In addition to being simple and convenient, This payment calculator can be very helpful in determining accurate monthly payments.
Please use the guide below to input the PMI Rate (Private Mortgage Insurance). The yearly property tax value can be found on the property listing sheet you received from your Buyers Agent, and can also be found online. Property Insurance (also called Hazard Insurance, Home Owners Insurance and HOI) is estimated at $600 per year by default. This is about average in the state of Wisconsin. If you know the exact amount you can change it.
Everything else is pretty easy to input.
Down Payment / PMI Rate
No Money Down VA - / - 0
No Money Down USDA - / - .5
3.5% FHA Down Payment - / - .85
3% Down Payment* - / - .75
5% Down Payment* - / - .54
10% Down Payment* - / - .39
15% Down Payment* - / - .23
20% or more - / - 0 (PMI not required when 20% or more is put down)
* These PMI rates change based on Credit Score.
Question? Please check out the FAQ Section