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Private Mortgage Insurance (PMI) Explained
PMI protects the lender, not you, when a conventional loan is made with a smaller down payment — here is how it works, what it costs, and how it eventually goes away.
Private mortgage insurance, or PMI, is typically required on conventional loans when the down payment is below 20% of the home’s value. It protects the lender if the borrower defaults, not the borrower. PMI is usually charged as a monthly premium added to your mortgage payment, though other structures exist.
- ✓PMI generally applies to conventional loans with less than 20% down.
- ✓PMI protects the lender against loss, not the borrower.
- ✓Monthly PMI premiums vary based on credit score, loan-to-value, and loan type.
- ✓PMI can typically be removed once you reach sufficient equity in the home.
- ✓FHA loans use a similar but separate cost called mortgage insurance premium (MIP), not PMI.
What this means for you: PMI is not permanent — tracking your equity can help you remove it sooner rather than paying it longer than necessary.
Written by
Simply Approved Mortgages Team
Licensed Loan Officers · NMLS# 2620881
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- Estimated monthly payment with taxes and insurance
- Estimated cash to close for your scenario
- Loan options your profile may fit
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Illustration only, generated from the information you enter. Not a rate quote, lock, loan estimate, pre-qualification, offer, approval, or commitment to lend. Figures are subject to credit, income, asset and property review and full lender underwriting; binding numbers appear on your Loan Estimate.
Scenario summary
- Purchase price entered
- $412,000
- Down payment entered
- $20,600
- Estimated loan amount
- $391,400
- Estimated cash to close
- $14,300
- Programs reviewed
- 4
Sample layout with example figures — your own numbers replace these. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
What private mortgage insurance is
Private mortgage insurance is an insurance policy that protects the lender or investor, not you, in the event a borrower stops making payments on a conventional loan. It is generally required when a conventional loan is originated with a down payment of less than 20% of the purchase price or appraised value, because a smaller down payment represents more risk on the loan for the party holding it.
Why lenders require PMI on low down payment loans
A smaller down payment means the borrower starts with less equity cushion in the property. If the home needed to be sold after a default, there is a greater chance the sale proceeds would not fully cover the remaining loan balance. PMI shifts part of that risk to an insurance company, which is one of the reasons conventional loans with lower down payments remain available at all.
How PMI is typically structured
The most common structure is borrower-paid monthly PMI, where a premium is added directly to your monthly mortgage payment alongside principal, interest, taxes, and insurance. Some loans instead use single-premium PMI paid upfront at closing, split-premium PMI combining an upfront and reduced monthly cost, or lender-paid PMI, where the cost is built into the interest rate rather than billed separately. Each structure has different tradeoffs for upfront cost versus monthly payment.
What drives the cost of PMI
PMI premiums vary based on factors including your credit score, the loan-to-value ratio, the loan term, and the property type. Generally, a lower credit score or a higher loan-to-value ratio (meaning a smaller down payment) results in a higher PMI premium, while a stronger credit profile and larger down payment reduce it. Because these variables differ by borrower, PMI cost is never a flat, universal figure.
PMI versus FHA mortgage insurance premium (MIP)
PMI applies specifically to conventional loans. FHA loans use a separate and differently structured cost called mortgage insurance premium, or MIP, which includes both an upfront premium and an annual premium collected monthly. The rules for removing MIP differ from PMI and, on many FHA loans, MIP can remain for the life of the loan depending on the down payment and loan term.
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How PMI cancellation and removal generally works
Federal law generally allows automatic PMI termination once your loan balance is scheduled to reach 78% of the original property value, based on the original amortization schedule. You may also be able to request PMI cancellation earlier, once your balance reaches 80% of the original value, subject to your servicer's requirements, which may include a current appraisal and a good payment history. Some borrowers use extra principal payments or rising home values to reach these thresholds sooner.
Ways some borrowers structure around monthly PMI
Some loan structures — such as combining a first mortgage with a second lien, sometimes called a piggyback structure — are used to avoid separately billed monthly PMI, though these come with their own costs and terms that should be compared carefully against paying PMI directly. Increasing the down payment to reach 20% is the most direct way to avoid PMI altogether at closing.
How a Simply Approved Mortgages Loan Officer helps
A Simply Approved Mortgages Loan Officer can review your specific down payment, credit profile, and loan program options to show how PMI would apply to your situation, compare PMI structures, and help you understand what it would take to remove PMI down the road once you are in the loan.
PMI cost examples and thresholds described here are general and illustrative; not a quote, lock, offer, or commitment to lend. Actual PMI premiums and terms will be disclosed on your Loan Estimate.
