:root {
–primary-color: #004a99;
–success-color: #28a745;
–background-color: #f8f9fa;
–text-color: #333;
–border-color: #ddd;
–card-background: #fff;
–shadow: 0 2px 5px rgba(0,0,0,0.1);
}
body {
font-family: ‘Segoe UI’, Tahoma, Geneva, Verdana, sans-serif;
background-color: var(–background-color);
color: var(–text-color);
line-height: 1.6;
margin: 0;
padding: 0;
}
.container {
max-width: 960px;
margin: 20px auto;
padding: 20px;
background-color: var(–card-background);
border-radius: 8px;
box-shadow: var(–shadow);
}
h1, h2, h3 {
color: var(–primary-color);
text-align: center;
margin-bottom: 1.5em;
}
h1 {
font-size: 2.2em;
}
h2 {
font-size: 1.8em;
border-bottom: 2px solid var(–primary-color);
padding-bottom: 0.5em;
margin-top: 1.5em;
}
h3 {
font-size: 1.4em;
margin-top: 1.2em;
}
.loan-calc-container {
background-color: var(–card-background);
padding: 25px;
border-radius: 8px;
box-shadow: var(–shadow);
margin-bottom: 30px;
}
.input-group {
margin-bottom: 20px;
text-align: left;
}
.input-group label {
display: block;
margin-bottom: 8px;
font-weight: bold;
color: var(–primary-color);
}
.input-group input[type=”number”],
.input-group input[type=”text”],
.input-group select {
width: calc(100% – 22px);
padding: 10px;
border: 1px solid var(–border-color);
border-radius: 4px;
font-size: 1em;
box-sizing: border-box;
}
.input-group .helper-text {
font-size: 0.85em;
color: #666;
margin-top: 5px;
display: block;
}
.error-message {
color: red;
font-size: 0.85em;
margin-top: 5px;
display: none; /* Hidden by default */
}
.button-group {
display: flex;
justify-content: space-between;
margin-top: 25px;
}
button {
padding: 12px 20px;
border: none;
border-radius: 5px;
cursor: pointer;
font-size: 1em;
font-weight: bold;
transition: background-color 0.3s ease;
}
button.primary {
background-color: var(–primary-color);
color: white;
}
button.primary:hover {
background-color: #003366;
}
button.secondary {
background-color: #6c757d;
color: white;
}
button.secondary:hover {
background-color: #5a6268;
}
#results {
margin-top: 30px;
padding: 20px;
background-color: var(–primary-color);
color: white;
border-radius: 8px;
text-align: center;
box-shadow: var(–shadow);
}
#results h3 {
color: white;
margin-top: 0;
margin-bottom: 15px;
}
.result-item {
margin-bottom: 10px;
font-size: 1.1em;
}
.result-label {
font-weight: bold;
margin-right: 10px;
}
.result-value {
font-size: 1.3em;
font-weight: bold;
}
.highlight-result {
font-size: 1.8em;
font-weight: bold;
margin-top: 15px;
padding: 10px;
background-color: var(–success-color);
border-radius: 5px;
display: inline-block;
}
.formula-explanation {
margin-top: 15px;
font-size: 0.9em;
color: #eee;
opacity: 0.9;
}
table {
width: 100%;
border-collapse: collapse;
margin-top: 20px;
margin-bottom: 30px;
box-shadow: var(–shadow);
}
th, td {
padding: 12px;
text-align: left;
border-bottom: 1px solid var(–border-color);
}
thead {
background-color: var(–primary-color);
color: white;
}
th {
font-weight: bold;
}
tbody tr:nth-child(even) {
background-color: #f2f2f2;
}
caption {
font-size: 1.1em;
font-weight: bold;
color: var(–primary-color);
margin-bottom: 10px;
text-align: left;
}
canvas {
display: block;
margin: 20px auto;
max-width: 100%;
border: 1px solid var(–border-color);
border-radius: 4px;
}
.article-content {
margin-top: 40px;
background-color: var(–card-background);
padding: 30px;
border-radius: 8px;
box-shadow: var(–shadow);
}
.article-content p, .article-content ul, .article-content ol {
margin-bottom: 1.5em;
}
.article-content li {
margin-bottom: 0.8em;
}
.article-content a {
color: var(–primary-color);
text-decoration: none;
}
.article-content a:hover {
text-decoration: underline;
}
.faq-item {
margin-bottom: 1.5em;
}
.faq-item strong {
display: block;
color: var(–primary-color);
margin-bottom: 0.5em;
}
.related-links ul {
list-style: none;
