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Mortgage Protection Insurance Calculator
Preferred plus (best rates available)
This calculator helps you estimate your monthly premium for a mortgage protection policy based on your age and desired coverage amount. Mortgage protection insurance is a type of life insurance designed to cover your mortgage balance if you pass away, providing financial protection for your loved ones.
Here’s how it works:
Enter Your Age: Type in your age. Premium rates generally increase as age goes up because the insurance risk increases.
Enter Your Coverage Amount: Enter the amount of coverage you’d like. Coverage amounts are available from $100,000 up to $400,000. Higher coverage will naturally mean a higher monthly premium.
Automatic Calculation: The calculator uses a table of predefined rates based on age groups and coverage amounts. If your age or coverage amount falls between two predefined values, the calculator finds an estimated premium using a method called “interpolation.” This means it calculates a rate that makes sense based on your exact age and coverage amount, even if it’s not an exact match with the table.
View Your Premium: Once you’ve entered your information, the calculator shows your estimated monthly premium.
This is a quick, easy way to get an idea of how much you might pay monthly for mortgage protection based on your specific needs!
Mortgage Protection Insurance vs.
Private Mortgage Insurance
MPI | PMI |
---|---|
Protects homeowner & families | Protects the lender |
Covers the mortgage payments if the homeowner faces death, disability, or job loss. | Covers the lender’s risk, not the borrower. |
Family inherits the house | Lender takes property if borrower passes away |
PMI vs MPI – Private Mortgage vs Mortgage Protection Insurance
Here’s a table that outlines the key differences and similarities between PMI vs MPI – Private Mortgage Insurance vs Mortgage Protection Insurance: Feature Private Mortgage Insurance (PMI) Mortgage Protection Insurance (MPI) Similarities Purpose Protects the lender if the borrower defaults on the loan. Protects the homeowner and their family by covering mortgage payments in case of death, disability, or job loss. Both provide a form of financial protection related to your mortgage. Who It Protects The lender. The homeowner and their