Buying a home is one of the biggest investments you’ll ever make—and protecting it should be just as important. Our Mortgage Protection Insurance (MPI) calculator is a simple, fast, and free tool designed to help homeowners figure out exactly how much coverage they need in case the unexpected happens.
Our calculator is the only online tool that can instantly design a coverage plan that closely matches your mortgage over time. This unique customized approach can save you 20-40% in lower premium cost. In this guide, we’ll provide step-by-step instructions on how to use it.
Step 1: Calculating Loan Amortization
The calculator starts off by forecasting how your loan balance declines over time. Since you only need coverage for the amount you have yet to pay off, it makes sense for MPI coverage to decrease over time. You’ll enter your loan amount, loan term, and interest rate to get an answer. If you’re only shopping for a home and don’t have anything set in stone, that’s fine! Feel free to enter numbers that seem reasonable for your budget or what you’ve been preapproved for.
Step 2: Calculating Insurance Rates
This section is easy. You’ll enter some basic information about yourself to get an idea of what life insurance would cost for you. This section personalizes your estimates even further.
Step 3: Comparing Coverage Options
Now is where it gets exciting. You’ll be shown 2 coverage options to choose from. One will utilize a standard term life policy plus a rider to match the decreasing loan amount. The second will be a standard term life policy.
Looking to make a change? Select “Modify Coverage” in the upper right hand corner to begin. You’ll have the ability to instantly adjust the death benefit or term length for each part of the policy. Pricing will update immediately so you get a quick understanding of the impact each change makes.
You’ll also be given an extensive breakdown of the difference between your two recommended plans:
Step 4: Choose a Policy
Now you’ll have the choice to select the coverage option that works best for you. Once selected, you can save your customized plan and complete your application at your convenience.
“Everyday Life Insurance personnel were so attentive and available for questions; also they reached out if something was missing explaining every step to completing the application. It was a very easy and straightforward process.” – Kathy E, Google Reviews
Try Our MPI Calculator Now
Whether you have never had a life insurance policy or are a new homeowner looking for coverage, we encourage you to try our online MPI calculator. It’s free, totally anonymous, and doesn’t even require an email address. See what offers are available to you today.
