Definition
Split-premium MI combines upfront and monthly payments, balancing closing costs with ongoing payments. Common on FHA loans.
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Split-premium MI reduces upfront costs but includes monthly payments. Balances closing costs with ongoing payments. Common on FHA loans.
Pro Tip
Split-premium MI balances closing costs and payments. Compare total cost versus alternatives.
Example
FHA with $5,000 upfront MIP and $100 monthly MIP payments.