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, and when it will automatically cancel.
Want to learn more about PMI? Read "Everything you need to know about PMI", our comprehensive guide.
PMI Calculator with Amortization
cancel at payment -
- for PMI
| Payment number |
Payment amount |
Interest amount |
Principal reduction |
PMI payment |
Remaining Balance |
|---|
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.
PMI costs are determined by the type and term of the loan you choose, the loan's purpose, loan amount, the loan-to-value ratio (LTV), the borrower's credit score, debt-to-income ratio and number of borrowers.
