Overview
Lenders Mortgage Insurance is a one-off insurance premium that you have to pay to your mortgage lender when you want to borrow more than 80% of the value of the property you purchase. This Lenders Mortgage Insurance (LMI) Calculator will help you to estimate how much LMI premium you need to pay.
LMI can either be paid upfront or capitalised into the loan which means payments are made over the life of the loan. This Lenders Mortgage Insurance (LMI) Calculator not only estimate the LMI premium but also shows the difference in total repayment between capitalizing and not capitalizing the LMI premium.
Here is a screenshot that will give you a better idea that what you need to do and what this Lenders Mortgage Insurance (LMI) Calculator can do for you.
Things You Need to Know
Normally lenders will ask you to pay Lenders Mortgage Insurance (LMI) if your LVR is over 80%. If you are unsure about your LVR, you can use the free LVR calculator to calculate the LVR.
This calculator is built in Microsoft Excel worksheet. You need to have Microsoft Excel® 2013 & Above for Microsoft Windows® OR Microsoft Excel 2016 & Above for Mac® to use it.
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Download FREE Lenders Mortgage Insurance (LMI) Calculator