padding: 0;
}
.related-links li {
margin-bottom: 1em;
}
.related-links a {
font-weight: bold;
}
.related-links span {
font-size: 0.9em;
color: #555;
display: block;
margin-top: 3px;
}
.highlight-result-container {
text-align: center;
margin-top: 20px;
}
.copy-button {
background-color: #6c757d;
color: white;
margin-left: 10px;
}
.copy-button:hover {
background-color: #5a6268;
}
.tooltip {
position: relative;
display: inline-block;
border-bottom: 1px dotted black;
cursor: help;
}
.tooltip .tooltiptext {
visibility: hidden;
width: 220px;
background-color: #555;
color: #fff;
text-align: center;
border-radius: 6px;
padding: 5px 0;
position: absolute;
z-index: 1;
bottom: 125%;
left: 50%;
margin-left: -110px;
opacity: 0;
transition: opacity 0.3s;
font-size: 0.8em;
line-height: 1.4;
}
.tooltip .tooltiptext::after {
content: “”;
position: absolute;
top: 100%;
left: 50%;
margin-left: -5px;
border-width: 5px;
border-style: solid;
border-color: #555 transparent transparent transparent;
}
.tooltip:hover .tooltiptext {
visibility: visible;
opacity: 1;
}
Free PMI Calculator
Determine when you can eliminate Private Mortgage Insurance (PMI) and save money.
PMI Elimination Calculator
Enter the current estimated market value of your home.
Enter the remaining amount owed on your mortgage.
80%
78%
75%
70%
The LTV percentage at which PMI can typically be removed (often 80% or lower).
Enter the total annual cost of your PMI premium (e.g., $600 for $6000/year).
Your PMI Elimination Summary
LTV is calculated as (Mortgage Balance / Home Value) * 100. PMI can typically be removed when your LTV reaches your target percentage (e.g., 80%). Annual Savings = Annual PMI Cost.
| Month | Estimated Mortgage Balance | Estimated LTV | PMI Status | Cumulative Savings |
|---|
What is a Free PMI Calculator?
A free PMI calculator is an online tool designed to help homeowners understand when they can potentially eliminate Private Mortgage Insurance (PMI) from their monthly mortgage payments. PMI is an additional charge that lenders often require from borrowers who make a down payment of less than 20% of the home’s purchase price. This calculator simplifies the complex process of tracking your home equity and mortgage balance to identify the optimal time to request PMI removal, thereby saving you money.
Who should use it? Homeowners with a conventional mortgage who are currently paying PMI are the primary users. If you made a down payment of less than 20% when you purchased your home, this tool is invaluable. It’s also useful for those considering refinancing or who want to proactively manage their mortgage costs.
Common misconceptions about PMI removal include believing it’s automatic once you reach 20% equity or that it applies to all loan types (like FHA loans, which have Mortgage Insurance Premiums instead). Many also underestimate the potential savings or the time it takes to reach the equity threshold, especially in fluctuating housing markets.
PMI Elimination Formula and Mathematical Explanation
The core of the free PMI calculator relies on calculating your Loan-to-Value (LTV) ratio and comparing it to the threshold required for PMI removal. The process involves a few key steps:
- Calculate Current LTV: This is the ratio of your outstanding mortgage balance to the current appraised value of your home.
- Determine Target LTV: Lenders have specific LTV requirements for PMI cancellation. The most common is 80%, but some allow it at 78% (often automatically) or even lower if you request it and provide an appraisal.
- Project Future LTV: Based on your current mortgage payments (principal reduction) and potentially home appreciation, the calculator estimates when your LTV will drop to the target.
- Calculate Savings: The annual savings are simply your total annual PMI premium.
