Title Policy Calculator

How to Use the Title Policy Calculator

The Title Policy Calculator is designed to help you determine the costs associated with title insurance policies. This step-by-step guide will walk you through the process of using the calculator effectively.

Step 1: Enter the Sale Price

Begin by entering the sale price of the property in the input field labeled Sale Price ($). Ensure that the value entered is a non-negative number. You must enter the sale price as it is a required field, and it will be included in the calculation for the basic premium.

Step 2: Select the Policy Type

The next step is to select the policy type from the provided options. You will see a dropdown list with the following possible values:

• Owner’s Policy: This is for the title insurance policy covering the buyer.
• Lender’s Policy: Choose this option if you need title insurance for the lending company.
• Simultaneous Issue: This option applies when both an owner and a lender’s policy are issued together.

Selection of the policy type is required for the calculations to proceed.

Step 3: Enter the Loan Amount (Optional)

If applicable, enter the loan amount in the Loan Amount ($) field. This field is not required unless you are calculating a lender’s or simultaneous issue policy. If you choose ‘Owner’s Policy’, you can leave this field blank. Ensure the loan amount entered is a non-negative number.

Step 4: Obtain the Results

Once you have entered all necessary inputs, the calculator will compute various premiums automatically based on your inputs:

• Basic Premium: Calculated using the sale price.
• Lender’s Premium: Calculated based on the loan amount and applicable to lender or simultaneous policy types.
• Simultaneous Issue Discount: Applies if you choose the simultaneous issue policy type and is a percentage of the lender’s premium.
• Total Premium: The overall premium based on the policy type and individual premiums calculated.

The results will be displayed as currency in USD with two decimal points for precision.

Step 5: Review and Save Your Results

Review the calculated premiums. If you need to change any inputs, simply adjust them as necessary, and the results will update automatically. Record the information for your records or further use.