Mortgage Payment Calculator

Instructions:
  1. Enter desired loan parameters (i.e. loan amount, taxes, extra principal payments, etc.)
  2. Look up interest rates from National Interest Rates Averages (right sidebar).
  3. Look up the PMI factor (Private Mortgage Insurance) from the table below.
  4. Calculate the output and review the Amortization Schedule of your loan.
  Loan Parameters:
  PMI Factor Estimator: **

If your down payment on a home is less than 20% of the appraised value or sale price, your lender will require you to get mortgage insurance. A mortgage insurance policy protects your lender in case you default on the payments and allows you to finance properties above 80% Loan-to-value

Loan-to-valueFICO over 760FICO 720 – 756FICO 680 – 719FICO 620 – 679
95.1% – 97%1.05%1.10%1.31%N/A
90.1% – 95%0.54%0.62%0.89%1.15%
85.1% – 90%0.39%0.44%0.57%0.71%
80.1% – 85%0.23%0.27%0.33%0.39%
Less than 80%PMI not requiredPMI not requiredPMI not requiredPMI not required

* Please note, that both, the final interest rate on loan note, and PMI are influenced by many risk factors such as credit history, property type, loan amount, down payment, and a loan program type.
** The table represents the most common type of PMI programs – Borrower Paid Monthly Insurance. Contact us for other PMI options.