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| bigdave |
 Posted: Mon Jun 13, 2005 6:03 am Post subject: |
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Investing Sr. Associate
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I agree stay away form PMI if you can but if you compare it directly to the 80/10/10 loan and you plan on staying in your home for more than a few years with PMI is the way to go!
As with 80 is main loan 10 is additional loan and other 10 is your down payment. You can't get rid of that loan early as your loans are paid off propotionally...
But you can get rid of PMI after 20% it is now a law in US that lenders have ot remove PMI once you reach 20% .... now you do have ot request it but they must remove it.
Because once you go over 20% and PMI is removed your payment will be less than the 80/10/10 payment so weigh out your options..... and make sure you choose what is best for you and your situation. Best fo luck as I just purchased my first home 2 weeks ago.  |
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| MrInvestor |
| Posted: Mon Jun 13, 2005 6:11 am Post subject: |
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Investing Manager
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Congrats on the house Dave!
It's a LOT of work (Mow the lawn, pull weeds, do the dishes, clean, paint, is the subpump ok?, washing machine is making funny noises, paying bills, do you smell gas?, trim the hedges, tar the driveway, clear the garage, power wash the deck, ect, ect, ect)
But hey, at least it yours! |
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| bigdave |
| Posted: Mon Jun 13, 2005 8:07 am Post subject: |
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Investing Sr. Associate
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| MrInvestor wrote: | Congrats on the house Dave!
It's a LOT of work (Mow the lawn, pull weeds, do the dishes, clean, paint, is the subpump ok?, washing machine is making funny noises, paying bills, do you smell gas?, trim the hedges, tar the driveway, clear the garage, power wash the deck, ect, ect, ect)
But hey, at least it yours! |
Thanks and Yes it is a lot of work!!! no taring the driveway in the south  and i did just cut the grass this weekend and stain the deck It is a good thing to own a home nothing like knowing eventually you will own the roof over your head instead of throwing money out the window . |
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| freeye |
| Posted: Mon Jun 13, 2005 2:27 pm Post subject: |
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Investing Manager
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bigdave: have you inquired or calculated out how much you may eventually pay in interest during the life of your loan?
does anyone know how to do this?
it may be interesting if someone were to post such real life data for those considering a home purchase. |
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| Dave Rathbun |
| Posted: Mon Jun 13, 2005 3:18 pm Post subject: |
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CFO
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Here's a link to a spreadsheet that will allow you to play with some numbers. It shows 30 year and 15 year loan numbers. You can change the loan amount and the interest rate, and it will show you what your monthly payment is, the remaining balance (essentially your "pay off" number), and the total paid in interest and principal over the life of the loan. Enjoy.  |
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| bigdave |
| Posted: Mon Jun 13, 2005 3:30 pm Post subject: |
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Investing Sr. Associate
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| freeye wrote: | bigdave: have you inquired or calculated out how much you may eventually pay in interest during the life of your loan?
does anyone know how to do this?
it may be interesting if someone were to post such real life data for those considering a home purchase. |
Yes I used several online calculators and even put together an excel spreadshet (unfortunately it got deleted when i reformated)
Now take in mind I am planning on payign of my mortgage WAY EARLY like I am targeting to pay of my 30yr mortgage in ten years or less to save on interest etc.... we shall see how it works out.. |
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| rodder4hire |
| Posted: Fri Dec 09, 2005 7:47 am Post subject: |
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Investing Manager
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| There is so much competition in mortgages now, if you look around there are ways to avoid PMI on the large portion by piggy-backing 2 or more loans together. If you CAN do it 20% down is the way to go. |
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| lostsoul01 |
| Posted: Fri Dec 09, 2005 8:03 am Post subject: |
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Investing Sr. Associate
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| freeye wrote: | bigdave: have you inquired or calculated out how much you may eventually pay in interest during the life of your loan?
does anyone know how to do this?
it may be interesting if someone were to post such real life data for those considering a home purchase. |
I have always like the very useful calculators on this bank's website.
http://www.firstunitedbank.com/calculators.cfm
They have a mortgage one that's pretty flexable, plus others that are very simple. |
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