Ask the Expert: Does mortgage insurance make sense? Dec, mortgage disability insurance.#Mortgage #disability #insurance


mortgage disability insurance

December 19, 2003: 9:31 AM EST

By Walter Updegrave, CNN/Money contributing columnist

Mortgage disability insurance

NEW YORK (CNN/Money) – I am being offered mortgage protection insurance. Is it worth the cost?

— James Lawrence, Tampa, Florida

Before I answer your question, let’s be sure we’re both talking about the same type of mortgage insurance. There are actually two kinds, and they provide very different types of coverage.

First, there is the type known as private mortgage insurance, or PMI as it’s known in lending circles.

If you are buying a home and putting up a downpayment of less than 20 percent of the home’s value, then generally you don’t have a choice of whether to buy this type of insurance. The lender requires it.

Why? Because PMI isn’t there to protect you — it’s there to protect the insurer in the event you default on your home loan and the lender isn’t able to re-sell your home for enough money to pay off the mortgage.

The cost of PMI varies, but a rule of thumb is about one half of one percent of the loan amount.

So if you’re buying a house for, say, $150,000 and putting 10 percent down ($15,000), the annual cost of PMI on your $135,000 mortgage might run $675 a year, or $56.25 a month.

In years past, some lenders would continue to collect PMI premiums even after the mortgage balance had fallen to well below 80 percent of the home’s original value. But Congress passed the Homeowners Protection Act of 1998, which allows homeowners to request that the lender cancel PMI when the mortgage loan-to-value ratio falls to 80 percent and requires the lender to cancel it when the ratio falls to 78 percent.

By the way, appreciation in the home’s value isn’t taken into account in calculating this ratio — only the decline in the mortgage balance counts.

There are also some other qualifications that may affect your ability to cancel PMI. For more on what the bill requires of you and the lender, click here.

Mortgage life insurance

The second type of mortgage insurance is the type that usually goes by the name mortgage life insurance.

Here, you’re being offered the chance to buy an insurance policy that will repay your mortgage in the event of your death, disability or some incapacitating disease.

Mortgage disability insurance

This offer — typically by mail — often comes from your lender or an insurance company affiliated with that lender.

This type of insurance is purely voluntary, however, so the question is, should you buy?

Generally, I’d say the answer is no.

It rarely makes sense to buy insurance for narrow reasons — to insure against a specific disease or a single calamity or to provide funds to pay off a single liability, in this case your mortgage.

In the case of life insurance, for example, you’re much better off analyzing your overall insurance need based on what kind of liabilities your spouse or other dependents would face and how much income they would have to replace if you were gone, and then buying enough insurance to meet that need.

Fact is, if you died tomorrow, your dependents would need to replace your income for a variety of reasons, not just to pay the mortgage.

Indeed, it might not even make sense to pay off the mortgage. Your spouse or other survivors might be better off continuing to pay the loan — assuming that’s possible — and putting insurance proceeds to other purposes.

In other words, you should take your overall financial picture into account when buying life insurance.

And the way you should do that is to have a financial planner or life insurance agent perform what’s known as a “needs analysis.” You can also use any one of a number of insurance needs calculators online, including the calculators at The Life and Health Insurance Foundation for Education site and TIAA-Cref site.

Of course, that leaves the question of what type of insurance you should buy — whole life, term, etc. — and the issue of how to shop for the best price for a policy.

For more on those topics, see a column I wrote last year called “Life insurance made easy.”

The same goes for disability insurance. You should consider a long-term disability insurance policy not just because you have an outstanding mortgage, but because you would likely need to generate income for a variety of reasons even if you were disabled and unable to work. For more on choosing a disability policy, click here.


Compare Mortgage Life Insurance Cover, MoneySuperMarket, mortgage life insurance.#Mortgage #life #insurance


Mortgage Life Insurance

By Kevin Pratt on Tuesday 25 July 2017

In this Article

Mortgage life insurance

What is mortgage life insurance?

Mortgage life insurance covers your mortgage repayments in the event of your death. Also referred to as decreasing term life insurance, the amount of cover decreases in line with how much your mortgage reduces throughout the term of your policy. The average monthly premium of a policy is £25, according to MoneySuperMarket data (April 2017).

