Mortgage Insurance - Down payment options - Worksheet
Below you will see what the monthly Mortgage Insurance (MI) payments will be based on your down payment:
Loan Terms
| Purchase Price | $400,000 | $400,000 | $400,000 | $400,000 |
|---|---|---|---|---|
| Down Payment % | 5% | 10% | 15% | 20% |
| Down Payment amount | $20,000 | $40,000 | $60,000 | $80,000 |
| Loan-to-value (LTV) | 95% | 90% | 85% | 80% |
| Loan Amount | $380,000 | $360,000 | $340,000 | $320,000 |
| Interest Rate | 4.00% | 4.00% | 4.00% | 4.00% |
| Loan Term | 30 Years | 30 Years | 30 Years | 30 Years |
Monthly Payment Summary
| P/I Payment | $1,814.18 | $1,718.70 | $1,623.21 | $1,527.73 |
|---|---|---|---|---|
| Taxes | $416.67 | $416.67 | $416.67 | $416.67 |
| Insurance | $116.67 | $116.67 | $116.67 | $116.67 |
| MI % | 1.08% | 0.73% | 0.32% | 0.00% |
| MI Payment | $342.00 | $219.00 | $90.67 | $0.00 |
| Total Monthly Payment | $2,689.51 | $2,471.03 | $2,247.21 | $2,061.06 |
Notes:
1) P/I = Principal & Interest payment
2) MI = Mortgage Insurance
3) All figures are for illustration purposes only.
4) Scenarios are based on credit FICO score ranges between 660-699.
5) Mortgage Insurance rate calculation percentages are subject to change per the PMI company.
6) Actual PMI rate calculation percentages will be subject to lender's required coverage amount.
7) If the property is in a Homeowner's Association - the Monthly HOA fee should be added to your total monthly payment.
