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Also, does anyone know why, when I plug in the same numbers at a mortgage calculator site (which includes the property taxes and HOI and MIP), why the numbers aren't the same?
If I plug in at the CNN Mortgage payment estimator the numbers for a $216,727 loan, with $18K down, at 5% interest, and $2K each in property taxes and insurance, I get a MUCH lower number than CW gives me.
The only way I can get the same payment amount that CW gave me is to use 5.5% and cut down our down payment by half -- which the LO at CW said is NOT being done.
Quicken also gave us a lower monthly payment, too ($1538, including MIP, PT and HOI).
Does anyone have any idea what's going on????
Much appreciation in advance!!
Pretty solid offer from CW. However with a $213k base loan amount, $216,727 with MIP, at 5% the P&I payment should be $1,163.44. Not even sure how they got the $1,230.55/mo payment with that rate either... if you see their math doesn't add up either, their numbers add up to $1,638.93. However $216,727 at 5.5% has a P&I payment of $1,230.55.
@ShanetheMortgageMan wrote:Pretty solid offer from CW. However with a $213k base loan amount, $216,727 with MIP, at 5% the P&I payment should be $1,163.44. Not even sure how they got the $1,230.55/mo payment with that rate either... if you see their math doesn't add up either, their numbers add up to $1,638.93. However $216,727 at 5.5% has a P&I payment of $1,230.55.
Message Edited by ShanetheMortgageMan on 12-24-2008 01:03 PM