How much is PMI on a $100,000 mortgage?

PMI depends on your credit score and LTV (loan-to-value). So PMI on a $100,000 mortgage could range roughly $200–1,800 annually ($16–155 monthly). The more you put down (or pay off your loan) and the better your credit score, the less you pay in PMI.

Is PMI based on your equity or your loan amount?

PMI is based on your loan amount. Your private mortgage insurance cost gets calculated using your overall loan amount. And getting rid of PMI requires your remaining loan amount to be 80% of the home’s value or less.

What is a normal PMI rate?

Normal PMI rates can vary quite a bit, since they depend on both your down payment and your credit score (among other factors). Common PMI rates range 0.5–1.5% of your loan amount, but they can go both lower and higher.

Chloe Goodshore

Former Contributor

Chloe Goodshore is a freelancer writer who specializes in personal and business financing. She has a passion for making boring things sound interesting and complex things sound simple, all so readers can make well-informed decisions.

Chloe’s work has been featured on Yahoo! Finance, U.S. News & World Report, StartupNation, and more.

In her free time, Chloe enjoys quilting, reading, and playing video games.

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