Why should I take out mortgage insurance?

Your mortgage is almost certainly the single largest financial commitment you have every month. And if you were to die unexpectedly, the family and dependants you leave behind would still be responsible for continuing to make these payments.

Having such cover in place provides peace of mind, knowing that your family and dependants won’t be forced into an unwanted change of lifestyle.

If you own a house and have dependants who rely on you to pay the mortgage, it’s therefore a good idea to consider this type of life insurance.

Different types of policy

There are three different kinds of mortgage life insurance to consider. The right policy for you will depend on your individual circumstances and the level of payout your family and dependants will require in the event of your death.

Decreasing term insurance

Decreasing term life insurance for mortgage cover is a type of policy where the payout sum reduces in line with your total mortgage debt. The term of your policy will match that of your mortgage – so if your mortgage term is 25 years, your policy term will also be 25 years.

Most policies come with a Mortgage Interest Rate Guarantee (remember to check this on the policy you choose), and so long as your mortgage interest rate is below this guarantee, your policy should pay off any outstanding balance.

For example, if you took out a £150,000 mortgage and died in year one, the amount the insurer would pay out would be £150,000 – therefore clearing the rest of the debt.

If, however, you died 20 years into a 25-year term, the amount you still owed on your mortgage would have reduced. So if you still had £15,000 remaining at this point, the policy would pay out £15,000 in the event of your death.

This kind of policy is suitable for people with repayment mortgages, who repay their mortgage debt off over the term of their deal – not for those who have interest-only mortgages. This is because, with this type of mortgage, you pay only the interest on the capital borrowed and not the capital itself.

A decreasing term mortgage life insurance policy tends to have lower monthly premiums.

Level term insurance

Level term mortgage life insurance is easier to understand. The sum assured stays fixed throughout the duration of your mortgage – so if you take out a policy for £150,000, that’s the amount the provider will pay out regardless of when you die; one year or 20 years in, the amount is the same.

The obvious benefit with level term insurance is that your dependants will usually receive more funds than are needed simply to pay the remainder of the mortgage off, depending on when death occurs.

For example, it may be that they receive the £150,000 when the mortgage debt stands at just £15,000. This means they have a tidy sum and additional funds for other commitments, such as living costs and bills. It can also be used to offset the loss of income through your salary.

Because the sum doesn’t decrease over time, monthly premiums are higher than for decreasing mortgage life insurance.

Whole of life insurance

A third option is something known as a whole of life insurance policy. This pays out whenever you die, so instead of a fixed term policy – which typically lasts for 25 or 30 years – cover is continually provided.

Because there is no set term and the cover could potentially span several decades, monthly premiums tend to be higher than with fixed term policies.

Premiums are also linked to investments, so if investment growth is lower than expected, your premiums can increase substantially over time.

Critical illness cover

Critical illness cover is offered as an extra to mortgage life insurance and level term life insurance policies – you may already have cover in place but this can be added as an additional policy.

Critical illness is designed to pay out if you are suffering with a serious condition – such as cancer, a stroke or heart attack – which affects your ability to work. Coverage varies depending on the insurer, so check the terms and conditions carefully.

If you take out a combined critical illness critical illness and life insurance policy, that policy will only pay out once – you wouldn’t receive a sum upon diagnosis of serious illness and then again should you die during the term of the policy’s coverage.

Getting a quote

Ultimately, the amount you pay for your mortgage life insurance every month will be defined by a number of factors, including the size of the cover you need, the length of time you want the policy to run for and any additional extras – such as critical illness.

Your age and health will also be taken into consideration. If you are a heavy smoker or have suffered with a serious health condition in the past, your premium is likely to be higher than a non-smoker or an individual with better health.

Try to compare a wide range of life insurance policies to get the best possible deal for you and your lifestyle. Remember that cheapest isn’t always best – check exactly what your policy covers before buying it.

Mortgage life insurance

* Based on all mortgage life-only insurance quotes run in April 2017 with cover term more than 25 years and a cover amount of more than £100,000. The price you are quoted is dependent on your individual circumstances so might differ from this figure.

