another Mortgage question how to calculate PMI
I am struggling to figure out how much as a rate I am paying for PMI, I just can't seem to get the numbers to work out, there is something I am not doing right, this is not my strong point at all.
ok SO what I am looking at is the appraised value of $360,824 ( on July 26, 2013) I looked up on the FHA website and it seems as if the rate is .8% so If I take the $360,824 and find out what .8% of that is $2886 ( for a year ) and divide that by 12 I get $240.50 a month but I am paying less than that at $136.02 a month for PMI
can you tell me if the rate is really 0.8%?
ok SO what I am looking at is the appraised value of $360,824 ( on July 26, 2013) I looked up on the FHA website and it seems as if the rate is .8% so If I take the $360,824 and find out what .8% of that is $2886 ( for a year ) and divide that by 12 I get $240.50 a month but I am paying less than that at $136.02 a month for PMI
can you tell me if the rate is really 0.8%?
Asked:
Who is Participating?
SO I have about 25 years left on the loan , the current outstanding loan amount is 295,454.45 so .8% of this is $2363.63 ( a year ) divided by 12 months is 196.96 , but the last payment I made for PMI is only 136.02.
I have been working on this for hours and hours , called the mortage company and they where not any help , how can this be so different ?
thanks
Date Description Principal Interest Escrow Amount Paid Escrow Balance Principal Balance
12/18/2017 Principal curtailment $100.00 $0.00 $0.00 $100.00 $1,582.06 $295,354.45
12/18/2017 Mortgage payment $613.50 $832.69 $547.69 $1,993.88 $1,582.06 $295,454.45
12/04/2017 Mip/pmi mortgage insurance $0.00 $0.00 ($136.02) $136.02 $1,034.37 $296,067.95
I have been working on this for hours and hours , called the mortage company and they where not any help , how can this be so different ?
thanks
Date Description Principal Interest Escrow Amount Paid Escrow Balance Principal Balance
12/18/2017 Principal curtailment $100.00 $0.00 $0.00 $100.00 $1,582.06 $295,354.45
12/18/2017 Mortgage payment $613.50 $832.69 $547.69 $1,993.88 $1,582.06 $295,454.45
12/04/2017 Mip/pmi mortgage insurance $0.00 $0.00 ($136.02) $136.02 $1,034.37 $296,067.95
PMI you going to pay up to moment when difference between your Home Value and Credit will rich 20-20% depends on company.
Then you'll be relieve from PMI
Some companies calculating PMI equally some are calculating using different method.
You can try here
https://www.mortgagecalculator.org/
Then you'll be relieve from PMI
Some companies calculating PMI equally some are calculating using different method.
You can try here
https://www.mortgagecalculator.org/
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So in first month you Pay 360.824 x.8% /a year = $2886 /12 = 240.5
In second month you pay from 360.824 - first principal you've pay in first month x 0.8% /12
In third month you Pay from 360.824 - principal for first month - principal for second month x 0.8% /12
....
Now If you'll add whole PMI for a whole mortgage therm let say 360 months (for 30 years agreement ) and divide by 360 then monthly payment is much smaller.
You must put in in Excel to calculate but remember