How Much Is PMI?
If I end up buying a house that cost say, 50,000 and I put down 0%, how much is PMI
if I put down 5%, how much is PMI
if I put down 10%, how much is PMI
if I put down 15%, how much is PMI
if I put down 20%, how much is PMI
Just trying to figure out some numbers here.
I would contact a few lenders and ask them the same question. I do know that if you put 20% down you do not need it. But it varies depending on the lender.
I bought several investment single family homes, all at 10% down and all within a couple month period and I could not determine a PMI formula.
I know it deceases the more you put down. And it increases if it is an investment property.
Brenda
pmi is based on the following:
1)loan amount
2)program
3)LTV
4) 80% to 84.99% is one formula
5)85% to 89% is another
6) last 90% to 95%
I can not give you a set formula because it depends on the lender
But these are the guidelines no matter what lender.
Lori
[addsig]
Go to ANY lenders website. They ALL have a mortgage calculator. [ Edited by WheelerDealer on Date 02/10/2004 ]
PMI varies depending on the coverage percentage required by your Lender and the type of loan program you choose. For owner occupied properties, exceeding 95% LTV, 40% coverage is the "norm" so the factor used for the formula is 1.09%. $50,000 x 1.09% divided by 12 gives you a monthly
PMI payment of $45.42. This is for a conventional 100% loan, if it is anything else that you are doing, it'll change the PMI requirements. Every Lender should be able to tell you the PMI factor. If they can't, then buyer beware - find a Lender who knows their stuff.