What each mortgage insurance program actually charges you for
Mortgage insurance is not one product. Conventional, FHA, VA and USDA each handle lender risk differently, and the differences decide which program is cheaper for a given file.
| What it is | How it actually works | Published by |
|---|---|---|
| Conventional PMI | Private coverage required at above 80% loan-to-value on most conventional loans. Priced from credit score, loan-to-value, occupancy and loan purpose, and cancellable under federal law. | Homeowners Protection Act, 12 USC 4901; Fannie Mae Selling Guide B7-1 |
| FHA upfront MIP | A one-time premium collected at closing, customarily financed into the loan balance rather than paid in cash. | HUD Handbook 4000.1 |
| FHA annual MIP | Collected monthly. On most FHA loans made with the minimum down payment, it remains for the life of the loan and can only be removed by refinancing out of FHA. | HUD Handbook 4000.1 |
| VA funding fee | A one-time fee in place of monthly mortgage insurance. Exempt for veterans receiving VA compensation for a service-connected disability and certain surviving spouses. | Department of Veterans Affairs, 38 CFR 36.4313 |
| USDA guarantee fees | An upfront guarantee fee plus a smaller annual fee collected monthly for the life of the loan. | USDA Rural Development, 7 CFR Part 3555 |
| Lender-paid PMI | The premium is built into the interest rate instead of a separate monthly line. There is no cancellation, because there is no separate premium to cancel. | Fannie Mae Selling Guide B7-1-01 |
| Single-premium PMI | Paid once at closing, in cash or through a seller or lender credit, in place of the monthly premium. | Fannie Mae Selling Guide B7-1-01 |
Program parameters above are published by the agencies and enterprises named in the right-hand column and can change. They describe program rules, not an offer; eligibility, terms, conditions, and availability vary by borrower, property, lender, loan program, and state, and all loans are subject to lender underwriting and approval.
Why mortgage insurance is often the cheaper path, not the penalty
The instinct to avoid mortgage insurance at all costs assumes the alternative is free. It is not. Waiting to reach 20% down means continuing to pay rent and accepting whatever the market does to prices in the meantime. Structuring around it with a second lien means carrying a second payment, usually at a higher rate and often adjustable.
The right comparison is total cost over the period you expect to hold the loan, including the cancellation point. Conventional PMI on a strong credit profile is frequently the least expensive way to buy earlier, precisely because it is temporary. That framing changes the question from how to avoid it to how quickly it comes off.
Check where pricing sits before you decide
Review current rate context, then start a request so your own credit, income, and property details drive the numbers. Illustrative only — not a quote or commitment to lend.
The structural difference that decides FHA versus conventional
Conventional PMI is cancellable and priced heavily off credit score. FHA annual MIP is not credit-priced, and on a minimum-down-payment FHA loan it does not cancel. That produces a clean decision rule with two different answers.
A borrower with a strong score and modest down payment usually finds conventional cheaper over any holding period longer than a couple of years, because the premium is both lower and finite. A borrower whose score or documentation makes conventional pricing punitive, or who needs FHA's underwriting flexibility, may find FHA cheaper today with a plan to refinance out later once credit or equity improves. Neither answer is universal, which is the entire reason to compare the two side by side on your own numbers rather than on a rule of thumb.
How this applies in Florida and Colorado
Florida. Florida buyers frequently face insurance and, on the coast, wind premiums that already consume a large share of the housing payment. Because conventional PMI is credit-priced and cancellable, improving a score before application and planning the cancellation point can free up more monthly room here than in lower-premium states. Condo purchases add a second variable: project eligibility affects which program is available at all, which can decide the mortgage insurance question for you.
Colorado. Colorado buyers in higher-priced Front Range counties often sit near the conforming boundary, where the choice between a conforming loan with mortgage insurance and a jumbo loan without it becomes a real comparison rather than a theoretical one. Check the county conforming limit before assuming mortgage insurance is unavoidable at your price point.
Simply Approved Mortgages LLC arranges residential mortgage loans in Florida and Colorado, so the two applications above are the ones we can act on for a consumer file. Business-purpose loan products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
How to decide which mortgage insurance structure to use
Work this in order. The answer depends on your credit profile, how long you plan to hold the loan, and how much cash you want to keep.
- Establish your real credit profile. Get your mortgage-scoring credit picture first, because conventional PMI pricing moves sharply with score while FHA MIP does not.
- Price both programs on the same scenario. Ask for conventional and FHA side by side at the same price, down payment and term, with the mortgage insurance shown as its own line.
