.stewart-rate-calculator {
font-family: sans-serif;
border: 1px solid #ccc;
padding: 20px;
border-radius: 8px;
max-width: 500px;
margin: 20px auto;
background-color: #f9f9f9;
}
.calculator-title {
text-align: center;
margin-bottom: 20px;
color: #333;
}
.calculator-inputs {
display: flex;
flex-direction: column;
gap: 15px;
}
.input-group {
display: flex;
flex-direction: column;
}
.input-group label {
margin-bottom: 5px;
font-weight: bold;
color: #555;
}
.input-group input,
.input-group select {
padding: 10px;
border: 1px solid #ddd;
border-radius: 4px;
font-size: 1rem;
}
.input-group input:read-only {
background-color: #e9e9e9;
}
button {
display: block;
width: 100%;
padding: 12px;
background-color: #007bff;
color: white;
border: none;
border-radius: 4px;
font-size: 1.1rem;
cursor: pointer;
margin-top: 20px;
transition: background-color 0.3s ease;
}
button:hover {
background-color: #0056b3;
}
.calculator-result {
margin-top: 20px;
padding: 15px;
background-color: #e7f3fe;
border: 1px solid #b3d7ff;
border-radius: 4px;
text-align: center;
font-size: 1.1rem;
color: #004085;
min-height: 50px;
display: flex;
align-items: center;
justify-content: center;
}
function calculateStewartRate() {
var propertyValue = parseFloat(document.getElementById("propertyValue").value);
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var transactionType = document.getElementById("transactionType").value;
var resultDiv = document.getElementById("result");
if (isNaN(propertyValue) || isNaN(loanAmount)) {
resultDiv.innerHTML = "Please enter valid numbers for Property Value and Loan Amount.";
return;
}
if (loanAmount > propertyValue) {
resultDiv.innerHTML = "Loan amount cannot exceed property value.";
return;
}
var rate = 0;
// Simplified example rates for New York based on common scenarios.
// Actual rates depend on specific county, transaction complexity, and Stewart Title's specific policies.
// This is for illustrative purposes only. Consult Stewart Title directly for accurate quotes.
if (transactionType === "purchase") {
if (loanAmount <= 1000000) {
rate = 0.0045; // Example: 4.5 mills per $1000 of coverage
} else if (loanAmount <= 2000000) {
rate = 0.0040; // Example: 4.0 mills per $1000 of coverage
} else if (loanAmount <= 5000000) {
rate = 0.0035; // Example: 3.5 mills per $1000 of coverage
} else {
rate = 0.0030; // Example: 3.0 mills per $1000 of coverage
}
} else if (transactionType === "refinance") {
if (loanAmount <= 1000000) {
rate = 0.0038; // Example: 3.8 mills per $1000 of coverage
} else if (loanAmount <= 2000000) {
rate = 0.0034; // Example: 3.4 mills per $1000 of coverage
} else if (loanAmount <= 5000000) {
rate = 0.0030; // Example: 3.0 mills per $1000 of coverage
} else {
rate = 0.0027; // Example: 2.7 mills per $1000 of coverage
}
}
var titleInsuranceCost = (loanAmount / 1000) * rate * 1000; // Calculate cost based on mills
// Additional fees (abstract, closing, etc.) are not included here and vary significantly.
// This calculation focuses solely on the title insurance premium estimation.
var formattedCost = titleInsuranceCost.toLocaleString('en-US', { style: 'currency', currency: 'USD' });
resultDiv.innerHTML = "Estimated Title Insurance Premium: " + formattedCost + "Note: This is an estimate. Actual rates may vary. Consult Stewart Title for a definitive quote.";
}
Understanding Title Insurance Premiums in New York
When you buy or refinance a property in New York, obtaining title insurance is a crucial step to protect your investment. Stewart Title, a leading title insurance underwriter, provides policies that safeguard both lenders and property owners from potential title defects. The cost of this insurance, known as the title insurance premium, is regulated and varies based on several factors.
How Title Insurance Premiums are Calculated
In New York, title insurance premiums are not a flat fee. Instead, they are calculated based on the loan amount for lender's policies or the property value for owner's policies. The rates are often expressed in "mills," where one mill equals $1 per $1,000 of coverage. The rates are typically tiered, meaning that as the coverage amount increases, the mill rate may decrease.
The rates are set by the New York State Department of Financial Services and are standardized across title insurance companies, including Stewart Title. However, while the base premium rates are uniform, additional services such as abstracting, title examination, and closing services can introduce variations in the total cost.
Key Factors Influencing the Premium:
Loan Amount / Property Value: This is the primary determinant of the premium. Higher amounts/values generally lead to higher premiums, though at a potentially decreasing rate per thousand.
Transaction Type: Rates can differ slightly between purchase transactions and refinance transactions.
Location: While the base rates are state-mandated, specific county charges or endorsements can sometimes affect the final cost.
Using the Stewart Title Rate Calculator
The calculator above provides an estimated title insurance premium for New York transactions. It considers the type of transaction (purchase or refinance) and the relevant monetary value (property value for owner's policy estimation, loan amount for lender's policy estimation).
How it works:
Select whether the transaction is a 'Purchase' or 'Refinance'.
Enter the 'Property Value' (for owner's coverage estimation) or 'Loan Amount' (for lender's coverage estimation). For a comprehensive estimate, you might consider both if applicable, though the calculator simplifies to one primary figure.
Click 'Calculate Rate'.
The result will display an estimated title insurance premium. It's important to remember that this is a simplified model. Actual costs can vary due to specific endorsements, title exceptions, and other ancillary fees charged by Stewart Title or its agents.
For an accurate and official quote for your specific transaction, always contact Stewart Title directly or consult with your real estate attorney or closing agent. They can provide a detailed breakdown of all associated costs.