Origination Charge 350.00
Upfront MIP 2267.75
(Plus the standard things I don't think will vary much, appraisal, recording fee, title ins, etc.)
Monthly Payment 3.875%
Principal and Interest 1077.04
It seems to me that the PMI (upfront and monthly) is expensive. Would it not be better for me to pursue the NFCU Homebuyers Choice Program with no PMI? I could use some of the money I'm spending on the upfront MIP to buy down the interest rate, and I won't have to spend 215 a month on Monthly PMI.
Thoughts? Any other options?
Edited to add: middle score is 787. Thanks
Edited by memyselfi, 21 February 2012 - 05:17 PM.