each lender has differenet formular.
Here is the formula from one lender(the factor of 0.52% is different for different CLTV; like 0.38% for 15% downpayment, etc)
250k*0.52%/12=108.33 each month.
MI will be waived when the LTV(loan to value ratio) is less than 80%.
BOFA and some other lenders will waive the MI. But the rate is a little bit higher.
Here is the formula from one lender(the factor of 0.52% is different for different CLTV; like 0.38% for 15% downpayment, etc)
250k*0.52%/12=108.33 each month.
MI will be waived when the LTV(loan to value ratio) is less than 80%.
BOFA and some other lenders will waive the MI. But the rate is a little bit higher.