Did you find this helpful? Why not share this article?


Mortgage Payment Calculator, free mortgage calculator with taxes and insurance.#Free #mortgage #calculator #with #taxes #and


free mortgage calculator with taxes and insurance

Free mortgage calculator with taxes and insurance

Mortgage Payment Calculator

  • Monthly payment
  • Mortgage
  • PMI fees
  • Property tax
  • Home insurance
  • HOA dues

Use the mortgage calculator to determine what your monthly payment will be as well as a breakdown off all other housing related costs. The mortgage calculator is a great tool to use when trying to determine what your monthly payments and costs will be when purchasing a new home. Many times, there are additional costs that aren’t taken into consideration prior to your new home purchase, which can lead to over extending your monthly budget. The mortgage calculator will help solve that issue.

To use the mortgage calculator start by entering in the estimated home price as well as the down payment. Based on current mortgage rate trends, we have estimated the interest rate, loan term, property tax and annual home insurance. Please note that these are only estimates and will vary for each home. Annual HOA dues can also be calculated if you are considering purchasing a home or condo where they would apply.

After calculating the mortgage, the estimated monthly payment will be displayed. The monthly payment includes all housing related costs that you have entered into the boxes, including PMI (private mortgage insurance). PMI will only apply for mortgages with less than a 20% down payment.

The mortgage calculator will also display the monthly payment breakdown of all of the housing related costs, by month. Keep in mind that most mortgage institutions will require a DTI (debt-to-income ratio) of no more than 28% of housing related costs to your gross income.

Mortgage Definitions

This is the initial payment that will be made towards the purchase price of the home. Down payments are often expressed as percentages. A minimum down payment of 20% will avoid PMI fees.

This is the interest charged on the mortgage. Mortgage rates will vary depending on the lender and are most commonly fixed rates or adjustable rates, which can fluctuate.

This is the length of time to pay off your mortgage. Most common loan terms are 15 or 30 years. Other common loan terms are 5, 10 and 20 years. The longer the length of the loan term, the more interest you will pay.

This is a tax assessed on real estate based on the home’s value. The property tax is collected by the government and will vary from state to state.

This is a type of insurance designed to provide damage protection to the home or to possessions in or on the property of the home. Homeowners insurance will also provide coverage against lawsuits against accidents that occur inside the home or on the property. Homeowners insurance is a requirement from mortgage lenders.

PMI, known as private mortgage insurance, is a type of mortgage that protects the lender if you default on your home. It is required for borrowers with a down payment of less than 20% and will vary depending on the size of the down payment, your credit score and the lender itself.

HOA, known as homeowners association fees, are fees that are most commonly paid when you purchase real estate such as condominiums, townhomes or other types of property in a planned development. These fees cover the maintenance of the public areas and other items such as maintenance to the exterior of the building, lawn care, garbage collection, pool/hot tub maintenance, tennis courts or any other amenities located on the premises.


Mortgage Calculator with Current Rates – Calculate Mortgage Payments with Ease from, mortgage calculator with


Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

Choose a lender below and lock in your estimated payment of $ or less

Advertising Disclosure

Bankrate Recommends

Mortgage calculator with taxes insurance

Where will mortgage rates head next week?

Mortgage experts predict what will happen to rates over the next week — and why.

Mortgage calculator with taxes insurance

How much house can I afford?

Use this calculator to determine how much mortgage you can afford to take out based on your income and expenses.

Mortgage calculator with taxes insurance

Mortgage Basics

This step-by-step guide will help you understand the sometimes-difficult journey to homeownership.

Mortgage calculator with taxes insurance

Top 10 mortgage tips for 2016

Thinking about buying a house? These tips will help you find the best mortgage for you.

Helpful Calculators & Tools

Loan Calculator

This loan calculator will help you determine the loan monthly payments on a loan. View Calculator

Amortization Calculator

How much of your monthly payment will go towards the principal and how much will go towards the interest. View Calculator

15 or 30 year mortgage?

