When calculating your down payment, remember that closing costs, unless paid by the seller, are IN ADDITION to down payment. They are usually around $2500 although no closing cost options are available at a slightly higher interest rate. Call a mortgage broker like Crosstown Mortgage Group, Inc for details.
* My estimated down payment will be ...
* The Approximate Price of the home is ...
Fixed Rate            Variable Rate
My Estimated YEARLY PMI Payment will be..
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PMI: If you are going with a conforming loan, the lender will require you to purchase mortgage insurance if your down payment is less than 20% of the cost of the home. This insurance protects them if you default on your payments. There are various types of programs available, and your PMI payment is determined by several factors: amount borrowed, amount of the down payment and depth of coverage required by the lender. The yearly PMI premiums are usually computed as a percentage of the mortgage. Conforming rates are lower than other conventional rates, but with the addition of PMI, be aware of other options that may have a slightly higher rate, but offer a lower monthly payment. In most cases your PMI payment is included with your monthly mortgage payment. The example below shows the yearly payment based on a percentage of the amount borrowed. The software will compute an estimated yearly payment based on the figures that you enter using these rules: Down Payment Fixed Rate Adjustable Rate Under 10% .78% .92% 10% to 15% .52% .65% 15% to 20% .32% .37% It is important to note that there are numerous PMI policies. This function only produces an ESTIMATED payment. Your actual payment may be different than the one computed by this software. Under most circumstances, you will be allowed to cancel this insurance once you have 20% equity in your home (the amount of the loan is less than 80% of the current market value of your home). Check with an experienced loan originator like Crosstown Mortgage Group, Inc for details.