PMI on RefinanceI need help! Trying to refinance to combine a two loans on my house. One is interest only and 6.5% and other is P&I and 6%. New mortgage payment would be the same but PMI on teh good faith estimate shows almost $12,000! The combined current mortgage is $470,000 and the house was appraised for $618,000. We wanted to pay off debts of around $25,000. Why is the PMI so high?? The new loan is FHAJuly 08 2010 - Crestwood00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.