Mortgage Insurance Costs Reduction Calculator
Use this calculator to determine how you can reduce your mortgage insurance
Need to get in touch? We are here to help.
I'd like to...
Find what you’re looking for.
Use this calculator to determine how you can reduce your mortgage insurance
Most mortgage lenders require mortgage insurance if the loan-to-value (LTV) ratio is greater than 80%. When you close a mortgage loan, the ratio may be greater than 80% but it may be reduced in a few years as you pay off your loan principal and the value of your home appreciates.
You may have to pay for an appraisal to substantiate that your home's loan-to-value ratio is 80% or less. The Homeowner's Protection Act (HPA) mandates that lenders cancel private mortgage insurance when the loan-to-value ratio reaches 78% based on the original amortization of the loan and without regard to the current value of the property as long as the borrower is current with the mortgage payments unless your loan is backed by the FHA.
This tool estimates your monthly payment for private mortgage insurance (PMI) over a range of down payments. If your down payment is at least 20% of the purchase price of your home, your lender does not require you to obtain mortgage insurance.
Answer six quick questions to get your personalized recommendations from one of our loan experts.
Whether you're looking for cash back or getting a better rate on your current loan.
NASB is a VA home loan provider for service members, veterans and eligible surviving spouses.
Knowing your credit score helps us match you with the right loan product.
By knowing where you live, we can match you with your state's current mortgage regulations.
Just provide your information below and you'll be on your way to achieving your goals!
By clicking the Submit button you agree that you are providing an electronic signature expressly authorizing NASB to contact you by telephone at any of the telephone number(s) provided above using an automatic telephone dialing system or an artificial or prerecorded voice or via text/SMS message, even if the telephone number is assigned to a cellular telephone service or other service for which the called party is charged. NASB may also contact you via email using any email address you provided. This authorization overrides any previous registration on a federal, state or corporate Do Not Call Registry or any internal NASB privacy or solicitation preference you have previously expressed. You are not required to provide this authorization as a condition of purchasing any property, goods or services from NASB. As an alternative, you may call us directly at (866) 627-7119 and we will process your request over the phone.
If you click “Continue” an external website that is owned and operated by a third-party will be opened in a new browser window. North American Savings Bank provides links to external web sites for the convenience of its members. These external web sites may not be affiliated with or endorsed by the bank. Use of these sites are used at the user’s risk. These sites are not under the control of North American Savings Bank and North American Savings Bank makes no representation or warranty, express or implied, to the user concerning:
Using a hyperlink may identify you as a North American Savings Bank member to the operator of the external site.
North American Savings Bank does not provide and is not responsible for the product, service or overall website content available at these sites. The privacy policies of North American Savings Bank do not apply to linked websites and you should consult the privacy disclosures on these sites for further information.
If you click “Cancel“ you will be returned to the North American Savings Bank website.