PMI? Private Mortgage Insurance … cost?
Can you give me an idea of what I’ll pay each month for private mortgage insurance (if I purchase a home with less than 20% down)? Is it different in different states?
For example, how much would I pay each month (in addition to the mortgage payment) if it’s a $300,000 house?
Any help would be appreciated! Thanks!!
Judy, thanks. Is there some way that I can calculate this for myself? For example, is the monthly premium for PMI typically 0.1% of the purchase price of the house?
BTW, I live in SoCal, so I AM already looking at the smallest house available! LOL
With 10% down – if you qualify (0% down days are long gone).
You’ll pay $219.33 monthly on PMI
Remember that this money is not tax deductible and does not apply towards principal or interest.
PMI is also hard to remove once you reach 80%
You may have to get appraisals or reach 25% equity to have this removed.
Do everything you can to come up with 20% down – you’ll thank yourself.
Consider buying a smaller home.
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