Buying Real Estate in Orlando?
The below tool computes monthly payments based on the amount borrowed, the loan term & APR. It also computes your total monthly payments including property tax, property insurance and PMI payments. You can click on the “Create Amortization Schedule” button to create a printable amortization report.
Lightning Quick Automatic Results
- It works automatically on-the-fly to show the results immediately as you edit the input variables.
- There is no need to click a submit button to see your results.
- The output fields are shown in blue text with a yellow background.
- Click the amortization schedule button to create a printable amortization chart.
Private Mortgage Insurance (PMI)
- If you put down 20% or more of the home’s value, PMI is typically not required & it automatically computes PMI as zero in those cases.
- If your down payment is below 20%, you will typically be required to carry PMI until the outstanding loan-to-value ratio (LTV) falls below 80% . Many lenders automatically cancel PMI at 78%, however you can request cancellation at 80%.
- On low-rate governmental loan programs, mortgage insurance is typically required even if you have a strong down payment.