Question
$200,000 house at 5.0% interest, 30 year loan, the LTV is 90%. Assume that the PMI has an upfront premium of 2% and an annual
$200,000 house at 5.0% interest, 30 year loan, the LTV is 90%. Assume that the PMI has an upfront premium of 2% and an annual premium of 0.2%.
How much is the upfront PMI payment and how much is the monthly PMI payment?
How many months you have to pay PMI (when can you call your lender to request drop PMI payment)?
How many months your lender have to drop your PMI payment?
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To calculate the upfront PMI payment we need to first calculate the loan amount which is 90 of the home value Loan amount 200000 x 09 180000 Upfront P...
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
