Trying to figure out PMI?

[64met]

Can someone explain to me the formaula for PMI? My situation is this... we are about to sell our home and from a new home stanpoint  are looking @ $600-$800k; 10 &15% down is no problem; 20% dpending on the price of our new home (after the jumbo loan situation clears up) might be stretching it! So; is it better to stretch it; put the 20% down or just suck it up and pay the PMI?  What is the ratio to figure out monthly PMI?? (Or is there one)?

Thxs in advance!

[sunrise]

I would stretch it to avoid PMI.  I'm not sure on the exact formula on figuring PMI, but I think it is based on how much the difference ($) is to get you under/at your 80% LTV.   So, If you only pay 10% down you will have a larger monthly PMI amt. than if you paid 15% down.  So, the closer to 20% down the less the PMI pymts will be and the shorter amt. of time you will have to pay it.

I will let the experts chime in on this to correct me if I am wrong. Or, explain the formula.  This is how I believe it works, just from what little I have been told about it.

Hope this helps!

[ShanetheMortgageMan]

Good website to help calculate PMI is http://www.mgic.com/is/html/ratefinder.html (or http://www.mgic.com/rates/rates.html if that link doesn't work, then click on "rate finder").