Mortgage insurance is required for any house purchase with a down payment of under 20% of the asking price. If the borrower is unable to make payments and falls behind on the mortgage, the insurance shields the mortgage lenders financially. Even though the cost of insurance is already incorporated into your mortgage payments, you should still be aware of it.
To determine the cost of your insurance premium, enter the amount of your down payment and the number of years until your mortgage is paid off.