Mortgage Insurance (MI):
Insurance written by an independent mortgage insurance
company protecting the mortgage lender against loss incurred by a mortgage
default. Sometimes referred to as Private Mortgage Insurance (PMI), usually
required for loans with an LTV higher than 80%. Exec-Amort™
Loan Amortization Plus for Windows™allows for the collection of insurances along with regularly scheduled payments as part of the loan amortization. As a reoccurring charge, Mortgage Disability Insurance adds a FEE onto the regularly scheduled loan payments. This charge will not affect the principal balance nor any interest due. It will affect the APR, Yield, Loan Price, and/or NPV.