About how much does mortgage insurance cost?

Question

When we bought our first house it wasn't necessary. We're looking at a house that is $120,000 and will probably put $10,000 down. We have super good credit, like 750 or something.

Answer 1

My credit is well over 750 and I put 10% down, my mortgage insurance is $30 per month.

If you're not putting down at least 10% it will probably be significantly higher so I'd find a way to come up with the extra $$.  $10,000 will probably equate to about a 3% downpayment because closing costs are typically at least $5,000 on a purchase.

Answer 2

Figure about $550 the first year, then about $330 each succeeding year, for a conventional mortgage.  FHA mortgages are a bit higher.  Also remember that starting this year, PMI insurance premiums are tax deductible.

Answer 3

It is always a good idea to hold some good resources at firstplaec.here is one of them.

http://insurance.freetipz.info/insurance...