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What is Private Mortgage Insurance (PMI) & How Does PMI Work
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class="item-subhead__dek-copy">If you’re looking to buy a home with less than a 20% down payment, this is information you need to know.</p> <div> <p class="item-subhead__consumption"> <i class="icon icon--Article"></i> <span>Read, </span> <span class="item-subhead__consumption-text js-consumption-text"> 3 minutes </span> </p> </div> </div> </div> </div> <div class="row row--text"> <div class="column column--span-1-1 set-top"><div class="unity-layout layout section"> <uc-layout version="v1_3.10.1-ENT-6"> <div class="uc uc-layout uc-layout--d-width-default uc-layout--m-width-default uc-layout--top-pad-0 uc-layout--bottom-pad-0" style="max-width: 100%;"> <div class="uc-grid uc-grid--cols-2--medium uc-layout__grid uc-layout__grid--col-2_50-50 uc-layout__grid--no-separator uc-layout__grid--vertical-separator-black uc-layout__grid--content-align-default uc-layout__grid--content-vertical-align-default "> <div class="uc-layout__grid-cell "> <div class="aem-wrap--text-latest"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>One of the biggest barriers to buying a home can be the down payment. That’s because lenders like to see at least 20% of the home’s purchase price. If you can’t meet that threshold, you may be required to buy private mortgage insurance (PMI).</p> <p>PMI applies to what’s called “conventional conforming loans,” the most common type of mortgages. They are made by private lenders and meet criteria set by Fannie Mae and Freddie Mac, which are government-sponsored enterprises that back mortgages.<br/> <br/> PMI is designed to protect lenders against losses if borrowers stop making payments. And it can help you qualify for a loan you might not otherwise get.</p> </div> </div> </div> </div> <div class="uc-layout__grid-cell "> <div class="aem-wrap--media"> <script src="//cdnapisec.kaltura.com/p/4699762/embedPlaykitJs/uiconf_id/51133253/langs/en,es"></script> <uc-media version="v1_3.10.1-ENT-6" class="uc-component uc-media" data-action="unityMedia" buttonAnimation="false" buttonPosition="center" disclaimerText="<p><em>The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management.</em> ©2023 Bank of America Corporation.</p> " entryId="1_83napcfx" infiniteCarousel="false" isAudio="false" isAuthorMode="false" isPlaylist="false" isVertical="true" partnerId="4699762" playerId="51133253" playlistAutoContinue="false" playlistFilter="false" playlistTheme="black" showDisclaimer="true" theme="red" transcriptText='[{"id":"1_83napcfx","transcript":"%3Cp%3E%5BMusic%20in%20background%20throughout%5D%3C%2Fp%3E%0D%0A%3Cp%3E%5BA%20Bank%20of%20America%20employee%2C%20Euralis%2C%20is%20speaking%20directly%20to%20camera%5D%3C%2Fp%3E%0D%0A%3Cp%3E%3Cstrong%3EOn%20screen%20copy%3A%3Cbr%20%2F%3E%0D%0A%20%3C%2Fstrong%3EEuralis%3Cbr%20%2F%3E%0D%0ABetter%20Money%20Habits%20Champion%3C%2Fp%3E%0D%0A%3Cp%3EEuralis%3A%3Cbr%20%2F%3E%0D%0APMI%2C%20which%20stands%20for%20private%20mortgage%20insurance%2C%3C%2Fp%3E%0D%0A%3Cp%3E%3Cstrong%3EOn%20screen%20copy%3A%3Cbr%20%2F%3E%0D%0A%20%3C%2Fstrong%3EPMI%20acts%20as%20an%20insurance%20payment%3C%2Fp%3E%0D%0A%3Cp%3EEuralis%3A%3Cbr%20%2F%3E%0D%0Ais%20a%20fee%20that%20you%20would%20pay%20to%20the%20lender%20if%20you%20do%20not%20put%2020%25%20down.%20PMI%20is%20included%20in%20your%20monthly%20payments%2C%20so%20you%20would%20see%20it%20as%20a%20separate%20line%20item%20in%20your%20monthly%20mortgage%20statement.%20An%20important%20thing%20to%20know%20about%20PMI%3C%2Fp%3E%0D%0A%3Cp%3E%3Cstrong%3EOn%20screen%20copy%3A%3Cbr%20%2F%3E%0D%0A%20%3C%2Fstrong%3EPrivate%20Mortgage%20Insurance%20protects%20the%20lender%2C%20not%20you%3C%2Fp%3E%0D%0A%3Cp%3EEuralis%3A%3Cbr%20%2F%3E%0D%0Ais%20that%20it%20protects%20the%20lender%20in%20the%20event%20that%20you%20default%20on%20your%20mortgage.