property tax",
      "description": "The property tax for one month.",
      "format": "money"
    },
    "insuranceMonthly": {
      "label": "Home insurance",
      "description": "The home insurance for one month.",
      "format": "money"
    },
    "hoaMonthly": {
      "label": "HOA dues",
      "description": "The HOA dues for one month.",
      "format": "money"
    },
    "loan": {
      "label": "Loan amount",
      "description": "The price minus the down payment.",
      "format": "money"
    },
    "ltv": {
      "label": "Loan-to-value",
      "description": "The loan as a percent of the price.",
      "format": "percent"
    },
    "interest": {
      "label": "Total interest",
      "description": "Every principal and interest payment added up, minus the loan.",
      "format": "money"
    },
    "total": {
      "label": "Total cost",
      "description": "The down payment plus every monthly payment over the loan.",
      "format": "money"
    }
  },
  "defaultAnswer": {
    "inputs": {
      "price": 600000,
      "down": 30000,
      "rate": 6.75,
      "years": 30,
      "tax": 1.1,
      "insurance": 1800,
      "hoa": 0
    },
    "outputs": {
      "monthly": 4397.0091504388265,
      "pi": 3697.0091504388265,
      "taxes": 550,
      "insuranceMonthly": 150,
      "hoaMonthly": 0,
      "loan": 570000,
      "ltv": 95,
      "interest": 760923.2941579774,
      "total": 1612923.2941579774
    },
    "text": "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."
  },
  "examples": [
    {
      "given": {
        "price": 600000,
        "down": 30000,
        "rate": 6.75,
        "years": 30,
        "tax": 1.1,
        "insurance": 1800
      },
      "expect": {
        "pi": 3697.0091504388265,
        "taxes": 550,
        "insuranceMonthly": 150,
        "monthly": 4397.0091504388265,
        "loan": 570000,
        "ltv": 95,
        "interest": 760923.2941579776,
        "total": 1612923.2941579777
      },
      "source": "hand calculation in content.mdx; 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)"
    },
    {
      "given": {
        "price": 500000,
        "down": 0,
        "rate": 7,
        "years": 30
      },
      "expect": {
        "pi": 3326.512475895916,
        "loan": 500000,
        "ltv": 100,
        "interest": 697544.4913225296
      },
      "source": "hand calculation in content.mdx; OpenStax, Contemporary Mathematics, section 6.12 Renting and Homeownership (monthly mortgage payment), https://openstax.org/books/contemporary-mathematics/pages/6-12-renting-and-homeownership"
    },
    {
      "given": {
        "price": 800000,
        "down": 80000,
        "rate": 6.25,
        "years": 15,
        "tax": 1.2,
        "insurance": 2400,
        "hoa": 100
      },
      "expect": {
        "pi": 6173.444638801206,
        "monthly": 7273.444638801206,
        "ltv": 90,
        "interest": 391220.03498421697
      },
      "source": "hand calculation in content.mdx; 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)"
    },
    {
      "given": {
        "price": 400000,
        "down": 40000,
        "rate": 0,
        "years": 30
      },
      "expect": {
        "pi": 1000,
        "interest": 0,
        "total": 400000
      },
      "source": "hand calculation in content.mdx: at 0%, the payment is 360,000 ÷ 360"
    }
  ],
  "sources": [
    "PNC Bank, Physician Mortgage Loans (who they are for; low down payments, without requiring private mortgage insurance; a down payment as low as 5 to 10%; may charge higher rates than conventional loans). Retrieved 2026-11-01. https://pnc.com/insights/personal-finance/borrow/physician-mortgage-loans.html",
    "OpenStax, Contemporary Mathematics, section 6.12 Renting and Homeownership: the monthly mortgage payment formula. Retrieved 2026-11-01. https://openstax.org/books/contemporary-mathematics/pages/6-12-renting-and-homeownership"
  ],
  "related": [
    "mortgage",
    "jumbo-loan",
    "amortization",
    "mortgage-comparison"
  ],
  "changelog": []
}