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%?
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NAMEWITHELD12Asked:
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Tom CieslikIT EngineerCommented:
Because you pay from what is left not from whole sum

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
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NAMEWITHELD12Author Commented:
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
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Tom CieslikIT EngineerCommented:
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/
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JohnBusiness Consultant (Owner)Commented:
Also remember that you pay PMI on the mortgage value not the property appraised value
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