What is the formula for PMI.???? ( PRIVATE MORTAGE INSURANCE)?

Question

thankss

Answer 1

If you have less than 20% equity in your house, you're required to carry it.

The premium is based on the total amount of the loan.

Answer 2

Your monthly payment includes more than just the payments on the loan! If your down payment was less than 20% then you'll also pay for Private Mortgage Insurance. And either way, you'll also pay for taxes and insurance. Many mortgage calculators don't include these amounts, which makes them kind of useless. Our calculator gives you a more realistic picture of your real total monthly obligation.

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