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PMI Calculations for Home Mortgage
Posted on 11/29/12 at 2:47 pm
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?
3
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
it is specific to loans. FHA having a higher PMI than so other traditional loans, and RD loans have smaller PMI
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.
Posted on 11/29/12 at 8:41 pm to bojabu
Google pmi rate sheet and you should be able to see ut online.
Posted on 11/30/12 at 8:48 am to bojabu
It's every 5% (5, 10, 15) until you hit 20%
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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