cancel
Showing results for 
Search instead for 
Did you mean: 

What are current PMI rates? - Recent closers?

tag
FixCredit24
Established Member

What are current PMI rates? - Recent closers?

My husband and I are looking to upgrade our home over the next 6 months.

 

I am trying to figure out how much we can afford before applying with a lender. (not seriously looking until 6 mos from now. Still saving)

 

Obviously, I am aware that the PMI rate will have an affect on the affordability, so I am trying to determine how much extra this is going to cost.

 

Our lowest mid-score is above 760, so I am assuming that this will get us the best rates, but I'm not sure what the rates are at this point in time.

 

We will be going conventional with 5% down. 

 

Just trying to get some feedback from recent closers as to what your rates were.

 

Thank you.

 

 

Message 1 of 3
2 REPLIES 2
VALoanMaster
Valued Contributor

Re: What are current PMI rates? - Recent closers?


@FixCredit24 wrote:

My husband and I are looking to upgrade our home over the next 6 months.

 

I am trying to figure out how much we can afford before applying with a lender. (not seriously looking until 6 mos from now. Still saving)

 

Obviously, I am aware that the PMI rate will have an affect on the affordability, so I am trying to determine how much extra this is going to cost.

 

Our lowest mid-score is above 760, so I am assuming that this will get us the best rates, but I'm not sure what the rates are at this point in time.

 

We will be going conventional with 5% down. 

 

Just trying to get some feedback from recent closers as to what your rates were.

 

Thank you.

 

 


Hi FixCredit24,

 

The PMI should run you .410% of the loan amount divided by 12. Here's an example:

Purchase price of $250,000 with 5% down gives you a loan amount of $237,500 so here's the calculation.

$237,500 X .410% = $973.75 / 12 = $81.15 per month for your PMI payment.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 2 of 3
FixCredit24
Established Member

Re: What are current PMI rates? - Recent closers?

Thank you very much for the information. This helps!!

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.