PMI Calculator - How to Calculate Mortgage Insurance
PMI Calculator with Amortization
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This unique mortgage calculator will not only generate an amortization schedule, but will also show the Private Mortgage Insurance payment that may be required in addition to the monthly PITI payment.
Private Mortgage Insurance, or PMI, is insurance that protects the lender against loss if you (the borrower) stop making mortgage payments. Even though it protects the lender and not you, it is paid by you. It may allow you to buy a house with a much smaller down payment, as low as three to five percent of the price of the house instead of the more common 20 percent, making buying a house a sooner possibility for some.