Private Mortgage Insurance, or PMI, is insurance that protects the lender against loss if you (the borrower) stop making mortgage payments. Even though it protects the lender and not you, it is paid by you. It may allow you to buy a house with a much smaller down payment, as low as three to five.
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FHA mortgage insurance probably won’t bother you much if you’re a first-time borrower. The benefit of making a small down payment and getting your foot on the first rung of the homeownership ladder may outweigh the disadvantage of having to pay mortgage insurance.
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Use NerdWallet’s free private mortgage insurance (PMI) calculator to estimate the total cost of PMI you will pay over the life of your mortgage.
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Minuses of MPI. Mortgage protection insurance is a waste of money if you own your home outright.
Also note that fha mortgage requirements differ from conventional loans, and depend on when your loan originated and how much money you put down. Check with your lender to find out how and when you.
. recommend aiming for a 20% down payment to avoid paying extra each month for private mortgage insurance. If you feel like it may be impossible to save up that much, you’re not alone. The typical.
Regardless of the value of a home, most mortgage insurance premiums cost between 0.5% and as much as 5% of the original amount of a mortgage loan per year. That means if $150,000 was borrowed and the annual premiums cost 1%, the borrower would have to pay $1,500 each year ($125 per month) to insurance their mortgage.