730 North
Duke Street
Lancaster, Pa. 17602 USA
Office: (717)392-6222
Cell: (717) 940-5760
Fax: (717) 392-6221
E-mail: MikeStum@hotmail.com
Mike Stum
Broker or Record
License Number:
RM-419727
My goal is to be the best Lancaster County
PA Realtor by offering my clients the highest
degree of service and professionalism they have every
right to expect.
MORTGAGE
CALCULATOR
Do not use commas
*Mortgage insurance, also known as
private mortgage insurance (PMI) or lenders mortgage insurance (LMI), is
an insurance policy protecting lenders from the potential default of
borrowers. The policy is purchased by the lender, and the premiums are
passed along to borrowers as a fee tacked onto the monthly mortgage
payment. Mortgage insurance is typically required for mortgages for which
the down payment is less than 20% of the purchased property's value.
Mortgage Insurance Premiums vary with different Loan To Value r (LTV)
ratios. For an estimate of the cost of mortgage insurance, multiply the loan amount times
the appropriate figures below, and divide by 12. Add this amount to the "Total Payment".
Total Payment excludes
monthly *Mortgage Insurance premium
for home purchasers using less than a 20% Down Payment
For
credit scores under 680:
Loan amount x 2% for 100% LTV
For
credit scores over 680:
Loan Amount x .0096 for 100% LTV