Fixed Rate Mortgages: Compare HSBC Mortgages | HSBC UK


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how is pmi calculated

How to Calculate Mortgage Insurance (PMI): 6 Steps - wikiHow

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** How to Calculate Mortgage Insurance (PMI) **

Edited by IngeborgK, Maluniu, Combz, Chris Hadley

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Calculate Mortgage Insurance (PMI)

Mortgage Insurance (MI), also known as Private Mortgage Insurance (PMI), is
insurance that protects a lender in the event that a borrower defaults on a
home loan. MI is usually required when the down payment on a home is less
than 20 percent of the loan amount. Because the home buyer pays for
mortgage insurance to protect the lender, the amount of the MI is usually
added into the buyer's monthly payment. If you will be required to purchase
MI with your home loan, you need to know how to calculate mortgage
insurance if you want to be able to figure out your total monthly payment.

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*Edit Steps*

1. 1
*Determine the purchase price*. Even if you are just beginning to look for
a home, you probably already have a good idea about the price of the home
you can afford to purchase. If you do not know your exact purchase price,
you can estimate the mortgage insurance calculation by using an amount near
the top of your range. For this article, assume a purchase price of
$250,000 for the home.
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· 2
*Determine the loan-to-value (LTV) ratio*. The amount you are borrowing -
or rather the ratio of the amount you are borrowing to the value of


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