# What is my physician loan payment?

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.

- Page: https://www.acalculator.org/finance/physician-loan-calculator
- JSON spec: https://www.acalculator.org/finance/physician-loan-calculator.json
- Version: d9a88caa9249

## Default answer

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.

## Inputs

| Key | Label | Description |
| --- | --- | --- |
| price | Home price | The price of the home. |
| down | Down payment | The cash you pay toward the price. The loan is the price minus this. |
| rate | Interest rate | The fixed yearly rate your lender quotes. The monthly rate is this ÷ 12. |
| years | Loan term (years) | The length of the mortgage, for example 30 or 15 years. |
| tax | Property tax (per year) | The yearly property tax as a percent of the home price. |
| insurance | Home insurance (per year) | The homeowners insurance premium for one year. |
| hoa | HOA dues (per month) | Homeowners association or condo dues for one month. |

## Outputs

| Key | Label | Description |
| --- | --- | --- |
| monthly | Monthly payment | Principal and interest, property tax, home insurance and HOA dues for one month. |
| pi | Principal and interest | The level monthly payment on the loan. |
| taxes | Property tax | The property tax for one month. |
| insuranceMonthly | Home insurance | The home insurance for one month. |
| hoaMonthly | HOA dues | The HOA dues for one month. |
| loan | Loan amount | The price minus the down payment. |
| ltv | Loan-to-value | The loan as a percent of the price. |
| interest | Total interest | Every principal and interest payment added up, minus the loan. |
| total | Total cost | The down payment plus every monthly payment over the loan. |

## 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.

## Worked examples

1. price = $600,000.00, down = $30,000.00, rate = 6.75%, years = 30, tax = 1.1%, insurance = $1,800.00 gives pi = $3,697.01, taxes = $550.00, insuranceMonthly = $150.00, monthly = $4,397.01, loan = $570,000.00, ltv = 95%, interest = $760,923.29, total = $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. price = $500,000.00, down = $0.00, rate = 7%, years = 30 gives pi = $3,326.51, loan = $500,000.00, ltv = 100%, 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. price = $800,000.00, down = $80,000.00, rate = 6.25%, years = 15, tax = 1.2%, insurance = $2,400.00, hoa = $100.00 gives pi = $6,173.44, monthly = $7,273.44, ltv = 90%, 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. price = $400,000.00, down = $40,000.00, rate = 0%, years = 30 gives pi = $1,000.00, interest = $0.00, total = $400,000.00.

## FAQ

### 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.

## 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