Lets us help you decide which mortgage loan is right for you. View Calculator

Debt ratio Calculator

Your debt-to-income ratio can be a valuable number — some say as important as your credit score. View Calculator

About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


Mortgage Calculator with Current Rates – Calculate Mortgage Payments with Ease from, mortgage calculator taxes


Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

Choose a lender below and lock in your estimated payment of $ or less

Advertising Disclosure

Bankrate Recommends

Mortgage calculator taxes insurance

Where will mortgage rates head next week?

Mortgage experts predict what will happen to rates over the next week — and why.

Mortgage calculator taxes insurance

How much house can I afford?

Use this calculator to determine how much mortgage you can afford to take out based on your income and expenses.

Mortgage calculator taxes insurance

Mortgage Basics

This step-by-step guide will help you understand the sometimes-difficult journey to homeownership.

Mortgage calculator taxes insurance

Top 10 mortgage tips for 2016

Thinking about buying a house? These tips will help you find the best mortgage for you.

Helpful Calculators & Tools

Loan Calculator

This loan calculator will help you determine the loan monthly payments on a loan. View Calculator

Amortization Calculator

How much of your monthly payment will go towards the principal and how much will go towards the interest. View Calculator

15 or 30 year mortgage?

Lets us help you decide which mortgage loan is right for you. View Calculator

Debt ratio Calculator

Your debt-to-income ratio can be a valuable number — some say as important as your credit score. View Calculator

About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


Mortgage Calculators, mortgage calculator with insurance and taxes.#Mortgage #calculator #with #insurance #and #taxes


MORTGAGE CALCULATORS

Mortgage Calculators

Mortgage Payment Calculator

The application of additional loan level pricing adjustments will be determined by various loan attributes such as Loan-To-Value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing.

The calculator above is for educational purposes only. Your actual rate, payment, and costs could be higher.

Estimate your cost

Mortgage Payment Calculator

Estimate Your Closing Costs

The application of additional loan level pricing adjustments will be determined by various loan attributes such as Loan-To-Value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing. The calculator above is for educational purposes only. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

It looks like there are some unique circumstances in your financial picture. Call your PenFed representative today to discuss your options.

When you re buying a home, mortgage lenders don t look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Use our home affordability calculator to determine how much of a mortgage you may be able to obtain. The calculator above is for educational purposes only. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

Start the process now

Questions or Comments?

Mortgage calculator with insurance and taxes

Mortgage calculator with insurance and taxes

Mortgage calculator with insurance and taxes

Mortgage calculator with insurance and taxes

Mortgage calculator with insurance and taxes

Mortgage calculator with insurance and taxes

Mortgage calculator with insurance and taxes

Mortgage calculator with insurance and taxes

Mortgage calculator with insurance and taxes

Mortgage calculator with insurance and taxes


Mortgage Calculator with Current Rates – Calculate Mortgage Payments with Ease from, mortgage calculator with


Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

Choose a lender below and lock in your estimated payment of $ or less

Advertising Disclosure

Bankrate Recommends

Mortgage calculator with insurance and taxes

Where will mortgage rates head next week?

Mortgage experts predict what will happen to rates over the next week — and why.

Mortgage calculator with insurance and taxes

How much house can I afford?

Use this calculator to determine how much mortgage you can afford to take out based on your income and expenses.

Mortgage calculator with insurance and taxes

Mortgage Basics

This step-by-step guide will help you understand the sometimes-difficult journey to homeownership.

Mortgage calculator with insurance and taxes

Top 10 mortgage tips for 2016

Thinking about buying a house? These tips will help you find the best mortgage for you.

Helpful Calculators & Tools

Loan Calculator

This loan calculator will help you determine the loan monthly payments on a loan. View Calculator

Amortization Calculator

How much of your monthly payment will go towards the principal and how much will go towards the interest. View Calculator

15 or 30 year mortgage?

Lets us help you decide which mortgage loan is right for you. View Calculator

Debt ratio Calculator

Your debt-to-income ratio can be a valuable number — some say as important as your credit score. View Calculator

About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


FHA Mortgage Insurance Calculator, mortgage calculator with insurance.#Mortgage #calculator #with #insurance


FHA Mortgage Insurance

FHA mortgage insurance lowered by .5% a year, starting Jan. 26th, 2015.

