Mortgage Payment Calculator
Instructions:
- 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.
Loan Parameters:
[mcalc]
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.