%3C%2Fp%3E%0D%0A%3Cp%3E%5BMortgage%20principal%20graphic%20appears%20with%20a%20house%20icon%20that%20slides%20from%20left%20to%20right%2C%20revealing%2020%25%5D%3C%2Fp%3E%0D%0A%3Cp%3E%3Cstrong%3EOn%20screen%20copy%3A%3Cbr%20%2F%3E%0D%0A%20%3C%2Fstrong%3EMortgage%20principal%3Cbr%20%2F%3E%0D%0A20%25%3Cbr%20%2F%3E%0D%0A%3Cbr%20%2F%3E%0D%0AEuralis%3A%3Cbr%20%2F%3E%0D%0ASo%20you%20can%20stop%20paying%20PMI%20once%20you%27ve%20paid%20down%2020%25%20of%20the%20principal%20of%20the%20mortgage.%3C%2Fp%3E%0D%0A%3Cp%3E%3Cstrong%3EOn%20screen%20copy%3A%3Cbr%20%2F%3E%0D%0A%20%3C%2Fstrong%3EAsk%20Better%20Money%20Habits%3Cbr%20%2F%3E%0D%0AWhat%20is%20PMI%20and%20how%20does%20it%20work%3F%3Cbr%20%2F%3E%0D%0ABank%20of%20America%3Csup%3E%C2%AE%3C%2Fsup%3E%20logo%3Cbr%20%2F%3E%0D%0ABetter%20Money%20Habits%3Csup%3E%C2%AE%3C%2Fsup%3E%3C%2Fp%3E%0D%0A%3Cp%3E%3Cstrong%3EOn%20screen%20disclosures%3A%3Cbr%20%2F%3E%0D%0A%20%3C%2Fstrong%3EThe%20material%20provided%20in%20this%20video%20is%20for%20informational%20use%20only%20and%20is%20not%20intended%20for%20financial%20or%20investment%20advice.%3C%2Fp%3E%0D%0A%3Cp%3EBank%20of%20America%20Corporation%20and%2For%20its%20affiliates%20assume%20no%20liability%20for%20any%20loss%20or%20damages%20resulting%20from%20one%E2%80%99s%20reliance%20on%20the%20material%20provided.%20Please%20also%20note%20that%20such%20material%20is%20not%20updated%20regularly%2C%20therefore%20some%20of%20the%20information%20may%20not%20be%20current.%3C%2Fp%3E%0D%0A%3Cp%3EConsult%20with%20your%20own%20financial%20professional%20when%20making%20decisions%20regarding%20your%20financial%20or%20investment%20management.%3C%2Fp%3E%0D%0A%3Cp%3EBank%20of%20America%2C%20N.A.%20Member%20FDIC.%20Equal%20Credit%20Opportunity%20Lender.%20%C2%A9%202024%20Bank%20of%20America%20Corporation.%20All%20rights%20reserved.%3C%2Fp%3E%0D%0A%3Cp%3E%5BEnd%20of%20transcript%5D%3C%2Fp%3E%0D%0A"}]' closeTranscriptText="Close Transcript" closeDisclaimerText="Close Disclaimer" disclaimerTitle="Disclaimer" transcriptTitle="Transcript" carouselNextArrowText="Go to Next Item" carouselPreviousArrowText="Return to Previous Item" carouselDotsLabel="of" playlistItemLabel="Item {0} of {1} Play {2} video" validCloseCaptions="true" expandVideoWhenPlaying="false" posterImagePosition="center" data-video-id="1_83napcfx_"> <div id="en-how-pmi-works" class="uc-media__player"> </div> <div class="uc-media-transcript" aria-hidden="true" aria-expanded="false"> <div class="uc-media-transcript__header"> <button aria-label="Close Transcript" class="uc-media-transcript__close uc-media-icon-close" tabindex="-1" title="Close Transcript"></button> </div> <div class="uc-media-transcript__container" tabindex="-1"> <h3 class="uc-media-transcript__title">Transcript</h3> <div class="uc-media-transcript__text"></div> </div> </div> <script type="application/ld+json">{"@type":"VideoObject","name":"What is PMI and how does it work?","description":"No description","thumbnailUrl":"https://cfvod.kaltura.com/p/4699762/sp/469976200/thumbnail/entry_id/1_83napcfx/version/100011","uploadDate":"2024-09-06T09:46:11-04:00","contentUrl":"https://cdnapisec.kaltura.com/p/4699762/sp/469976200/playManifest/entryId/1_83napcfx/format/url/protocol/https","embedUrl":"https://cdnapisec.kaltura.com/p/4699762/sp/469976200/playManifest/entryId/1_83napcfx/format/url/protocol/https","width":1080,"height":1920,"duration":"PT40S","transcript":"[Music in background throughout] [A Bank of America employee, Euralis, is speaking directly to camera] On screen copy: Euralis Better Money Habits Champion Euralis: PMI, which stands for private mortgage insurance, On screen copy: PMI acts as an insurance payment