Determine how much mortgage protection insurance you need to cover your remaining home loan balance.
Coverage Needed
$300,000
Equal to your remaining mortgage balance
Annual Premium
$859
Estimated yearly cost
Monthly Premium
$72
Annual ÷ 12
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How mortgage protection premiums are calculated
Mortgage protection insurance premiums are based on the average remaining balance over the life of the loan (approximately 67% of the starting balance), your interest rate, and the number of years remaining. Higher interest rates and longer terms increase the premium. The coverage amount equals your current mortgage balance and decreases over time as you pay down the principal, but the premium typically remains level.
Results are estimates only and should not be considered professional insurance advice. Always consult a licensed insurance advisor before making coverage decisions.