- Ask for the cancellation math. On conventional, find out what balance triggers the 80% cancellation request and the 78% automatic termination under the Homeowners Protection Act.
- Test the alternatives. Compare monthly PMI against lender-paid and single-premium structures over your expected holding period, not over thirty years.
- Decide with a holding period in mind. A structure that wins over ten years can lose over three. Pick the one that wins over the period you actually expect.
- Confirm on your disclosures. The mortgage insurance figure that governs is the one on your Loan Estimate and Closing Disclosure.
Mistakes that cost people money on this
- Assuming FHA mortgage insurance behaves like conventional PMI and will fall off automatically. On most minimum-down FHA loans it does not.
- Choosing lender-paid PMI for the lower monthly payment without realizing the higher rate never cancels.
- Paying a single premium in cash shortly before selling or refinancing, where the up-front cost never earns back.
- Delaying a purchase for years to reach 20% down without comparing that cost against rent and price movement.
- Requesting PMI cancellation without meeting the payment history and property condition requirements the Homeowners Protection Act sets.
Is this the right move for your situation?
The honest answer depends on the file. These are the patterns we see on both sides.
Usually a good fit when
- You have stable income and a solid credit profile but not a 20% down payment.
- You expect to reach 80% loan-to-value through amortization or appreciation within a few years.
- The monthly premium is smaller than the cost of waiting to buy in your market.
- You want the flexibility to keep cash reserves rather than deploy every dollar into the down payment.
Usually not the right move when
- You are within a few months of a 20% down payment and nothing about your timeline forces the purchase now.
- The payment only works with mortgage insurance excluded from the math, which means it does not work.
- You are eligible for a VA loan, which uses a funding fee instead of monthly mortgage insurance.
- You plan to sell within a year and a single-premium structure would never earn back.
None of this is a determination about your file. A Simply Approved Mortgages Loan Officer can run your actual numbers and show you what your disclosures would say.
What you can do with this loan
Understand why a conventional loan with less than 20% down includes an added monthly cost.
Compare borrower-paid, lender-paid, and single-premium PMI structures.
Estimate how PMI could affect your total monthly mortgage payment.
Learn when PMI can be requested for cancellation versus terminated automatically.
Decide whether a larger down payment to avoid PMI makes sense for your budget.
Pros & cons — honest tradeoffs
Pros — Pros & cons
- +PMI allows conventional financing with a down payment below 20%.
- +It can make homeownership accessible sooner rather than waiting years to save a full 20% down payment.
- +PMI is generally removable once sufficient equity is reached.
- +Multiple premium structures allow some flexibility in upfront versus monthly cost.
- +Paying down principal faster can accelerate PMI removal.
Cons / watch-outs — Pros & cons
- −PMI adds to your monthly payment without building equity for you directly.
- −Premiums vary and can be higher for lower credit scores or higher loan-to-value ratios.
- −Lender-paid PMI built into the rate cannot be cancelled separately from refinancing.
- −Removal typically requires meeting specific equity thresholds and servicer requirements.
- −Some structures used to avoid monthly PMI carry their own costs and complexity.
Compare loan officer compensation on your mortgage quote
Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.
Compensation difference on this illustration: $3,750.
How lower compensation can help you
When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.
Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.
A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.
As a mortgage broker we compare pricing from wholesale lenders instead of offering a single bank’s retail pricing.
Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.
Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.
Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
Worked example
How this loan actually works — a full example
A buyer compares monthly payment impact with and without PMI on a conventional loan with a smaller down payment.
Inputs
- Illustrative loan amount
- $380,000
- Illustrative monthly PMI premium
- $180
- Illustrative loan-to-value at closing
- 90%
Calculation
- 1Step 1Loan is originated at 90% loan-to-value, triggering a PMI requirement.
- 2Step 2An illustrative $180 monthly PMI premium is added to principal, interest, taxes, and insurance.
- 3Step 3As the loan balance is paid down and/or the home value rises, loan-to-value falls toward 80% and then 78%.
- 4Step 4At 78% of the original value, PMI is generally scheduled to terminate automatically under federal law.
In this illustrative scenario, the monthly payment would generally decrease once PMI terminates, though actual figures depend on your Loan Estimate and servicing terms.
Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate.
Purchase market update
What buyers should know this month
30-Yr Fixed · national avg
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15-Yr Fixed · national avg
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2026 buying power
Conforming baseline: $832,750
FHA floor / ceiling: $541,287 – $1,249,125
Protects the lender
PMI covers the lender’s risk on a low down payment loan, not the borrower’s.
