HOW PMI REMOVAL CAN SAVE YOU MONEY
Purchase Home for $200,000
Down Payment of $5,000
Interest Rate of 6.5%
PMI Payment of $100 per month*
By making regular payments you would probably qualify for PMI removal
after you have owned your home for 10-15 years. You would pay $12,000
to $18,000 in PMI insurance during that time.
However, your home will likely appreciate. Let’s assume 5% appreciation
in your area. After 4 or 5 years your home’s market value versus
your mortgage amount would qualify for PMI removal. You would pay $4,800
to $6,000 in PMI insurance during that time.
By removing your PMI early you could save $7,200 to $12,000! (Remember
that these figures are for example purposes only and your actual PMI
payment, interest rates and mortgage amounts could be more
or less.)
To see if you qualify for early PMI removal call BCL Appraisals at
612-781-0605 today!
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AN APPRAISAL
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FAQ | REMOVAL STEPS | HOW
IT SAVES $$
*This figure will vary for each homeowner
depending on the amount of down payment when the home was purchased,
the total mortgage amount and the risk of the homeowner.
