How much is mortgage life insurance per month?

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    Jordan Moore
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    Jordan Moore
    Keymaster

    A mortgage life insurance, also known as mortgage protection insurance, serves to protect your family from paying off any remaining mortgage payments upon your death. The life insurance policy pays out the remaining mortgage balance to your mortgage lender. Unlike regular life insurance where the family can use the insurance amount as they see fit, a mortgage life insurance is specifically for mortgage payments. 

    The cost of a mortgage life insurance varies depending on your age, health, and occupation. The VA mortgage life insurance calculator estimates the following to be your monthly mortgage insurance premium if you have $150,000 in coverage, a $150,000 balance, and 25 years remaining on your mortgage:

     

    Age Monthly mortgage insurance premium
    20 $10.13
    25 $11.77
    30 $14.72
    35 $20.90
    40 $32.15

     

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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