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.