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To estimate your monthly premium, divide the result by 12. Use 0.22% to figure out the low end and use 2.25% to calculate the high end of the range. If you don't know your PMI percentage, calculate for the high and low ends of the standard range. Take the PMI percentage your lender provided and multiply it by the total loan amount. If it's higher than 80%, move on to the next step. If the result is 80% or lower, your PMI is 0%, which means you don't have to pay PMI. Then multiply by 100 to get the percentage. Divide the loan amount by the property value. For a new mortgage, subtract your down payment from the home price. To estimate your PMI for a refinance, start with your current mortgage balance. You can get the exact figure from a recent appraisal or estimate it by using the amount you plan to offer for the house. To calculate your PMI, ask your lender for your PMI percentage or use the range listed below. You can ask your lender for a specific percentage to make your calculations easier. Lenders typically maintain charts that show the PMI percentage to charge in various situations. Your credit score: Lenders typically charge borrowers with high credit scores lower PMI percentages.Your total loan amount: As a general rule, PMI expenses are higher for larger mortgages.How much you pay depends on two main factors: On average, PMI costs range between 0.22% to 2.25% of your mortgage. In this case, your lender arranges for you to pay a portion of your PMI at closing and adds the rest to your monthly mortgage payments. Monthly and upfront premiums: Alternatively, your PMI might come in a combination of the two methods above.While it's an additional closing cost, your monthly mortgage payment will be lower. In this case, your lender arranges for you to pay PMI when you close on the loan.
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Find out when you have to pay PMI and learn how to calculate the cost.
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When do you have to pay private mortgage insurance (PMI) and how much will it cost you? It depends on your loan-to-value (LTV) ratio. When you take out a home loan or refinance your mortgage, your lender may require you to pay for an additional type of insurance – private mortgage insurance.