Variables Explained:
| Variable | Meaning | Unit | Typical Range |
|---|---|---|---|
| Current Home Value | The present market value of your property. | Currency (e.g., USD) | $50,000 – $5,000,000+ |
| Current Mortgage Balance | The remaining principal amount owed on your mortgage. | Currency (e.g., USD) | $10,000 – $2,000,000+ |
| Target LTV Ratio | The maximum LTV percentage allowed by your lender for PMI removal. | Percentage (%) | 70% – 80% |
| Annual PMI Cost | The total yearly premium paid for Private Mortgage Insurance. | Currency (e.g., USD) | $100 – $10,000+ |
| Current LTV | (Current Mortgage Balance / Current Home Value) * 100 | Percentage (%) | 0% – 100% |
| Estimated Monthly Principal Payment | Portion of your monthly mortgage payment that reduces the principal balance. (Note: This calculator simplifies by assuming a fixed principal reduction rate for projection). | Currency (e.g., USD) | Varies greatly |
| Estimated Annual Savings | Annual PMI Cost | Currency (e.g., USD) | $100 – $10,000+ |
Mathematical Derivation:
Current LTV = (Current Mortgage Balance / Current Home Value) * 100
The calculator projects future balances by subtracting a portion of the monthly payment attributable to principal. For simplicity in this tool, we estimate a monthly principal reduction based on the current balance and a typical amortization schedule, or a fixed rate if specific loan details aren’t provided. The goal is to find the month ‘M’ where:
(Projected Balance at Month M / Current Home Value) * 100 <= Target LTV Ratio
The savings are straightforward: Annual Savings = Annual PMI Cost.
Practical Examples (Real-World Use Cases)
Understanding the free PMI calculator is best done through examples:
Example 1: Standard PMI Removal
Scenario: Sarah bought her home 3 years ago with a 10% down payment. Her current home value is estimated at $400,000, her mortgage balance is $320,000, and she pays $960 annually for PMI. Her lender allows PMI removal at 80% LTV.
Inputs:
- Current Home Value: $400,000
- Current Mortgage Balance: $320,000
- Target LTV: 80%
- Annual PMI Cost: $960
Calculation:
- Current LTV = ($320,000 / $400,000) * 100 = 80%
Result: Sarah is already at the 80% LTV threshold. She can contact her lender immediately to request PMI removal. Her potential annual savings are $960.
Financial Interpretation: Sarah has built sufficient equity through her down payment and principal payments. By acting now, she can stop paying for PMI and increase her monthly cash flow.
Example 2: PMI Removal with Appreciation
Scenario: John bought his home 5 years ago with a 5% down payment. His initial mortgage was $380,000 on a $400,000 home. His current mortgage balance is $340,000, and he pays $1,500 annually for PMI. His lender requires 78% LTV for automatic cancellation, but he can request it at 80% with an appraisal.
Inputs:
- Current Home Value: $420,000 (due to market appreciation)
- Current Mortgage Balance: $340,000
- Target LTV: 80%
- Annual PMI Cost: $1,500
Calculation:
- Current LTV = ($340,000 / $420,000) * 100 = 80.95%
Result: John’s current LTV is slightly above 80%. The calculator might show that based on his payment schedule, he’ll reach 80% LTV in approximately 6 months. He could also consider paying for an appraisal now to see if he qualifies for immediate removal, potentially saving PMI costs sooner.
Financial Interpretation: Even though his balance hasn’t decreased enough to hit 80% based solely on payments, home appreciation has significantly helped him reach the equity goal faster. He needs to weigh the cost of an appraisal against the potential savings from removing PMI earlier.
How to Use This Free PMI Calculator
Using the free PMI calculator is straightforward. Follow these steps to get your personalized PMI elimination projection:
- Enter Current Home Value: Input the most recent estimated market value of your home. You can find this through recent appraisals, online valuation tools (like Zillow or Redfin), or by consulting a real estate agent.
- Enter Current Mortgage Balance: Find the exact remaining principal balance on your mortgage statement. This is crucial for accurate LTV calculation.
- Select Target LTV Ratio: Choose the LTV percentage required by your lender for PMI removal. Common options are 80% (often requires a formal request and potentially an appraisal) and 78% (often automatically processed by the lender). Check your mortgage documents or contact your lender if unsure.
- Enter Annual PMI Cost: Locate your annual PMI premium amount on your mortgage statement or escrow breakdown.
- Click ‘Calculate’: The calculator will instantly display your current LTV, target LTV, potential annual savings, and the projected date or timeframe for PMI removal.
How to read results:
- Current LTV: Shows your current equity position. A lower percentage means more equity.
- Target LTV: The goal you need to reach.
- Annual PMI Savings: The amount you’ll save each year once PMI is removed.
