By Admin on Nov 30, 2008 in Renting & Real Estate
Jon H asked:
I have created a simple mortgage calculator which will work out the mortgage payments for a specific loan to value (5%, 10%, 15% down etc) and it will add mortgage insurance and calculate the income required. How do i add a formula which will work out the mortgage insurance for any down payment amount. i’m looking for something like :
I have created a simple mortgage calculator which will work out the mortgage payments for a specific loan to value (5%, 10%, 15% down etc) and it will add mortgage insurance and calculate the income required. How do i add a formula which will work out the mortgage insurance for any down payment amount. i’m looking for something like :
if down payment is X then mortgage insurance is Y
in canada the mortgage insurance will change with longer amortization as well
thanks for any help
Content for WordPress
Every legitimate lender has this in their programming. M.I.P. changes on a case-by-case, buy-by-buyer basis.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
Ron Berue | Dec 1, 2008 | Reply
In the us mortgage insurance will change with the amount financed and how much above the 80% the loan is. The tricky part in putting this in a calculator though is that it will also change some with different loan programs. Basically what I am trying to say is there is no set formula that can be applied to everyone. You can give people an idea, about $80/mo for a $150,000 95% loan but like I said its just going to be an idea since you dont want to give people a % from one program and have them use another and get a different figure.
Josh | Dec 3, 2008 | Reply