Not permanent
PMI can generally be removed once you build enough equity in the home.
PMI vs MIP
FHA loans use MIP, a separately structured cost with different removal rules than PMI.
Cost and payment tools
Run your payment, affordability, closing cost and refinance numbers
Monthly payment, affordability, closing costs, refinance break-even and early payoff, all on one screen. This page is not written for one state, so property tax, insurance and transfer or recording charges start at neutral placeholder assumptions rather than published averages — Transfer, documentary-stamp and recording charges are set by your state and county — enter your own figure, or open the state page for a sourced seed. Insurance and tax assumptions vary widely by state, county and property, so replace these starting values with quotes for your address. Every figure is an illustrative estimate, not a quote, lock, offer, approval, or commitment to lend.
Your inputs
Estimated result
- Down payment
- $20,000
- Loan amount
- $380,000
- Principal & interest
- $2,402
- Property tax
- $333/mo
- Homeowners insurance
- $167/mo
- Estimated total monthly
- $2,902/mo
Reference sources: Tax Foundation — property taxes paid as a percentage of owner-occupied housing value, NAIC — Homeowners Insurance Report, CFPB — Understanding your Loan Estimate.
Assumptions, methodology, and limitations
Principal and interest use the standard amortization formula on the loan amount you enter. This page does not target a single state, so the property tax and insurance fields start at neutral placeholder assumptions rather than published averages — replace them with figures for your own address, or open the matching state page for sourced seeds. Closing costs apply your state's transfer / documentary-stamp practice (0.00% of price used as the buyer-side seed) plus typical title, recording, appraisal, credit and prepaid escrow lines. Refinance break-even divides your entered costs by the monthly payment difference. Early payoff runs a month-by-month amortization with your extra principal.
These tools do not include mortgage insurance, funding or guarantee fees, HOA special assessments, flood or windstorm premiums, seller credits, lender credits, discount points, or county and municipal charges specific to your parcel. Statewide averages will not match any individual property. Figures are estimates only.
Illustrative only. Binding figures appear on your Loan Estimate, and terms vary by borrower, property, lender, program, and state.
Turn these estimates into real numbers
Send your scenario to a Simply Approved Mortgages Loan Officer and get a written summary back, or compare where rates sit today. Educational only — not a quote, lock, offer, approval, or commitment to lend.
Private mortgage insurance FAQs
Answers to the most common private mortgage insurance questions, written by licensed loan officers.
Ask SAM anything about mortgages
SAM is the Simply Approved Mortgages AI assistant. It answers general questions using the reviewed guides published on this site and links you to the primary government source. It is educational only — it does not quote a rate, payment, APR, approval or commitment to lend. A Simply Approved Mortgages Loan Officer reviews every scenario before any terms are confirmed.
Hi, I'm SAM — an AI assistant for Simply Approved Mortgages. I can explain loan programs, closing costs, DTI, down payments and which calculator or guide to use. I'm not a licensed loan officer, and nothing here is a quote, approval or commitment to lend.
Ask Sam AI provides general educational information only. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Never share a Social Security number, ITIN, date of birth, account number or password in chat. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Sources & Citations
- U.S. Congress — Homeowners Protection Act of 1998, 12 USC 4901 et seq.
- HUD — Handbook 4000.1 mortgage insurance premium policy
- Department of Veterans Affairs — VA funding fee
Sources: government and agency publications listed above. Simply Approved Mortgages LLC is not affiliated with, endorsed by, or sponsored by HUD, FHA, VA, USDA, or any government agency. Program rules change; the published source text governs.
Trusted government resources
These independent government resources can help you research mortgage programs, rates, and your rights before you apply.
CFPB
CFPB — What is private mortgage insurance?
CFPB
CFPB — Homeowners Protection Act (PMI cancellation)
Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.
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Where this fits in the mortgage library library
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What most readers open next
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Guide
How to Remove PMI
A step-by-step look at requesting PMI cancellation.
Read the guide →Guide
PMI Calculator
Estimate an illustrative monthly PMI cost for your scenario.
Read the guide →Guide
Conventional Loans
Learn more about the loan type PMI most often applies to.
Read the guide →Guide
FHA Mortgage Insurance (MIP)
Compare PMI to the FHA equivalent, MIP.
Read the guide →Guide
Down Payment Assistance
Programs that may help boost your down payment to avoid PMI.
Read the guide →Guide
Mortgage Calculator
Estimate a full monthly payment including PMI.
Read the guide →Internal library
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Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party wholesale lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado. Business-purpose mortgage products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
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