- Main Result: Indicates whether you’ve reached your target LTV and provides a summary message (e.g., “You may be eligible to remove PMI now!” or “Estimated time to reach target LTV: X months”).
- Table & Chart: Provide a visual breakdown of your progress over time, showing how your balance decreases and LTV improves month by month.
Decision-making guidance: If the calculator shows you’ve met the LTV requirement, contact your lender to initiate the PMI removal process. If you’re close, use the projection to plan your finances. If you’re far from the target, focus on making extra principal payments or consider home improvements that could increase your home’s value. Remember that lenders may require a new appraisal to verify the LTV, especially if you’re requesting removal before reaching 78% LTV.
Key Factors That Affect PMI Results
Several factors influence when and how you can eliminate PMI. Understanding these is key to effective mortgage management:
- Home Value Fluctuations: Property values can increase or decrease. An increase in your home’s value improves your LTV ratio without requiring extra payments, potentially accelerating PMI removal. Conversely, a decrease can push your LTV higher, delaying removal. Regular market monitoring is essential.
- Mortgage Interest Rate: While not directly used in the LTV calculation for PMI removal, your interest rate impacts how much of your monthly payment goes towards principal versus interest. A higher interest rate means slower principal reduction, potentially extending the time to reach the target LTV. Refinancing to a lower rate could help.
- Principal Payment Amount: The primary driver for reducing LTV over time is paying down your mortgage principal. Making extra principal payments, even small ones consistently, can significantly shorten the time needed to reach the 80% LTV threshold.
- Lender Policies: Not all lenders have the same rules. Some automatically remove PMI at 78% LTV, while others require a formal request and appraisal at 80% LTV. Some may have specific requirements regarding the age of the loan or payment history. Always confirm your lender’s specific policies.
- Appraisal Costs: If your lender requires a new appraisal to verify your home’s current value for PMI removal (especially if you’re requesting it before 78% LTV), you’ll incur an appraisal fee. You need to weigh this cost against the potential savings from eliminating PMI sooner.
- Property Taxes and Homeowners Insurance: While these don’t directly affect the LTV calculation for PMI removal, they are part of your total monthly housing cost (often included in escrow). Changes in these costs can affect your overall budget and your ability to make extra principal payments towards your mortgage.
- Inflation and Economic Conditions: Broader economic factors can influence home values and interest rates. High inflation might lead to rising home prices, helping LTV, but could also prompt interest rate hikes, making mortgages more expensive.
Frequently Asked Questions (FAQ)
A: Typically, yes. For conventional loans, lenders require PMI to protect themselves against the increased risk associated with a lower down payment. FHA loans have a similar Mortgage Insurance Premium (MIP).
A: Yes. If your home value has appreciated such that your LTV is now 80% or less, you can request PMI removal. Your lender will likely require a new appraisal to confirm the current value.
A: The process can vary. Once you submit a request and potentially an appraisal, it can take anywhere from a few weeks to a couple of months for the lender to process the cancellation and adjust your payments.
A: Automatic cancellation usually occurs when your LTV reaches 78% based on the original amortization schedule. Requested cancellation typically happens when you reach 80% LTV, requiring you to formally ask your lender and possibly provide an appraisal.
A: No. PMI is specific to conventional loans. FHA loans have Mortgage Insurance Premiums (MIP), VA loans typically don’t require mortgage insurance for eligible veterans, and USDA loans have a guarantee fee.
A: Common reasons include not meeting the LTV requirement, having a history of late payments, or insufficient equity verification. Review the reason provided by your lender and address the specific concerns.
A: While technically possible, this is generally not advisable. Using a HELOC means taking on a new debt, potentially at a variable rate, to pay off another. It doesn’t eliminate your overall debt burden and can increase risk if not managed carefully.
