How much is PMI?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
PMI typically costs 0.3% to 1.5% of the loan amount per year, driven mainly by your credit score and down payment. On a $300,000 loan that's roughly $75 to $375 a month.
Higher credit and a larger down payment lower it sharply. We'll quote your exact PMI and show how a small score improvement could reduce it.
What PMI costs
PMI usually runs about 0.3% to 1.5% of the loan per year. Your down payment and credit set the rate. More down and higher credit mean a lower premium.
On a $300,000 loan, that can be roughly $75 to $250 a month. It drops off once you reach 20% equity.
Lowering PMI in Florida
A stronger credit score cuts your PMI directly. So does a slightly larger down payment. Small moves can shrink the premium.
We show your exact PMI at different down payments. Bring your numbers and we will find the cheapest mix.
Verify the details for your own situation against these government and agency sources: CFPB private mortgage insurance guide and CFPB Owning a Home guide.