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.

Comments(5)

  • kmaples10th February, 2004

    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.

  • bgrossnickle10th February, 2004

    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

  • tinman175510th February, 2004

    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]

  • WheelerDealer10th February, 2004

    Go to ANY lenders website. They ALL have a mortgage calculator. [ Edited by WheelerDealer on Date 02/10/2004 ]

  • wendys10th February, 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.

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