The reason is that what contractors might charge to remove the current flooring, especially in cases of tile and hardwood, can vary wildly. Installation costs can vary just as much, so we would recommend contacting 2-3 contractors and asking how much they charge per square foot for removal and installation of flooring.
Multiply the amount of your loan times the total number of points as a percentage. Using figures from the above steps, the three points bought with a $400,000 mortgage would cost $12,000: $400,000 x 0.03 = $12,000.
1 Calculating the cost of PMI varies according to mortgage lenders but on the average you can look at 0.5% to 1% of the loan taken as the cost of PMI. Cheapinsurancehq.com tells us that the PMI premium is between $50 to $80 per month on the average for a home priced at $159,000, according to Mortgage Companies of America.