Real Estate Math
A Nebraska home is purchased for $310,000 with 10% down. The loan amount is $279,000. PMI is 0.5% of the loan amount annually. Monthly PMI is:
A$116.25✓ Correct
B$129.58
C$155.00
D$258.00
Explanation
Annual PMI = $279,000 × 0.5% = $1,395. Monthly PMI = $1,395 ÷ 12 = $116.25. PMI can be cancelled when the LTV reaches 80% through appreciation or paydown.
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