How can you find a mortgage loan calculator that factors in PMI (Private Mortgage Insurance)?

My Home by Freddie Mac is a great tool to calculate the "PMI" portion of your mortgage payment based on your down payment. It also a great resource to help understand how private mortgage insurance works, especially if you have never purchased a home before.

Finding a mortgage calculator that includes PMI is not hard. Just search "mortgage calculator with PMI" in your favorite search engine; this will give you a calculator that includes taxes, insurance, and PMI based on a down payment, the home's value, and the loan term. Remember, this is just an estimate, so you can use it as a basis for your initial decision. You should wait to make your final decision once your lender has given you exact numbers.

Calculators can help you but they don’t have an idea what programs are out there to help reduce mortgage insurance or adjusters because of credit scores.

Couldn’t agree more! Just be careful with Conventional financing as credit score will dramatically change the pmi per month. Down payment also if a big factor and mortgage program. There are tons of programs out there with Conventional for first time home buyers to help reduce pmi. Get with trusted loan officer like myself to discuss and get a realistic view of pmi.

Online resources are great and yes pay attention to the resource itself. Some websites have unrealistic rates or pmi figures. Check several websites on a certain payment scenario before taking the information fully in or get with a trusted loan officer to review.

Teaming up with a financial advisor is smart. They can help with budgeting and cash flow. A mortgage lender can help also. A team is best

PMI is one Small factor in a loan. The total components in home affordability are Principle, Interest, Mortgage Insurance(if required), Property Taxes and Property Insurance. The costs of insurance and property taxes in California are highly variable based upon the house and where it is located. Buyers, especially First Time Buyers, should seek out an experienced Mortgage Broker who acts as a true mortgage advisor. One that offers them choices to best meet their competing needs of low house payment, proper leverage using Mortgage Insurance, and accurate estimates for property taxes and Insurance. A Trusted Mortgage debt advisor is better than a Financial Advisor that manages assets.

I found tools companies I have worked for helpful. PMI figures can sometimes be off if you’re going through a first time homebuyer or income based program. PMI can actually be cheaper.

Using on line mortgage tools, as a first time home buyer, makes as much sense as attempting to give yourself a root canal. You simply cannot expect to properly assess all the components in a house payment by attempting to use on line calculators. Calling an online lender or completing an on line national lenders application can also create misinformation. Why? Think about what you are buying. There is a reason for the expression "All Real Estate is Local". For example, Property taxes and insurance both vary widely state by state and locality by locality. The same is true of PMI. A knowledgeable mortgage broker will know where to take a borrower to secure a lower PMI cost.

Research first time home buyer programs to get a rough idea what is available and make sure to work with a lender that offers many!