$200,000 house at 5.0% interest, 30 year loan, the LTV is 90%. Assume that the PMI has...

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$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?

Related Book For answer-question

Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: May 04, 2023 07:13 AM

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$200,000 house at 5.0% interest, 30 year loan, the LTV is 90%. Assume that the PMI has...

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Expert Answer:

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... View the full answer

Personal Finance

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