PMI Calculations for Home Mortgage | TigerDroppings.com

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bojabu
Member since Sep 2010
1275 posts

PMI Calculations for Home Mortgage


Using online calculators, I see that PMI is much higher when you put down less than (exactly) 5%. If you change that one dollar to make to 5%, the PMI drops by a large amount. Anyone know why this is, and if there is any other trigger like that built in at other %'s?






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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4738 posts
 Online 

re: PMI Calculations for Home Mortgage


think on some loans 10% is another trigger

it is specific to loans. FHA having a higher PMI than so other traditional loans, and RD loans have smaller PMI






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CajunTigerBabe
LSU Fan
Lafayette
Member since Sep 2012
207 posts

re: PMI Calculations for Home Mortgage


The more you put down and the higher your credit score, the lower your PMI on conventional loans. It is that simple. FHA and RD have the same rate no matter what you put down or your FICO score.





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LSUSUPERSTAR
LSU Fan
Arlington, TX
Member since Jan 2005
9627 posts

re: PMI Calculations for Home Mortgage


Google pmi rate sheet and you should be able to see ut online.





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Brian Wilson
LSU Fan
Member since Mar 2012
1154 posts

re: PMI Calculations for Home Mortgage


It's every 5% (5, 10, 15) until you hit 20%





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LSU5508
LSU Fan
New Orleans
Member since Nov 2007
583 posts

re: PMI Calculations for Home Mortgage



For FHA

Under 5% 1.25
Over 5% 1.2 %






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