PMI worksheet

1. Monthly PMI: $103.83

1. Loan amount: the price minus the down payment (price × down %)

   $\mathrm{\$350,000.00}-\mathrm{\$350,000.00}\times \mathrm{11\%}$$=\mathrm{\$311,500.00}$

2. Starting loan-to-value: the loan as a share of the price. Lenders use it to decide whether PMI applies

   $\frac{\mathrm{\$311,500.00}}{\mathrm{\$350,000.00}}$$=\mathrm{89\%}$

3. Monthly PMI: take the yearly PMI rate of the loan, then split it over 12 months

   $\frac{\mathrm{\$311,500.00}\times \mathrm{0.4\%}}{12}$$=\mathrm{\$103.83}$

4. You can ask to cancel PMI once the balance reaches 80% of the original value

   $\mathrm{\$350,000.00}\times \mathrm{80\%}$$=\mathrm{\$280,000.00}$

5. The balance first reaches that after payment 31. So the PMI you pay up to then is 31 monthly payments of PMI

   $\mathrm{\$103.83}\times 31$$=\mathrm{\$3,218.83}$

6. PMI ends on its own when the original schedule reaches 78% ($273,000.00), at payment 37

   $\mathrm{\$103.83}\times 37$$=\mathrm{\$3,841.83}$

2. Monthly PMI: $147.88

1. Loan amount: the price minus the down payment (price × down %)

   $\mathrm{\$390,000.00}-\mathrm{\$390,000.00}\times \mathrm{9\%}$$=\mathrm{\$354,900.00}$

2. Starting loan-to-value: the loan as a share of the price. Lenders use it to decide whether PMI applies

   $\frac{\mathrm{\$354,900.00}}{\mathrm{\$390,000.00}}$$=\mathrm{91\%}$

3. Monthly PMI: take the yearly PMI rate of the loan, then split it over 12 months

   $\frac{\mathrm{\$354,900.00}\times \mathrm{0.5\%}}{12}$$=\mathrm{\$147.88}$

4. You can ask to cancel PMI once the balance reaches 80% of the original value

   $\mathrm{\$390,000.00}\times \mathrm{80\%}$$=\mathrm{\$312,000.00}$

5. The balance first reaches that after payment 96. So the PMI you pay up to then is 96 monthly payments of PMI

   $\mathrm{\$147.88}\times 96$$=\mathrm{\$14,196.00}$

6. PMI ends on its own when the original schedule reaches 78% ($304,200.00), at payment 109

   $\mathrm{\$147.88}\times 109$$=\mathrm{\$16,118.38}$

3. Monthly PMI: $165.60

1. Loan amount: the price minus the down payment (price × down %)

   $\mathrm{\$360,000.00}-\mathrm{\$360,000.00}\times \mathrm{8\%}$$=\mathrm{\$331,200.00}$

2. Starting loan-to-value: the loan as a share of the price. Lenders use it to decide whether PMI applies

   $\frac{\mathrm{\$331,200.00}}{\mathrm{\$360,000.00}}$$=\mathrm{92\%}$

3. Monthly PMI: take the yearly PMI rate of the loan, then split it over 12 months

   $\frac{\mathrm{\$331,200.00}\times \mathrm{0.6\%}}{12}$$=\mathrm{\$165.60}$

4. You can ask to cancel PMI once the balance reaches 80% of the original value

   $\mathrm{\$360,000.00}\times \mathrm{80\%}$$=\mathrm{\$288,000.00}$

5. The balance first reaches that after payment 50. So the PMI you pay up to then is 50 monthly payments of PMI

   $\mathrm{\$165.60}\times 50$$=\mathrm{\$8,280.00}$

6. PMI ends on its own when the original schedule reaches 78% ($280,800.00), at payment 58

   $\mathrm{\$165.60}\times 58$$=\mathrm{\$9,604.80}$

4. Monthly PMI: $193.50

1. Loan amount: the price minus the down payment (price × down %)

   $\mathrm{\$450,000.00}-\mathrm{\$450,000.00}\times \mathrm{14\%}$$=\mathrm{\$387,000.00}$

