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About the CMG MI Payment Estimator | Payment Estimator | Help & Definitions
Help & Definitions
Input Fields
Single Premium(financed)
One-time mortgage insurance premium that is financed into the loan.
Single Premium(non-financed)
Life-of-loan coverage that is paid at closing.
Monthly
CMG MI's monthly mortgage insurance premium plan. The first payment is due at closing.
Price/Home Value
The price the borrower pays for the home.
Loan Amount
The amount of the first mortgage on the home. The Calculator will automatically calculate the Loan Amount if you enter the Purchase Price and Loan-to-Value (LTV) percentage.
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LTV
LTV (Loan to Value) is the ratio of the Loan Amount to the Purchase Price. In other words, Loan Amount divided by Purchase Price. The Estimator will automatically calculate the LTV if you enter the Purchase Price and Loan Amount.
Loan Type
Fixed - Fixed-rate, fixed payment mortgages with level payments for the first five years of the mortgage.
Non-Fixed - Non-Fixed payment mortgages feature payment changes or the potential for payment changes during the first five years of the mortgage.
Amortization Term
The amortization term of the loan in months. A 30-year mortgage is entered as "360."
MI Coverage (%)
The percentage of mortgage insurance coverage.
Refundable
If MI is cancelled, a refund may be due.
Interest Rate
The mortgage interest rate entered as a percentage. (Enter "7.5" for an interest rate of seven and a half percent.)
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FICO© Score
The borrower's credit score is used to determine the mortgage insurance premium rate. With co-borrowers, use the lower of the two borrowers' scores if using a single bureau. If using a tri-merged bureau, the lower of the middle score for each borrower is used.
The following special conditions may incur surcharges:
* Second Home
* Manufactured Housing
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MI Comparison Results
Loan Amount
This shows the total loan amount for the mortgage. In the case of a single premium plan that is financed, this figure would include the mortgage insurance premium amount.
MI Rate
This is the mortgage insurance rate used for calculating premium. The rate is annualized for monthly premium to provide a meaningful comparison with the annual plan.
MI Amount
The amount due for mortgage insurance. For a single premium, this is the total premium. For monthly premium plans, this is the monthly amount due.
Combined LTV
* Monthly and single premium(non-financed) plans - The loan amount divided by the purchase price.
* Single premium financed plans - The sum of the loan amount and the mortgage insurance premium, divided by the purchase price.
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P & I
The monthly principal and interest payment on the mortgage.
Monthly MI Pmt
For monthly premium plans, this is the mortgage insurance payment.
P & I with MI
This is the monthly principal and interest payment plus the monthly MI Payment.
MI pmt at closing
This is the mortgage insurance premium due at closing.
Monthly comparison vs. Single (fin)
This compares the monthly payment for each plan against the single financed premium plan.
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Claims Comparison
Initial Exposure
For loans with mortgage insurance, 1st mortgage amount multiplied by (1-Coverage Percentage). For loans with a second mortgage, 1st mortgage loan plus 2nd mortgage loan
1st Loan Balance
Balance of the 1st mortgage loan after 36 months of payment
2nd Loan Balance
Balance of the 2nd mortgage loan after 36 months of payment
1st Mtg Past Due Interest
The 1st Loan Balance multiplied by the 1st Mortgage Interest Rate
2nd Mtg Past Due Interest
The 2nd Loan Balance multiplied by the 2nd Mortgage Interest Rate
Attorney Fees
3% of outstanding loan balances plus past due interest
Property Preservation
$500
Misc Expenses
1% of outstanding loan balances plus past due interest
Total Foreclosure Expense
Outstanding loan balances plus past due interest plus Attorney fees plus Property Preservation plus Misc Expenses
Coverage
Mortgage insurance coverage percentage
Maximum Insurance Benefit
Total Foreclosure Expense multiplied by Coverage
Property Sales Price at Foreclosure
Purchase Price multiplied by 90%
Net Proceeds
Property Sales Price at Foreclosure multiplied by 93%
CMG MI Claim Payment
The amount of the CMG MI Claim Payment determined by the Total Foreclosure Expense minus Net Proceeds with the Maximum Insurance Benefit as the upper limit
Credit Union Loss
The amount that the Credit Union will lose if there is a shortfall from the Net Proceeds and/or the CMG MI Claim Payment to cover the Total Foreclosure Expense.
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