Use our mortgage insurance calculator for lenders to calculate the LMI you can afford. Home calculators Mortgage insurance calculator. Estimate the lender's mortgage insurance (LMI) that you might have to pay when buying, refinancing, or building a property. Some lenders will allow you to capitalize the LMI on your loan (add the LMI to your mortgage loan) so that you can gradually repay it over time with your mortgage repayments.
Your mortgage LMI calculator can help you understand how much you'll have to pay for a 30-year loan term. The key to making sure you have enough cash to buy your first home is to discuss your options with a qualified mortgage broker before you go home hunting. There are some lenders that may also allow you to borrow an additional 2% loan to help cover the costs of your lender's mortgage insurance, which could push your loan amount up to a potential LVR of 97%. There are big differences in your lender's mortgage insurance premium (LMI) depending on your loan-to-value ratio (LVR) and the lender you choose.
Estimate mortgage expenses, such as mortgage loan applications, monthly repayments, property management, and more. Saving a larger deposit may seem intimidating, but it also means that you'll have a smaller mortgage with lower payments once you move. You'll also have to pay transfer fees, mortgage registration fees, transfer fees, building inspection fees, and a one-time mortgage insurance premium from the lender. Anyone who borrows more than 80% of the value of the property will pay a mortgage insurance premium (LMI) from the lender.
A Home Loan Experts mortgage broker will call you to discuss the cheapest LMI premiums available for your situation. Keep in mind that risk fees, which some lenders use instead of LMI, are not technically insurance and, therefore, stamp duty does not apply.