Mortgage insurance

nmorton79 · ‎02-14-2010

Can anyone please tell me how mortgage insurance is calculated? DH and would like to buy a home in between $150-155K and we were wondering about how much mi/pmi would be per month. Thanks in advance for the replies!!

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Anonymous · ‎02-18-2010

If you're going FHA, which might be a good option with lower scores, the mortgage insurance is 1.75% upfront and then either .55% or .5% a year (depending on LTV, 95% is the turning point to lower MI), divided into monthly payments.

BrianB_The_Loan_Professor · ‎02-19-2010

MI is next to impossible for anything other than FHA so the above numbers are what you are working with

The upfront is allowed to be added and financed into the loan

The monthly is $55 per $100,000 borrowed per month

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Brian B The Loan Professor
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