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PMI for a mortgage
does anyone want to share what they pay in PMI per month if you obtained an FHA loan?
We are looking to purchase our first home and were told with a mortgage of 300 thousand that the PMI would be 300 a month? is this high?
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Posted 5/12/12 4:06 PM  |
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Prudential Douglas Elliman Real Estate
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: PMI for a mortgage
That's sounds just about right.
Stinks
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| Posted 5/12/12 8:15 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: PMI for a mortgage
Our mortgage was for $315k and we pay $289/month PMI.
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| Posted 5/13/12 12:17 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Re: PMI for a mortgage
Our house loan was $256k and we pay $112 per month pmi
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| Posted 5/13/12 6:42 AM |
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ny55angel
car seat tech & geek :-)
Member since 2/06 4346 total posts
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P
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Re: PMI for a mortgage
Posted by ElizaRags35
Our mortgage was for $315k and we pay $289/month PMI.
Thats about what ours is. We don't have an FHA loan, we only put down 5% though that why we have PMI
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| Posted 5/13/12 9:38 AM |
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Re: PMI for a mortgage
I believe PMI for an FHA loan is based on a set formula (established by the federal government), so it shouldn't vary lender to lender for the same person (obviously, it will vary based on loan amount).
And the PMI formula is different for an FHA loan v. a conventional mortgage (where the buyer puts down less than 20%). So you can't compare FHA to conventional when it comes to mortgage insurance.
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| Posted 5/13/12 12:37 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
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Re: PMI for a mortgage
We took out a SONYMA loan last year, and put down around 10%. Our PMI is $144/month with a loan of $368k.
I think the calculations changed right after we got the loan though, so it may be higher for new loans now.
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| Posted 5/13/12 9:24 PM |
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jams92
Member since 1/12 6105 total posts
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Re: PMI for a mortgage
i was told the PMI rate is 1.15%
so if your loan was $300,000, the annual PMI amount is $3,450 which works out to be $287.50 per month
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| Posted 5/14/12 9:27 AM |
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Jacquelina
LIF Adolescent
Member since 10/11 767 total posts
Name:
Jacqueline
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Re: PMI for a mortgage
Yes, ours is about 280 per month on a FHA loan of 360,000. We put down 10%.
We were told we could also do a conventional loan and put down 10%, but the PMI will not come off until you pay 20% equity into the home...something like that.
With an FHA, the PMI will come off after 5 years.
I believe the PMI is the same regardless of how much your loan is for.
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| Posted 5/14/12 9:31 AM |
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Re: PMI for a mortgage
Posted by Jacquelina
With an FHA, the PMI will come off after 5 years.
Just be aware, with an FHA loan, your PMI CAN come off after 5 years (that's the earliest), but it doesn't automatically come off. The borrower needs to make a request, and I believe still needs to have 20% equity in the home (so it will need to be appraised, etc.) before the PMI comes off an FHA loan as well. So the 5 year mark is a possibility, but not a guarantee.
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| Posted 5/14/12 9:41 AM |
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MaeDe
LIF Adult
Member since 4/11 1169 total posts
Name:
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Re: PMI for a mortgage
google pmi calculator .
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| Posted 5/14/12 10:10 AM |
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Samira0407
Love being a Mom
Member since 6/08 4030 total posts
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Re: PMI for a mortgage
I think that's about what we pay monthly too!
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| Posted 5/14/12 10:40 AM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: PMI for a mortgage
Posted by Century 21 Dallow - Christine Braun
Posted by Jacquelina
With an FHA, the PMI will come off after 5 years.
Just be aware, with an FHA loan, your PMI CAN come off after 5 years (that's the earliest), but it doesn't automatically come off. The borrower needs to make a request, and I believe still needs to have 20% equity in the home (so it will need to be appraised, etc.) before the PMI comes off an FHA loan as well. So the 5 year mark is a possibility, but not a guarantee.
This is what we were told as well. The first place we were getting our mortgage through failed to tell us this and just said "after 5 years you're done paying it". Thankfully we didn't go with them and learned how it really works. Hoping that in 5 years, the market is better so the reappraisal will show 20%. Was also told if you pay bi-weekly instead of monthly you can get tot he 20% in 5 years? Something like that If so that way you can GUARANTEE the PMI will be done (Of course after you let them know - they won't just stop charging you)
Message edited 5/14/2012 11:21:17 AM.
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| Posted 5/14/12 11:19 AM |
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