![]() One such case might be apprciation of the real estate.) (There may be other conditions as well under which the lender will no longer require PMI. The calculator handles this automatically. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. Premiums are typically 0.5% to 2.0% of the original loan amount. If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Property taxes and insurance are combined under escrow. ![]() If you enter values, the periodic portion of each will be calculated and shown on the schedule. Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage. If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price. You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.
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