Mortgage Protection Calculator
Calculate how much mortgage protection life insurance you need to ensure your family can keep the home if you pass away. Compare level term vs decreasing term options.
Part of our Insurance Calculators collection.
Mortgage Protection Calculator
Free online calculator
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Results update automatically as you type
How to Use This Calculator
- 1
Enter your personal details and financial information.
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See the estimated cost or coverage need instantly.
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Adjust inputs to compare different scenarios.
How This is Calculated
Coverage Needed = Outstanding Mortgage Balance Level Term: Fixed death benefit = current balance (recommended) Decreasing Term: Coverage reduces with balance (cheaper but may leave gap) Monthly payment calculated to show income needed for policy comparison.
Example Calculation
See your personalised estimate
Inputs
Result
Enter values above for your estimate
Results update as you enter your information.
Frequently Asked Questions
Is mortgage protection insurance the same as PMI?
No. PMI (Private Mortgage Insurance) protects the lender if you default. Mortgage protection insurance pays off your mortgage if you die, protecting your family. They're completely different products.
Level term vs decreasing term — which is better?
Level term is almost always better. While decreasing term is slightly cheaper, your mortgage balance goes down slowly at first (most early payments are interest), so a decreasing policy can leave a significant gap. Level term provides full coverage throughout.