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