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About our Calculator | Advantage Calculator | Help
Help
Input Fields
Single (financed)
One-time mortgage insurance premium that is financed into the loan.
Single
Life-of-loan coverage that is paid at closing.
Level Annual
Mortgage insurance premium payments are made once per year. Initial and renewal rates are the same. Often, one-twelfth of the MI premium is collected with the P&I payment and set aside in escrow until the annual payment is due.
CMG EZ-Monthly
CMG MI's "no up-front" monthly mortgage insurance premium plan requires no premium payment at closing. Premium payments begin with the first mortgage payment.
Purchase Price
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 Calculator will automatically calculate the LTV if you enter the Purchase Price and Loan Amount.
Loan Type
Please refer to the notes section of CMG MI's A-Minus Rate sheet for detailed information.
* Fixed - Fixed-rate, fixed payment mortgages with level payments for the first five years of the mortgage.
* 1% ARM - ARMS that have effective annual interest rate caps of 1% or less.
* 2% ARM - ARMS that have effective annual interest rate caps greater than 1%.
Loan Term
The term of the loan in months. A 30-year mortgage is entered as "360."
MI Coverage Percent
The percentage of mortgage insurance coverage.
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 may be 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.
2nd Mortgage Term
If comparing piggyback loans, enter the term of the second mortgage in months. A 10-year mortgage is entered as "120."
2nd Mortgage Interest Rate
If comparing piggyback loans, enter the interest rate of the second mortgage.
The following special conditions may incur surcharges:
* Graduated Payment
* Limited Doc
* Investor
* 2nd Home
* Manufactured Home
Please Note: You may not select both Investor and 2nd Home.
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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 annual premium plans, this is the annual amount due. For monthly premium plans, this is the monthly amount due.
Combined LTV
* Annual, monthly and single plans - The loan amount divided by the purchase price.
* Single financed plans - The sum of the loan amount and the mortgage insurance premium, divided by the purchase price.
* Piggyback loans - The sum of the first and second mortgages 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. For annual plans, this is the mortgage insurance payment divided by 12.
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 vs. Single (fin)
This compares the monthly payment for each plan against the single financed premium plan.
Annual vs. Single (fin)
This compares the annual payment for each plan against the single financed premium plan.
5-Year vs. Single (fin)
This compares five years of payments for each plan against the single financed premium plan.
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