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Affect Of The New FHA MIP Increase
HUD will be changing their MI premiums for case numbers pulled after 10/4/2010. What exactly does that mean to you and your buyers?
Well, for a $200,000 loan the up front MIP is currently $4500, and the monthly MIP is currently $93.73. Assuming an interest rate of 5% the principle, interest, and MIP are $1,191.53/month for a 30 year loan.
With the new MI premiums the up front MIP would be $2,000 and the monthly MIP would be $151.50. Again assuming an interest rate of 5% the principle, interest, and MIP are $1,235.88/ month for a 30 year loan.
That is $44.35/month more for a $200,000 loan.
Well, for a $200,000 loan the up front MIP is currently $4500, and the monthly MIP is currently $93.73. Assuming an interest rate of 5% the principle, interest, and MIP are $1,191.53/month for a 30 year loan.
With the new MI premiums the up front MIP would be $2,000 and the monthly MIP would be $151.50. Again assuming an interest rate of 5% the principle, interest, and MIP are $1,235.88/ month for a 30 year loan.
That is $44.35/month more for a $200,000 loan.
