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Common questions about PMI

How much does PMI cost?
PMI is calculated as a percentage of your mortgage loan amount — in 2022 it typically ranged from 0.58% to 1.86% annually.

The cost of PMI depends on several factors:

Down payment amount — the more you put down, the lower your PMI cost.
Your credit score — the higher your score, the lower your PMI cost.
Mortgage amount — larger loans have a higher PMI cost.
Mortgage type — adjustable-rate loans may have a higher PMI cost than fixed-rate loans because fluctuations in interest rates make them riskier.
Usually, PMI is paid as part of your monthly mortgage payment, but some lenders allow a one-time, up-front payment at closing or a combination of up-front and monthly payments. If your lender offers different payment options, ask them to help you determine which might work best for you.

What’s the difference between PMI and FHA mortgage insurance?
Both types of insurance can help you qualify for loans that you may not be able to otherwise qualify for and the costs can be rolled into your monthly mortgage payment. Both types only protect the lender, not you, if you fall behind on your payments.

But there are also a few major differences between PMI and FHA mortgage insurance.

The ability to cancel — Generally, PMI can be removed from your monthly mortgage payment when you’ve reached 20% equity in your home or have paid your loan balance low enough. FHA mortgage insurance is more complicated and may involve refinancing.
The type of mortgage loan you have — PMI is associated with conventional mortgage loans, while FHA mortgage insurance is associated with FHA loans.
The influence of down payment amount — PMI is only required for homebuyers who make down payments of less than 20% of the home’s value. Typically, all FHA loans require FHA mortgage insurance, regardless of the percentage of down payment.

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