Home Possible - FHA Comparisson.xlsx
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Home Purchase Price$350,000.00 Home PossibleFHA
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Anticipated Interest Rate
4.500%Home Puchase Price >$350,000.00 $350,000.00
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Estimated PMI Factor*0.55Minimum Down Payment Required$10,500.00 $12,250.00
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Loan Amount$339,500.00 $343,660.63
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Loan to Value97.00%98.19%
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*Estimated PMI Factor ChartMonthly Payment Detail
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Credit Score RangeUse This PMI Factor Principal & Interest Payment$1,273.13 $1,288.73
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620-6401.8 Hazard Insurance$70.73 $71.60
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641-6601.6 Property Taxes$364.58 $364.58
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661-6801.5 Mortgage Insurance$155.60 $243.43
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681-7001.17Total Monthly Payment at Closing$1,864.04 $1,968.33
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701-7200.96Buyer's Equity at Closing$10,500.00 $6,339.38
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720-7400.84
Non-Recoverable Upfront Mortgage Insurance Charged to Borrower
$0.00 $5,910.63
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741-7600.67Total Monthly Payment When PMI Cancels$1,708.44 $1,968.33
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760-7800.55
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780-8000.55Life-of-Loan Savings
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If PMI Cancels at End of Year 3$81,737.93
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If PMI Cancels at End of Year 5$81,945.72
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If PMI Cancels at End of Year 10$72,609.47
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