how much will be a PMI Mortgage Insurance for a 200000 house?

If the downpayment was only a 5%

4 Answers

  • Bob
    Lv 6
    9 years ago
    Favorite Answer

    The rate varies with your credit score, the term and type of loan you have and the mortgage insurance company. If you have a credit score of at least 720 and a 30 year fixed rate term, the monthly PMI through MGIC will be $106.08 to purchase a home with a $190K loan. The monthly PMI payment stops once your balance is paid down to 78% of the original purchase price after about nine years of regular payments or sooner if you pay more. They also offer a one time payment of 2.48% ($4,712) of your loan financed with the balance which gives you a lower initial total payment, but won't change when you pay down to 78% of original value.

    Rates are different for refinances, shorter loan terms, adjustable rates and other special programs.

    Source(s): Licensed Loan Officer in Ohio
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  • 9 years ago

    Put down 20% and avoid the extra costs of PMI!!!

    Your lender can inform you of the rates.

    Source(s): real estate investor
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  • Debdeb
    Lv 7
    9 years ago

    That will be determined partly by your credit score. Someone with a score of 750 will pay a lot less than someone with a score of 650. Ask the lender. It's automatically calculated through the desktop underwriting program they use.

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  • nickie
    Lv 4
    3 years ago

    Hi, just wanted to mention, I enjoyed this discussion. Very valuable answers

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