A: It’s wise to review your LTV at least annually, or whenever significant changes occur, such as a home renovation, major market shifts, or substantial principal payments. Using a free PMI calculator periodically can help you stay on track.
var homeValueInput = document.getElementById(‘homeValue’);
var loanBalanceInput = document.getElementById(‘loanBalance’);
var ltvTargetSelect = document.getElementById(‘ltvTarget’);
var annualPmiCostInput = document.getElementById(‘annualPmiCost’);
var currentLtvValueSpan = document.getElementById(‘currentLtvValue’);
var targetLtvValueSpan = document.getElementById(‘targetLtvValue’);
var annualSavingsValueSpan = document.getElementById(‘annualSavingsValue’);
var mainResultSpan = document.getElementById(‘mainResult’);
var pmiTableBody = document.getElementById(‘pmiTableBody’);
var pmiChartCanvas = document.getElementById(‘pmiChart’);
var pmiChartInstance = null; // To hold the chart object
var homeValueErrorSpan = document.getElementById(‘homeValueError’);
var loanBalanceErrorSpan = document.getElementById(‘loanBalanceError’);
var annualPmiCostErrorSpan = document.getElementById(‘annualPmiCostError’);
function formatCurrency(amount) {
return ‘$’ + amount.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, ‘$&,’);
}
function formatPercentage(value) {
return value.toFixed(2) + ‘%’;
}
function validateInput(inputElement, errorElement, minValue, maxValue, errorMessage) {
var value = parseFloat(inputElement.value);
var isValid = true;
if (isNaN(value) || value === ”) {
errorElement.textContent = ‘Please enter a valid number.’;
errorElement.style.display = ‘block’;
isValid = false;
} else if (value maxValue) {
errorElement.textContent = ‘Value cannot exceed ‘ + formatCurrency(maxValue) + ‘.’;
errorElement.style.display = ‘block’;
isValid = false;
} else {
errorElement.textContent = ”;
errorElement.style.display = ‘none’;
}
return isValid;
}
function calculatePMI() {
// Clear previous errors
homeValueErrorSpan.textContent = ”; homeValueErrorSpan.style.display = ‘none’;
loanBalanceErrorSpan.textContent = ”; loanBalanceErrorSpan.style.display = ‘none’;
annualPmiCostErrorSpan.textContent = ”; annualPmiCostErrorSpan.style.display = ‘none’;
// Validate inputs
var isHomeValueValid = validateInput(homeValueInput, homeValueErrorSpan, 1, undefined);
var isLoanBalanceValid = validateInput(loanBalanceInput, loanBalanceErrorSpan, 0, parseFloat(homeValueInput.value));
var isPmiCostValid = validateInput(annualPmiCostInput, annualPmiCostErrorSpan, 0);
if (!isHomeValueValid || !isLoanBalanceValid || !isPmiCostValid) {
return; // Stop calculation if validation fails
}
var homeValue = parseFloat(homeValueInput.value);
var loanBalance = parseFloat(loanBalanceInput.value);
var ltvTarget = parseFloat(ltvTargetSelect.value);
var annualPmiCost = parseFloat(annualPmiCostInput.value);
var currentLtv = (loanBalance / homeValue) * 100;
var targetLtv = ltvTarget;
var annualSavings = annualPmiCost;
currentLtvValueSpan.textContent = formatPercentage(currentLtv);
targetLtvValueSpan.textContent = formatPercentage(targetLtv);
annualSavingsValueSpan.textContent = formatCurrency(annualSavings);
var message = “”;
var isEligible = currentLtv <= targetLtv;
if (isEligible) {
message = "Congratulations! You may be eligible to remove PMI now.";
} else {
// Estimate time to reach target LTV
// This is a simplified projection. A real amortization calculation is complex.
// We'll assume a fixed monthly principal reduction for simplicity in this example.
// A more accurate calculation would involve loan term, interest rate etc.
// For this calculator, we'll just show the savings potential.
message = "You are not yet at the target LTV. Continue making payments.";
}
mainResultSpan.textContent = message;
// Update Table and Chart
updatePMITableAndChart(homeValue, loanBalance, ltvTarget, annualPmiCost);
}
function updatePMITableAndChart(homeValue, initialLoanBalance, ltvTarget, annualPmiCost) {
pmiTableBody.innerHTML = ''; // Clear previous table rows
var monthlyPmiCost = annualPmiCost / 12;
var currentBalance = initialLoanBalance;
var currentLtv = (currentBalance / homeValue) * 100;
var cumulativeSavings = 0;
var monthsToTarget = 0;
var targetReached = false;
var chartDataBalance = [];
var chartDataLtv = [];
var chartLabels = [];
// Simplified principal reduction: Assume a fixed percentage of the initial balance is paid down monthly.
// A more accurate model would use amortization based on interest rate and loan term.
// For demonstration, let's assume a small fixed amount reduction or a percentage.
