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| Posted by | Message | bojabu
Member since Sep 2010
1275 posts
| PMI Calculations for Home Mortgage (Posted on 11/29/12 at 2:47 pm)
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?
| | Back to top | Share on  | tigeraddict 
LSU Fan
Baton Rouge
Member since Mar 2007
4435 posts
| re: PMI Calculations for Home Mortgage (Posted on 11/29/12 at 3:46 pm to bojabu)
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
| | Back to top | | CajunTigerBabe
LSU Fan
Lafayette
Member since Sep 2012
206 posts
| re: PMI Calculations for Home Mortgage (Posted on 11/29/12 at 7:07 pm to tigeraddict)
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.
| | Back to top | | LSUSUPERSTAR
LSU Fan
Arlington, TX
Member since Jan 2005
8705 posts
| re: PMI Calculations for Home Mortgage (Posted on 11/29/12 at 8:41 pm to bojabu)
Google pmi rate sheet and you should be able to see ut online.
| | Back to top | | Brian Wilson
LSU Fan
Member since Mar 2012
688 posts
| re: PMI Calculations for Home Mortgage (Posted on 11/30/12 at 8:48 am to bojabu)
It's every 5% (5, 10, 15) until you hit 20%
| | Back to top | | LSU5508
LSU Fan
New Orleans
Member since Nov 2007
303 posts
| re: PMI Calculations for Home Mortgage (Posted on 12/2/12 at 12:38 pm to Brian Wilson)
For FHA
Under 5% 1.25
Over 5% 1.2 %
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