Definition: The mortgage and PMI calculator is a tool designed to help borrowers determine if they are eligible for a home purchase with a mortgage, and whether or not it will be covered by an FHA-insured Mortgage-Promising Practices (MPPs). It can calculate various aspects of your mortgage such as monthly payment amount, total amount to be paid, and interest rate. Here is what the 'mortgage and PMI calculator' does: 1. Determines if the borrower is eligible for a home purchase with a fixed-rate mortgage by checking the minimum down payment requirement, or if they are able to finance their purchase through an FHA-insured loan. It also determines if there will be any PMIs (points) added to your mortgage loan. 2. Calculates total amount of monthly payments that would be required to meet the minimum down payment for a fixed-rate mortgage, plus any PMI fees. 3. Calculates the total interest rate on the home loan. This is calculated based on the principal balance and the interest rate applied over the life of the loan. 4. Calculates the total interest paid on your loan including all possible adjustments that could reduce the amount to be paid in full. 5. Determines if there will be any PMIs added to your mortgage loan, which means that you would need to pay an additional fee for each PMI point. These fees are typically charged by the lender and vary by type. 6. If the borrower meets all the minimum requirements, they can proceed with their mortgage application. 7. The 'mortgage and Pmi calculator' is designed to be user-friendly so that borrowers don't have to worry about making the right decision for their financial situation.
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