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    How much is the total amount of the PMI for a HFA loan of 500,000?

    +1  Views: 509 Answers: 1 Posted: 9 years ago

    1 Answer

    This is a very good question especially for younger home buyers.  Often times a younger couple does not have enough down payment.  Under the FHA guidelines, this couple may be required to take out an insurance from a third party to protect the lender until such time there's enough equity in the house, say 20% of the home value.  Hence, after the home is bought, the couple is now responsible for paying the monthly loan payments plus the PMI (Private Mortgage Insurance).  How to calculate the PMI + Mortgage?  See below:


    http://www.firsttimehomebuyercenter.com/pmi_calculator.htm


    http://www.bartaustin.com/lasvegas/mip-calculation.html


    Good luck with your new house!


     



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