// Let's use a simplified approach: estimate principal reduction based on a typical mortgage.
// This is a placeholder; a real calculator would need loan term and interest rate.
// For this example, let's assume a hypothetical monthly principal reduction.
// We'll calculate it based on a common scenario: ~0.5% of initial balance per month reduction for illustration.
var estimatedMonthlyPrincipalReduction = initialLoanBalance * 0.005; // Example reduction
for (var month = 1; month <= 360; month++) { // Project up to 30 years
var estimatedLtv = (currentBalance / homeValue) * 100;
var pmiStatus = "Paying PMI";
var savingsThisMonth = 0;
if (estimatedLtv <= ltvTarget && !targetReached) {
targetReached = true;
monthsToTarget = month;
pmiStatus = "PMI Removed";
// Calculate savings from this month onwards
cumulativeSavings = (360 – month + 1) * monthlyPmiCost; // Simplified total savings
} else if (targetReached) {
savingsThisMonth = monthlyPmiCost;
cumulativeSavings += savingsThisMonth;
}
// Add row to table
if (month <= 60 || targetReached) { // Show first 5 years or until target reached
var row = pmiTableBody.insertRow();
row.insertCell(0).textContent = month;
row.insertCell(1).textContent = formatCurrency(currentBalance);
row.insertCell(2).textContent = formatPercentage(estimatedLtv);
row.insertCell(3).textContent = pmiStatus;
row.insertCell(4).textContent = formatCurrency(cumulativeSavings);
}
// Update balance for next iteration
currentBalance -= estimatedMonthlyPrincipalReduction;
if (currentBalance < 0) currentBalance = 0;
// Prepare data for chart
chartLabels.push(month);
chartDataBalance.push(currentBalance);
chartDataLtv.push(estimatedLtv);
if (currentBalance === 0) break; // Stop if loan is paid off
}
// Update main result message if target not reached
if (!targetReached) {
mainResultSpan.textContent = "Estimated time to reach target LTV: " + monthsToTarget + " months.";
} else {
mainResultSpan.textContent = "Congratulations! You may be eligible to remove PMI now.";
}
// Update Chart
updateChart(chartLabels, chartDataBalance, chartDataLtv, homeValue, ltvTarget);
}
function updateChart(labels, balanceData, ltvData, homeValue, ltvTarget) {
var ctx = pmiChartCanvas.getContext('2d');
// Destroy previous chart instance if it exists
if (pmiChartInstance) {
pmiChartInstance.destroy();
}
// Find the month where LTV target is met for highlighting
var targetMonthIndex = -1;
for (var i = 0; i < ltvData.length; i++) {
if (ltvData[i] <= ltvTarget) {
targetMonthIndex = i;
break;
}
}
pmiChartInstance = new Chart(ctx, {
type: 'line',
data: {
labels: labels.filter(function(label, index) { return index = targetMonthIndex); }), // Show first 5 years or from target month onwards
datasets: [{
label: ‘Mortgage Balance’,
data: balanceData.filter(function(data, index) { return index = targetMonthIndex); }),
borderColor: ‘rgb(0, 74, 153)’, // Primary color
backgroundColor: ‘rgba(0, 74, 153, 0.1)’,
fill: false,
yAxisID: ‘y-axis-balance’,
tension: 0.1
}, {
label: ‘LTV Ratio (%)’,
data: ltvData.filter(function(data, index) { return index = targetMonthIndex); }),
borderColor: ‘rgb(40, 167, 69)’, // Success color
backgroundColor: ‘rgba(40, 167, 69, 0.1)’,
fill: false,
yAxisID: ‘y-axis-ltv’,
tension: 0.1
}]
},
options: {
responsive: true,
maintainAspectRatio: true,
scales: {
x: {
title: {
display: true,
text: ‘Month’
}
},
‘y-axis-balance’: {
type: ‘linear’,
position: ‘left’,
title: {
display: true,
text: ‘Mortgage Balance ($)’
},
ticks: {
callback: function(value) {
return formatCurrency(value);
}
},
min: 0
},
‘y-axis-ltv’: {
type: ‘linear’,
position: ‘right’,
title: {
display: true,
text: ‘LTV (%)’
},
ticks: {
callback: function(value) {
return value.toFixed(1) + ‘%’;
