Question about PMI

casey31 Posted: Sep 23, 2004 02:41 PM

Question about PMI

Does anyone know how to estimate how much PMI might cost? Does it happen to be a certain percentage of your total mortgage or the value of the home?

Also, how might we anticipate what our homeowners insurance might be per month? We are just trying to anticipate a monthly budget......

Thanks!

KarenB Posted: Sep 23, 2004 02:54 PM

Re: Question about PMI

I don't know about PMI but maybe estimate 100 per month for Homeowners. That is probably on the high side but for guessing it is better to go higher.

casey31 Posted: Sep 23, 2004 02:56 PM

Re: Question about PMI

Thanks Karen- that helps a lot!!

KarenB Posted: Sep 23, 2004 04:02 PM

Re: Question about PMI

You're welcome.

LIPrincess00 Posted: Sep 23, 2004 04:20 PM

Re: Question about PMI

I am not sure how to calculate it, but mine is 150.00 per month. Make sure that you can apply to get rid of it anytime. My sister was stuck paying hers for 2 yrs before she could apply to the bank to drop it. As soon as I finish the work in my house I am going to have it done.

februarybride Posted: Sep 23, 2004 05:00 PM

Re: Question about PMI

PMI is based on the loan amount. I copied this from a site:
*80.01 to 85% LTV:   loan amount (LA) x 0.0032 / 12
* 85.01 to 90% LTV:     LA x .0052 / 12
* 90.01 to 95% LTV:     LA x .0078 / 12
* 95 to 97% LTV:          LA x .009 /12

Valentinegirl Posted: Sep 23, 2004 07:56 PM

Re: Question about PMI

I don't pay it but I would say about $100-$150 a month.

anjerandunder Posted: Sep 24, 2004 09:51 AM

Re: Question about PMI

mine is 68 a month and once we have paid 20% i can apply to the bank to get rid of it.

edited: or once the house is appraised and it has gone up that covers the 20% also