2. Starting loan-to-value: the loan as a share of the price. Lenders use it to decide whether PMI applies

   $\frac{\mathrm{\$387,000.00}}{\mathrm{\$450,000.00}}$$=\mathrm{86\%}$

3. Monthly PMI: take the yearly PMI rate of the loan, then split it over 12 months

   $\frac{\mathrm{\$387,000.00}\times \mathrm{0.6\%}}{12}$$=\mathrm{\$193.50}$

4. You can ask to cancel PMI once the balance reaches 80% of the original value

   $\mathrm{\$450,000.00}\times \mathrm{80\%}$$=\mathrm{\$360,000.00}$

5. The balance first reaches that after payment 56. So the PMI you pay up to then is 56 monthly payments of PMI

   $\mathrm{\$193.50}\times 56$$=\mathrm{\$10,836.00}$

6. PMI ends on its own when the original schedule reaches 78% ($351,000.00), at payment 71

   $\mathrm{\$193.50}\times 71$$=\mathrm{\$13,738.50}$

5. Monthly PMI: $184.00

1. Loan amount: the price minus the down payment (price × down %)

   $\mathrm{\$480,000.00}-\mathrm{\$480,000.00}\times \mathrm{8\%}$$=\mathrm{\$441,600.00}$

2. Starting loan-to-value: the loan as a share of the price. Lenders use it to decide whether PMI applies

   $\frac{\mathrm{\$441,600.00}}{\mathrm{\$480,000.00}}$$=\mathrm{92\%}$

3. Monthly PMI: take the yearly PMI rate of the loan, then split it over 12 months

   $\frac{\mathrm{\$441,600.00}\times \mathrm{0.5\%}}{12}$$=\mathrm{\$184.00}$

4. You can ask to cancel PMI once the balance reaches 80% of the original value

   $\mathrm{\$480,000.00}\times \mathrm{80\%}$$=\mathrm{\$384,000.00}$

5. The balance first reaches that after payment 113. So the PMI you pay up to then is 113 monthly payments of PMI

   $\mathrm{\$184.00}\times 113$$=\mathrm{\$20,792.00}$

6. PMI ends on its own when the original schedule reaches 78% ($374,400.00), at payment 127

   $\mathrm{\$184.00}\times 127$$=\mathrm{\$23,368.00}$

6. Monthly PMI: $131.75

1. Loan amount: the price minus the down payment (price × down %)

   $\mathrm{\$340,000.00}-\mathrm{\$340,000.00}\times \mathrm{7\%}$$=\mathrm{\$316,200.00}$

2. Starting loan-to-value: the loan as a share of the price. Lenders use it to decide whether PMI applies

   $\frac{\mathrm{\$316,200.00}}{\mathrm{\$340,000.00}}$$=\mathrm{93\%}$

3. Monthly PMI: take the yearly PMI rate of the loan, then split it over 12 months

   $\frac{\mathrm{\$316,200.00}\times \mathrm{0.5\%}}{12}$$=\mathrm{\$131.75}$

4. You can ask to cancel PMI once the balance reaches 80% of the original value

   $\mathrm{\$340,000.00}\times \mathrm{80\%}$$=\mathrm{\$272,000.00}$

5. The balance first reaches that after payment 60. So the PMI you pay up to then is 60 monthly payments of PMI

   $\mathrm{\$131.75}\times 60$$=\mathrm{\$7,905.00}$

6. PMI ends on its own when the original schedule reaches 78% ($265,200.00), at payment 68

   $\mathrm{\$131.75}\times 68$$=\mathrm{\$8,959.00}$

7. Monthly PMI: $139.53

1. Loan amount: the price minus the down payment (price × down %)

   $\mathrm{\$460,000.00}-\mathrm{\$460,000.00}\times \mathrm{9\%}$$=\mathrm{\$418,600.00}$