Euralis: is a fee that you would pay to the lender if you do not put 20% down. PMI is included in your monthly payments, so you would see it as a separate line item in your monthly mortgage statement. An important thing to know about PMI On screen copy: Private Mortgage Insurance protects the lender, not you Euralis: is that it protects the lender in the event that you default on your mortgage. [Mortgage principal graphic appears with a house icon that slides from left to right, revealing 20%] On screen copy: Mortgage principal 20% Euralis: So you can stop paying PMI once you've paid down 20% of the principal of the mortgage. On screen copy: Ask Better Money Habits What is PMI and how does it work? Bank of America® logo Better Money Habits® On screen disclosures: The material provided in this video is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damages resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly, therefore some of the information may not be current. Consult with your own financial professional when making decisions regarding your financial or investment management. Bank of America, N.A. Member FDIC. Equal Credit Opportunity Lender. © 2024 Bank of America Corporation. All rights reserved. [End of transcript]","@context":"http://schema.org"}</script> </uc-media> </div> </div> </div> </div> </uc-layout></div> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left "> <div class="heading-latest__anchor-link js-anchor-link" data-id="how-much-does-pmi-cost-and-how-is-it-paid" aria-hidden="true" tabindex="-1"></div> <h2 class="heading-latest__text headline--md heading--text-red heading--align-left "> How much does PMI cost and how is it paid? </h2> </div> </div> <div class="aem-wrap--text-latest section"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>The amount of your monthly PMI payment depends on your <a href="https://bettermoneyhabits.bankofamerica.com/en/credit/how-credit-score-is-calculated"><span class="inline-link--black">credit score</span></a> and down payment, but generally it ranges between 0.3% and 2% of the original loan amount each year. That cost is on top of your mortgage interest.</p> <p>In most cases, PMI is added to your mortgage payments. You may also be able to pay it upfront at closing. Occasionally, you’ll be required to pay both an upfront and monthly premium. It depends on the lender and type of loan.</p> </div> </div> </div> <div class="aem-wrap--tip-tile section"> <div class="tip-tile js-tip-tile text--template-theme-color-cx background--template-theme-color-cx--light" data-cmp-name="tip-tile" data-action="tipTile"> <div class="tip-tile__div-wrapper tip-tile__div-wrapper--left"> <div class="tip-tile__text-wrapper "> <div class="tip-tile__image-wrapper "> <img class="tip-tile__image tip-tile__image--s" src="/content/dam/bmh/cx/icon-tip-lightbulb.svg" alt="" aria-hidden="true"/> </div> <div class="tip-tile__header tip-tile__header--no-deck"> <h3 class="tip-tile__header--darkBlue tip-tile__header--l"> Quick tip </h3> </div> </div> <div class="tip-tile__overview tip-tile__overview--darkBlue tip-tile__overview--xs tip-tile__div-wrapper--left "> <p>Your PMI premium appears in your loan estimate and closing disclosure document. It may also be a line item in your monthly mortgage statement.