Mortgage X Amortization Calculator
How do i add a formula to calculate for adding Mortgage insurance?
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
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.
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