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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
With recent research* revealing that homeowners are paying a
staggering £7 billion more than they need to on mortgage payment
protection insurance (MPPI), now would be a good time to
check whether you are one of 2.2million people in the UK who are
paying too much for theirs.
So what is mortgage payment protection insurance? MPPI is an
invaluable insurance policy, protecting your mortgage payments
in the event of you being unable to work due to redundancy,
having an accident or falling ill. This means you have peace of
mind that you will keep a roof over your head while you find
another job or convalesce.
Most MPPI policies are sold by mortgage lenders at the time they
provide a mortgage. However, very few lenders actually tell
people that they can shop around for a cheaper rate – which,
according to the research*, could save an average of at least
32% on their monthly premiums, without compromising on the level
of cover provided.
Astonishingly, premiums do vary quite widely among mortgage
lenders, with the most expensive being a huge £7.70 for every
£100 worth of unemployment and disability cover required
compared with £3.95 for the same cover being among the cheapest!
For example, by taking out the cheaper policy – but one with
equal or even better product features - it means that you will
pay only £19.75 to receive a monthly benefit of £500 against the
risks of both unemployment and disability. This compares with an
average £29.00 per month from the traditional mortgage lenders –
a saving of 32%.
If you have a mortgage, you don’t have to have your lender’s
mortgage protection cover. Even if you already have MPPI, it is
simple to switch to another provider and make significant
savings.
So what do you need to look out for when choosing an MPPI
policy? First of all, you can choose the amount of cover you
need, as well as the type and level of cover
Apart from the premium, the type of cover offered can vary from
lender to lender. A benefit that not all providers offer but is
extremely valuable is ‘back-to-day-one’ cover. This means that
if you have this product feature, you will be paid out back to
the day the claim became valid after just 30 days. While this
feature is normally only found in policies that are expensive,
there are providers who offer this benefit at a nominal cost.
Also, while policies have a 120 days exclusion period, look out
for those where there is only a 60 day exclusion period for new
or remortgage borrowers, and no exclusion period for those
homeowners who are transferring from existing policies.
A good policy will also allow you to purchase up to 25%
additional cover for household or other expenses for when you
need the money most.
Most homeowners can take out MPPI – it is available to both new
and existing mortgage borrowers aged between 18 and 65. With a
good policy, there will be no restrictions of occupation,
employment status – including self-employed and contract workers
– or people who work either on a full or part time basis,
provided they have worked for a minimum of 16 hours per week
over the past six months. Again, applications should not be
discriminated against on the grounds of gender and sexuality.
In a nutshell, mortgage borrowers should not feel obliged to
take out their lender’s mortgage protection cover. By spending
just a little time shopping around for the best deal from a
reputable provider, you can make significant savings.
* Research from Burgesses Ltd. compared the MPPI policies from
the top ten UK lenders and found the average monthly repayment
on a £100,000 mortgage to be £604, and the average MPPI rate to
be £5.78 per £100 of monthly cover.
Over 25 years this represents a total MPPI cost of £10,473 (£604
x 12 x 25 x 5.78% = £10,473). This compares with a rate from
Burgesses of only £4.00 per £100, or a total cost of £7,157
(£604 x 12 x 25 x 4.00% = £7248) representing a total cost
saving of £3225 or £129 annually. Applied to the 2.2m UK MPPI
policies, the savings figure comes to £7.095 billion
About the author:
Sarah Kirby has been working in Financial Services for 25 years’
and is head of Product Development at specialist insurance
website www.protection-insurance.com. If you are looking for Mortgage Payment
Protection Insurance visit us now