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How to Calculate PMI
Manage episode 409465795 series 3467373
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How to Calculate PMI
If you're planning to buy a property and put less than 20% down, you're likely to be required to pay Private Mortgage Insurance. Lenders prefer that you put at least 20% down, but if you insist on putting less than 20% down, they may still make the loan. However, they will usually do so at a slightly higher mortgage interest rate for taking on more risk and require that you pay a third party to insure them in case you default. This insurance you pay to the third party is called Private Mortgage Insurance.
But how much is it?
The easiest way to find out is to call your lender and have them calculate it for you.
But, if you insist on calculating it yourself—or you prefer to know some of the factors involved in how to lower the cost of private mortgage insurance for yourself—in this mini-class, James will walk you through how to do the calculation yourself.
In this class, James discusses:
- What is Private Mortgage Insurance (PMI) and why does it exist?
- The best way to get your PMI amount is to call your lender
- How to calculate PMI using a PMI rate sheet
- The factors that impact your PMI
- Plus much more...
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