how much will be a PMI Mortgage Insurance for a 200000 house?
If the downpayment was only a 5%
- BobLv 69 years agoFavorite 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 http://www.mgic.com/rates/rates.html
- chatsplasLv 79 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
- DebdebLv 79 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.
- nickieLv 43 years ago
Hi, just wanted to mention, I enjoyed this discussion. Very valuable answers