How much does private mortgage insurance cost? EZ Mortgages & loans in Boston

How much does private mortgage insurance cost?

The cost of PMI is divided into two parts. The first part is a payment made at the time of closing. The second is an on-going monthly payment made with your principal and interest payment. Normally, PMI may be stopped when you reduce the principal of your loan to 80%. PMI also applies for refinancing. Mortgage insurance can be very expensive and there is no tax deductible benefit for you on the mortgage insurance payments, so be sure to ask your lender how to have the PMI removed once you build up enough equity. You will probably have to pay for an appraisal on your home to prove your equity is high enough, but that will be money well spent if it eliminates high PMI payments. You can avoid PMI altogether by placing a down payment of 20% or higher on your home purchase. Or, if you are refinancing, you can avoid PMI by leaving 20% equity in your house.

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