Calculate your new lower FHA mortgage insurance payment with updated FHA mortgage insurance calculator. Learn more about mortgage insurance reduction below.

FHA Mortgage Insurance Calculator – Calculate the up-front FHA mortgage insurance premium (FHA MIP or UFMIP) and the monthly FHA mortgage insurance (FHA MMI). View current FHA loan requirements based on loan amount, loan to value and mortgage amortization terms with this FHA mortgage insurance calculator based on must recent HUD mortgagee letter 2013-04 which updated FHA mortgage insurance on April 1, 2013. Updated HUD mortgagee letter 2015-1 – “Reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates”

Mortgage calculator with insurance Mortgage Insurance Calculator Instructions

Step 1: Select Loan Purpose

Step 2: Enter Sales Price and FHA Mortgage Amount

Step 3: Click “Calculate FHA Mortgage Insurance”

| | | Mortgage calculator with insurance Add to Favorites | Mortgage calculator with insurance Email a Friend

What is FHA Mortgage Insurance?

The Federal Housing Administration (FHA) was created to help increase homeownership in America by allowing homebuyers to purchase a home with a low FHA downpayment of 3.5% vs. traditional 20% downpayment.

In order to encourage banks and mortgage lenders to provide financing these low downpayment mortgages, FHA provides mortgage insurance to help protect the lenders from the average 3-9% of borrowers who default on mortgages where lenders are forced to foreclose.

FHA mortgage insurance are fee’s collected upfront and/or monthly from borrowers which are used to help protect mortgage lenders (and bank depositors money) from serious financial losses due to defaults on these higher risk mortgages with down payments of less than 20%.

If there was no FHA mortgage insurance it is very likely that most home buyers would be required to put a downpayment of 20% or more when buying a home and this would lower homeownership in America and lower home prices.

Upfront FHA Mortgage Insurance Premium (FHA MIP)

The Federal Housing Administration charges borrowers an upfront mortgage insurance premium (FHA MIP) on FHA mortgages. This upfront mortgage insurance premium is based on a percentage of the FHA loan amount and is dependant on the type of mortgage.

  • Purchase FHA loans and FHA refinance mortgages – the current FHA mortgage insurance premium requirement is 1.75% of the mortgage amount

Calculate your upfront FHA mortgage insurance premium / FHA MIP using the above FHA MIP calculator or use our FHA mortgage payment calculator to calculate your full FHA monthly mortgage payment with principal, interest, taxes and insurance.

FHA Monthly Mortgage Insurance (FHA MMI)

Monthly mortgage insurance or MMI is a monthly prorated mortgage insurance which is included in FHA mortgage payments. The mortgage insurance is part of the PITI mortgage payment calculation for FHA loans.

Below are some details of current monthly FHA mortgage insurance.

  • All FHA 30 year mortgages and FHA 15 year mortgage regardless of loan to value require FHA monthly mortgage insurance.

Use our FHA mortgage calculator with taxes and insurance to calculate your exact monthly mortgage insurance premium and piti mortgage payment for either FHA 30 year mortgages or FHA 15 year mortgages.

2015 FHA Mortgage Insurance Premium Chart

Chart of current mortgage insurance rates for FHA loans updated on Jan 8th for all loans after Jan 29, 2015.


Deducting (PMI) Private Mortgage Insurance in 2016, 2017, pmi mortgage insurance.#Pmi #mortgage #insurance


Deducting (PMI) Private Mortgage Insurance

Homeowners are usually well informed about the home-related tax deductions that they can make at filing time. However, when purchasing a home, other costs can quickly accumulate. For buyers who can t come up with a 20% down payment on the purchase price, they will have the added cost of private mortgage insurance (PMI).

The PMI is a policy that is taken out by the homebuyer to protect the lender against possible default on the mortgage loan.

Table of Contents

PMI is Now Tax DeductiblePmi mortgage insurance

This income tax deduction was developed as an element of the Tax Relief and Health Care Act of 2006 and initially added to private mortgage insurance (PMI) plans issued in 2007.

This tax break was extended by lawmakers because of the slow recovery of the housing market. It has been extended by Congress for premiums paid up to 2016.

