The Best Mortgage Calculator for Self-Employed Buyers
Standard mortgage calculators show principal + interest. This one shows full PITI (principal, interest, taxes, insurance), models PMI removal, flags DTI risk for self-employed applicants, and calculates the break-even point between buying and continuing to rent.
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Calculate monthly payments, total interest, and full amortization schedule
- ✗P&I only — most calculators stop at principal + interest. The real monthly cost includes property tax, homeowner's insurance, and PMI if your down payment is under 20%. Hiding these understates the payment by 20-35%.
- ✗DTI isn't shown — lenders approve based on debt-to-income ratio. Self-employed borrowers often have complex income documentation, and knowing your DTI before you apply prevents surprises.
- ✗PMI removal timeline is missing — PMI drops when you reach 20% equity. The month that happens is rarely shown, even though it meaningfully reduces your long-term cost.
- ✗No rent comparison — the true cost of buying includes opportunity cost, maintenance, and transaction costs. Most tools don't show a break-even timeline versus renting.
- ✗Self-employed income notes are absent — lenders typically use a 2-year average of net self-employment income, not gross. Most tools don't account for this when calculating affordability.
Principal, interest, property tax, homeowner's insurance, and PMI are shown as separate line items — and summed into the true monthly payment. No surprises at closing.
Enter your other monthly debt payments and the calculator flags whether your DTI is in the safe zone (under 43%) or likely to cause underwriting friction.
See the exact month when your principal balance reaches 80% LTV and PMI can be removed. The monthly savings from that date is shown explicitly.
The calculator estimates how many months until buying beats renting — accounting for down payment opportunity cost, appreciation, and the total cost of homeownership.
| Feature | Typical Calculator | Reise Tools |
|---|---|---|
| Full PITI (not just P&I) | ||
| PMI calculation + removal date | Partial | |
| DTI ratio with underwriting flag | ||
| Self-employed income note | ||
| Buy vs rent break-even timeline | ||
| Amortization schedule | ||
| Formula shown for every output | ||
| Free with no account required |
Every Reise calculator has a ShowMath panel — expand it and you see the exact formula with your actual numbers substituted in. Not a result. Not a black box. The full derivation, step by step.
A mortgage payment that only shows P&I isn't a mortgage payment — it's a down payment on sticker shock. The ShowMath panel walks through every component of PITI, the DTI calculation, and the rent vs buy break-even so you know what you're actually committing to before you make an offer.
DTI is the primary number lenders use to approve mortgages. Contractors get flagged because lenders use 2-year net income, not gross revenue. See your front-end and back-end DTI, loan qualification status, and exactly how much debt to pay off or income to add to qualify.
Should you rent or buy? See the true break-even timeline, total costs over 5–30 years, and which option wins given your market and lifestyle — with the math shown.
100+ free calculators. Every result shows the formula. No account required.
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