MONTHLY PAYMENT COMPARISON | |||
Lender Paid MI Single Premium | FHA | Borrower Paid MI Monthly | |
Credit Score | 720 | 720 | 720 |
DTI% | 31% | 32% | 33% |
Upfront MI Premium: | $7675 | $2500 | n/a |
1st Mortgage Amount: | $250,000 | $250,000 | $250,000 |
MI Premium Amount Financed: | n/a | $2,500 | n/a |
Total Amount Borrowed: | $250,000 | $252,500 | $250,000 |
1st Mortgage Start Rate: | 5.50% | 4.75% | 5.25% |
1st Mortgage Monthly Payment (P&I): | $1419.47 | $1317.16 | $1,380.51 |
Monthly MI Payment: | n/a | $187.50 | $225.00 |
Other Monthly Housing Expense: | $500.00 | $500.00 | $500.00 |
Total Monthly Payment: | 1919.47 | 2004.66 | 2105.51 |
Monthly Difference: | - | + 85.19 | + 186.04 |
Tuesday, March 15, 2011
NEW PRODUCT: 97% Conventional Financing vs FHA
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