Mortgage protection coverage calculator
How big is the gap, really?
Most mortgage protection is sold at the loan balance, because that number is easy to reach for. It's rarely the right answer on its own — it ignores your other debts, and it ignores the coverage you already have.
This works out the gap: what would need covering, minus what already would be.
Coverage gap
- Coverage gap to consider
- $210,000
- Total obligations entered
- $280,000
- Already covered
- $70,000
- Term length to consider
- 22 years
- Obligation retired per year
- $9,545
Obligations you entered, minus the coverage and savings already in place.
Mortgage $250,000 + other debt $15,000 + final expenses $15,000
Existing life insurance $50,000 + savings $20,000
Commonly matched to the years left on the loan, so coverage lasts as long as the obligation.
Roughly how much of the gap disappears each year — useful when deciding between a level and a decreasing benefit.
This is arithmetic on the numbers you entered, not a quote. It doesn't account for your age, health, or an insurer's underwriting — all of which determine what coverage actually costs and whether it's available.
What it's doing
It adds the obligations you entered, subtracts the coverage and savings already in place, and shows what's left. That remainder is the gap worth discussing with a licensed professional.
Why the last figure matters
The "obligation retired per year" line is the one people find most useful. If a large share of the gap disappears each year as the loan amortises, a decreasing benefit might genuinely fit. If most of the gap is income replacement rather than loan balance, it usually doesn't.
What it deliberately doesn't do
It doesn't estimate a premium. Pricing depends on your age, health, the term, and an insurer's underwriting — none of which a calculator can know. Anything claiming otherwise is guessing.
Turn this into a real number
A calculator works with the figures you give it. A licensed insurance professional can tell you what’s actually available to you and what it would cost.
This tool performs arithmetic on the figures you enter. It does not estimate premiums, predict approval, or account for your state’s rules. Quote My Policy LLC is a licensed insurance producer.