2. Starting loan-to-value: the loan as a share of the price. Lenders use it to decide whether PMI applies

   $\frac{\mathrm{\$418,600.00}}{\mathrm{\$460,000.00}}$$=\mathrm{91\%}$

3. Monthly PMI: take the yearly PMI rate of the loan, then split it over 12 months

   $\frac{\mathrm{\$418,600.00}\times \mathrm{0.4\%}}{12}$$=\mathrm{\$139.53}$

4. You can ask to cancel PMI once the balance reaches 80% of the original value

   $\mathrm{\$460,000.00}\times \mathrm{80\%}$$=\mathrm{\$368,000.00}$

5. The balance first reaches that after payment 96. So the PMI you pay up to then is 96 monthly payments of PMI

   $\mathrm{\$139.53}\times 96$$=\mathrm{\$13,395.20}$

6. PMI ends on its own when the original schedule reaches 78% ($358,800.00), at payment 109

   $\mathrm{\$139.53}\times 109$$=\mathrm{\$15,209.13}$

8. Monthly PMI: $182.75

1. Loan amount: the price minus the down payment (price × down %)

   $\mathrm{\$425,000.00}-\mathrm{\$425,000.00}\times \mathrm{14\%}$$=\mathrm{\$365,500.00}$

2. Starting loan-to-value: the loan as a share of the price. Lenders use it to decide whether PMI applies

   $\frac{\mathrm{\$365,500.00}}{\mathrm{\$425,000.00}}$$=\mathrm{86\%}$

3. Monthly PMI: take the yearly PMI rate of the loan, then split it over 12 months

   $\frac{\mathrm{\$365,500.00}\times \mathrm{0.6\%}}{12}$$=\mathrm{\$182.75}$

4. You can ask to cancel PMI once the balance reaches 80% of the original value

   $\mathrm{\$425,000.00}\times \mathrm{80\%}$$=\mathrm{\$340,000.00}$

5. The balance first reaches that after payment 19. So the PMI you pay up to then is 19 monthly payments of PMI

   $\mathrm{\$182.75}\times 19$$=\mathrm{\$3,472.25}$

6. PMI ends on its own when the original schedule reaches 78% ($331,500.00), at payment 25

   $\mathrm{\$182.75}\times 25$$=\mathrm{\$4,568.75}$

9. Monthly PMI: $163.80

1. Loan amount: the price minus the down payment (price × down %)

   $\mathrm{\$360,000.00}-\mathrm{\$360,000.00}\times \mathrm{9\%}$$=\mathrm{\$327,600.00}$

2. Starting loan-to-value: the loan as a share of the price. Lenders use it to decide whether PMI applies

   $\frac{\mathrm{\$327,600.00}}{\mathrm{\$360,000.00}}$$=\mathrm{91\%}$

3. Monthly PMI: take the yearly PMI rate of the loan, then split it over 12 months

   $\frac{\mathrm{\$327,600.00}\times \mathrm{0.6\%}}{12}$$=\mathrm{\$163.80}$

4. You can ask to cancel PMI once the balance reaches 80% of the original value

   $\mathrm{\$360,000.00}\times \mathrm{80\%}$$=\mathrm{\$288,000.00}$

5. The balance first reaches that after payment 35. So the PMI you pay up to then is 35 monthly payments of PMI

   $\mathrm{\$163.80}\times 35$$=\mathrm{\$5,733.00}$

6. PMI ends on its own when the original schedule reaches 78% ($280,800.00), at payment 40

   $\mathrm{\$163.80}\times 40$$=\mathrm{\$6,552.00}$

10. Monthly PMI: $139.33

1. Loan amount: the price minus the down payment (price × down %)

   $\mathrm{\$380,000.00}-\mathrm{\$380,000.00}\times \mathrm{12\%}$$=\mathrm{\$334,400.00}$

2. Starting loan-to-value: the loan as a share of the price. Lenders use it to decide whether PMI applies

   $\frac{\mathrm{\$334,400.00}}{\mathrm{\$380,000.00}}$$=\mathrm{88\%}$

3. Monthly PMI: take the yearly PMI rate of the loan, then split it over 12 months

   $\frac{\mathrm{\$334,400.00}\times \mathrm{0.5\%}}{12}$$=\mathrm{\$139.33}$

4. You can ask to cancel PMI once the balance reaches 80% of the original value

   $\mathrm{\$380,000.00}\times \mathrm{80\%}$$=\mathrm{\$304,000.00}$

5. The balance first reaches that after payment 37. So the PMI you pay up to then is 37 monthly payments of PMI

   $\mathrm{\$139.33}\times 37$$=\mathrm{\$5,155.33}$

6. PMI ends on its own when the original schedule reaches 78% ($296,400.00), at payment 45

   $\mathrm{\$139.33}\times 45$$=\mathrm{\$6,270.00}$