}
},
min: 0,
max: 100
}
},
plugins: {
tooltip: {
callbacks: {
label: function(context) {
var label = context.dataset.label || ”;
if (label) {
label += ‘: ‘;
}
if (context.parsed.y !== null) {
if (context.dataset.label === ‘LTV Ratio (%)’) {
label += context.parsed.y.toFixed(2) + ‘%’;
} else {
label += formatCurrency(context.parsed.y);
}
}
return label;
}
}
},
legend: {
position: ‘top’,
}
},
// Highlight the point where LTV target is met
…(targetMonthIndex !== -1 && {
annotation: {
annotations: [{
type: ‘line’,
mode: ‘vertical’,
scaleID: ‘x’,
value: labels[targetMonthIndex],
borderColor: ‘rgba(255, 99, 132, 0.8)’,
borderWidth: 2,
label: {
content: ‘Target LTV Reached’,
enabled: true,
position: ‘top’
}
}]
}
})
}
});
}
function resetCalculator() {
homeValueInput.value = ‘300000’;
loanBalanceInput.value = ‘250000’;
ltvTargetSelect.value = ’80’;
annualPmiCostInput.value = ‘600’;
// Clear errors
homeValueErrorSpan.textContent = ”; homeValueErrorSpan.style.display = ‘none’;
loanBalanceErrorSpan.textContent = ”; loanBalanceErrorSpan.style.display = ‘none’;
annualPmiCostErrorSpan.textContent = ”; annualPmiCostErrorSpan.style.display = ‘none’;
calculatePMI(); // Recalculate with default values
}
function copyResults() {
var homeValue = parseFloat(homeValueInput.value);
var loanBalance = parseFloat(loanBalanceInput.value);
var ltvTarget = parseFloat(ltvTargetSelect.value);
var annualPmiCost = parseFloat(annualPmiCostInput.value);
var currentLtv = (loanBalance / homeValue) * 100;
var annualSavings = annualPmiCost;
var mainResultMessage = mainResultSpan.textContent;
var assumptions = “Key Assumptions:\n”;
assumptions += “- Current Home Value: ” + formatCurrency(homeValue) + “\n”;
assumptions += “- Current Mortgage Balance: ” + formatCurrency(loanBalance) + “\n”;
assumptions += “- Target LTV: ” + formatPercentage(ltvTarget) + “\n”;
assumptions += “- Annual PMI Cost: ” + formatCurrency(annualPmiCost) + “\n”;
var resultsText = “— PMI Elimination Summary —\n”;
resultsText += “Current LTV: ” + formatPercentage(currentLtv) + “\n”;
resultsText += “Target LTV: ” + formatPercentage(ltvTarget) + “\n”;
resultsText += “Annual PMI Savings: ” + formatCurrency(annualSavings) + “\n”;
resultsText += mainResultMessage + “\n\n”;
resultsText += assumptions;
// Copy to clipboard
var textArea = document.createElement(“textarea”);
textArea.value = resultsText;
textArea.style.position = “fixed”;
textArea.style.left = “-9999px”;
document.body.appendChild(textArea);
textArea.focus();
textArea.select();
try {
document.execCommand(‘copy’);
alert(‘Results copied to clipboard!’);
} catch (e) {
console.error(‘Failed to copy results: ‘, e);
alert(‘Failed to copy results. Please copy manually.’);
} finally {
document.body.removeChild(textArea);
}
}
// Initial calculation on page load
document.addEventListener(‘DOMContentLoaded’, function() {
// Load Chart.js library dynamically if not already present
if (typeof Chart === ‘undefined’) {
var script = document.createElement(‘script’);
script.src = ‘https://cdn.jsdelivr.net/npm/chart.js@3.7.0/dist/chart.min.js’; // Use a specific version
script.onload = function() {
// Chart.js loaded, now initialize the chart
calculatePMI();
};
script.onerror = function() {
console.error(“Failed to load Chart.js library.”);
// Optionally display a message to the user
};
document.head.appendChild(script);
} else {
// Chart.js is already loaded
calculatePMI();
}
});
// Add event listeners for real-time updates (optional, but good UX)
homeValueInput.addEventListener(‘input’, calculatePMI);
loanBalanceInput.addEventListener(‘input’, calculatePMI);
ltvTargetSelect.addEventListener(‘change’, calculatePMI);
annualPmiCostInput.addEventListener(‘input’, calculatePMI);