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For the fha mortgage insurance i'm told i'm going to pay 1.3% every month??

I know there has got to be a mistake because in my case that's well over $2000 for pmi every month alone!
By lancastero786463 from UT Oct 15th 2014
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If you are under 95% loan to value, the factor you use is 1.3%. But, it is annually. So take your loan amount & multiply it by 1.3% and then divide that by 12. That will give you your monthly mortgage insurance for FHA. If I can be of any further assistance, feel free to call or email me.Brandon Brady | 801.716.5241 | b.brady@crmtg.bizChristian Roberts Mortgage Murray, UT

Oct 15th 2014
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The calculation is done annually. For the specified loan to value the calculation is 1.3% a year. In order to calculate the monthly amount you must first determine what 1.3% of your mortgage amount is. Then divide this amount by 12(12 payments a year). This will tell you exactly how much mortgage insurance you are required to pay monthly.

Oct 15th 2014








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