Mortgage Calculator ?

[Zorro]

Any loan calculators out there that will also show you pmi?

 

[T2T III]

? Not sure about this. PMI varies quite a bit - depending on location, amount put down, etc.

 

[Zorro]

I know just curious.
Not sure if i should go pmi or do a combo loan 80+15

 

[RossMAN]

Here are a few mortgage calculators

http://www.bankrate.com/brm/rate/calc_home.asp?link=5

http://www.interest.com/hugh/calc/

 

[Vic]

No. Conventional private mortgage insurance varies by lender, mortgage insurance company (PMI, Radian, MGIC, etc.), LTV (loan-to-value ratio), loan term, loan type, loan purpose, property type, property location, and even credit rating. Ask your lender.

FHA/HUD MIP is a fixed ratio for all loans. Divide the base loan amount by 2400.

 

[rahvin]

If you ask Vic nice he might explain an 80/20 mortgage to you. 🙂

 

[Zorro]

Originally posted by: rahvin
If you ask Vic nice he might explain an 80/20 mortgage to you. 🙂

Please

 

[Vic]

A purchase with combination financing of an 80% 1st mortgage and a 20% 2nd. Doesn't require any downpayment. Credit qualifications can be somewhat high, especially if you want the best rates. Unlike mortgage insurance, the interest on the 2nd can be completely tax-deductible.

edit: found a helpful article

 

[Fatdog]

Originally posted by: Vic
A purchase with combination financing of an 80% 1st mortgage and a 20% 2nd. Doesn't require any downpayment. Credit qualifications can be somewhat high, especially if you want the best rates. Unlike mortgage insurance, the interest on the 2nd can be completely tax-deductible.

edit: found a helpful article

Bingo. I bought my place with this method. I saved a decent amount by not having PMI, and when the market jumped and rates fell. I re-fied both into one with a much lower rate and lowered my overall payment by a tidy sum.

<------ very good credit.

 

[Zorro]

Originally posted by: Vic
A purchase with combination financing of an 80% 1st mortgage and a 20% 2nd. Doesn't require any downpayment. Credit qualifications can be somewhat high, especially if you want the best rates. Unlike mortgage insurance, the interest on the 2nd can be completely tax-deductible.

edit: found a helpful article

Credit scores are not a issue....