Mortgage Payment Calculator
- Enter desired loan parameters (i.e. loan amount, taxes, extra principal payments, etc.)
- Look up interest rates from National Interest Rates Averages (right sidebar).
- Look up the PMI factor (Private Mortgage Insurance) from the table below.
- Calculate the output and review the Amortization Schedule of your loan.
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-value||FICO over 760||FICO 720 – 756||FICO 680 – 719||FICO 620 – 679|
|95.1% – 97%||1.05%||1.10%||1.31%||N/A [tooltip tip=”Loan is ineligible for PMI Insurance due to insufficient FICO”][/tooltip]|
|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 required||PMI not required||PMI not required||PMI 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.