The PMI deduction can be taken by policies issued by the Federal Housing Administration , Department of Agriculture s Rural Housing Service, Department of Veterans Affairs and even private insurers.

Counted as Interest

Since some property tax payments and mortgage interest exceed the regular deductions that can be claimed, a number of homeowners have to itemize their deductions.

You can find the PMI deduction in the Schedule A under the section Interest You Paid , which is on line 13.

How much PMI can you claim? The amount is shown in box 4 of Form 1098 what the lender sent in the alternate year-end mortgage details statement.

Time, Occupancy Restrictions

You should make sure you meet the requirements before you claim the PMI deduction.

Take note of when you sent in payment for the mortgage insurance. If you paid a PMI on your mortgage on or after January 1st 2007, the deduction is eligible. Prior to that date PMI deductions are not eligible.

Any new mortgages up to and including 2016 will qualify for the PMI deduction.

You will also qualify to get the PMI deduction if you refinanced your home after January 1st 2007. You should be careful how the refinance is structured though. The deduction applies to refinances up to the initial mortgage loan amount, not to any additional money you might get from the new refinanced mortgage.

Second home loans also qualify for the deduction of PMI payments. Similar to your primary home, the second home mortgage must have been issued after January 1st 2007 for the deductible to qualify.

The second property has to be for personal use, not rented. You will not be able to claim the PMI if the second property is rented. If your second home is rented you might be able to claim tax breaks as a rental property.

Income Phaseouts

To conclude, even though there isn t a statutory restriction on the total amount of PMI payments you are able to deduct, the amount could be lowered depending on your earnings.

The deduction will start being reduced once the homeowner s adjusted gross income (AGI), exceeds $100,000. This earnings restriction is valid if you are single, the household head or married and submitting together. The phaseout will start at $50,000 AGI for married couples filing taxes independently.

The PMI deduction is lowered by 10 % for every $1,000 a filer s earnings are over the AGI restriction. The deduction goes away entirely for the majority of property owners whose AGI is $109,000 or for married couples filing taxes separately $54,500.

The Schedule A directions consist of a work sheet, as does the majority of income tax preparation software programs, that property owners could utilize to figure out their lowered PMI deduction total.

Use TurboTax and Forget the Hassle

When you use TurboTax Online to prepare and file your taxes , you don’t need to know anything about PMI and other homeowner tax deductions. We’ll just ask you simple questions, fill in all the right forms, and do all the calculations for you.


FHA Loan Calculator – FHA Mortgage Calculator with Taxes and Insurance, mortgage loan calculator with


FHA Mortgage Calculator

Calculator currently updated with lower FHA Mortgage Insurance Premiums Jan. 26th, 2015*

FHA Loan Calculator – Buying a home using a FHA home mortgage? Calculate the PITI mortgage payment with taxes and insurance for a FHA loan. This FHA mortgage calculator also provides the down payment, monthly FHA mortgage insurance (FHA MIP) and the FHA upfront mortgage insurance premium (UFMIP) of a FHA home loan. Lastly, view the minimum income required to qualify for the home’s sales price and calculated FHA loan amount with this free, simple, FHA loan calculator with taxes and insurance.

Mortgage loan calculator with taxes and insuranceMortgage Calculator Instructions

Step 1: Enter Sales Price, Mortgage Rate and Term

Step 2: Select Property type, Taxes and Insurance

Step 3: Click “Calculate FHA Loan”

| | | Mortgage loan calculator with taxes and insurance Add to Favorites | Mortgage loan calculator with taxes and insurance Email to a Friend

* Maximum FHA loan amount used by this FHA mortgage calculator is based on current FHA loan limit ceilings as per current HUD mortgagee letter. Updated: FHA mortgage insurance calculations based on most current HUD FHA guidelines: http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf Updated Jan 8th., 2015: http://portal.hud.gov/hudportal/documents/huddoc?id=15-01ml.pdf

Note: A FHA mortgage calculator with PMI: The equivalent of PMI (Private Mortgage Insurance) for a FHA loan is simply: “mortgage insurance”, since the mortgage insurance of a FHA loan is not funded by a private mortgage insurance company.