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Accurate PMI Insurance Calculator? Anyone?
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2011 Feb 16, 7:32am 1,496 views 1 comment
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LAO
2011 Feb 16, 9:17am
LAO
2011 Feb 16, 9:17am
Thanks, SF Ace, this stuff isn't common knowledge though... I don't think too many realtors or banks would direct you to an accurate PMI calculator. It's kinda like going into a car dealership finance room... I like to be as informed as possible before i step into that finance room... Otherwise they'll rape you in there!
***NOTE...
Wow, I was trying to understand the rate chart PDFs on the site you suggested.... It's like a maze of confusion! They really want to make it hard for people to understand what they are getting into still! So much for transparency!
I found this one:
http://www.goodmortgage.com/Calculators/PMI.html
But when i punch the numbers in I get a dramatically higher PMI than on TRULIA's website.
It varies depending on the percentage of downpayment... It appears Trulia's PMI rate is FLAT for anything under 20% down. Where the calculator I listed to fluctuates dependent on the percentage of downpayment. I plugged in a 9% downpayment on a $440K home.. (aka a $400K loan). And got a significantly higher PMI.. $313.33 vs. Trulia's $173.60 quote.
It seems the calculator I linked to has a steep penalty PMI for anything under 10% down. Whereas Trulia's calculator has no PMI penalty for under 10% down.
Who's accurate.. I'm leaning toward the higher PMI since I heard the PMI rates went up...
#housing