</p> </div> </div> </div> </div> <div class="aem-wrap--article-list section"> <div class="article-list__wrapper js-article-list__wrapper article-list__wrapper--in-article article-list__wrapper--has-heading "> <h3 class="article-list__in-article-heading"> Article continues below </h3> <h3 class="article-list__heading"> Related content </h3> <ul class="article-list js-article-list" data-action="articleList"> <li class="article-list__item" data-content-type="Article"> <img src="/content/dam/bmh/article-list/whathappens-atclosing-related-content-image.jpg" class="article-list__item__img"/> <a href="https://bettermoneyhabits.bankofamerica.com/en/home-ownership/what-happens-at-closing" data-path="/content/bmh/en/home-ownership/what-happens-at-closing" hreflang="en-US" class="article-list__item__link js-anchor-wrapper t-track-content-tile" data-show-read-time data-bactmln="ItemTile_what_happens_at_closing_"> <div class="article-list__item__content"> <div class="article-list__item__title">What happens at closing?</div> <p class="article-list__item__cta hidden-section"> <i class="icon icon--Article"></i><span class="cta-text">Read more</span><span>, 3 minutes</span> </p> </div> </a> </li> <li class="article-list__item" data-content-type="Article"> <a href="https://bettermoneyhabits.bankofamerica.com/en/home-ownership/evaluating-home-equity" data-path="/content/bmh/en/home-ownership/evaluating-home-equity" hreflang="en-US" class="article-list__item__link js-anchor-wrapper t-track-content-tile" data-show-read-time data-bactmln="ItemTile_how_to_calculate_your_home_equity"> <div class="article-list__item__content"> <div class="article-list__item__title">How to calculate your home equity</div> <p class="article-list__item__cta hidden-section"> <i class="icon icon--Article"></i><span class="cta-text">Read more</span><span>, 3 minutes</span> </p> </div> </a> </li> <li class="article-list__item" data-content-type="Article"> <a href="https://bettermoneyhabits.bankofamerica.com/en/home-ownership/5-stage-guide-to-homebuying-terms" data-path="/content/bmh/en/home-ownership/5-stage-guide-to-homebuying-terms" hreflang="en-US" class="article-list__item__link js-anchor-wrapper t-track-content-tile" data-show-read-time data-bactmln="ItemTile_homebuyer_s_dictionary__must_know_terms_for_every_stage_of_buying_a_home"> <div class="article-list__item__content"> <div class="article-list__item__title">Homebuyer’s dictionary: Must-know terms for every stage of buying a home</div> <p class="article-list__item__cta hidden-section"> <i class="icon icon--Article"></i><span class="cta-text">Read more</span><span>, 4 minutes</span> </p> </div> </a> </li> </ul> </div> </div> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left "> <div class="heading-latest__anchor-link js-anchor-link" data-id="how-to-avoid-pmi" aria-hidden="true" tabindex="-1"></div> <h2 class="heading-latest__text headline--md heading--text-red heading--align-left "> How to avoid PMI </h2> </div> </div> <div class="aem-wrap--text-latest section"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>The best way to avoid PMI is to make a down payment of at least 20% of the home’s purchase price. If you <span class="replacement-text"><span class="inline-link--black">don’t have a big down payment</span></span>, ask your lender about options. You might be eligible for a no-PMI loan.</p> <p>Homebuyers with limited cash for a down payment or a less-than-sterling credit score or who are <span class="inline-link--black">veterans</span> might qualify for mortgages backed by the Federal Housing Administration (FHA) or the Department of Veterans Affairs.</p> </div> </div> </div> <div class="aem-wrap--teaser-latest section"> <div class="teaser-latest teaser-latest--red teaser-latest-background--white teaser-latest--left" data-cmp-name="teaser-latest" data-action="teaserLatest"> <a class="teaser-latest__link js-teaser-latest-track t-track-body-copy-link" href="https://promotions.bankofamerica.com/homeloans/downpaymentcenter?subCampCode=78905.html" target="_self" tabindex="0"> <div class="teaser-latest__wrapper"> <img class="teaser-latest__image" src="/content/dam/bmh/product-cta/more-from-bank-of-america-house.svg" role="presentation" aria-hidden="true"/> <div class="teaser-latest__content"> <span class="teaser-latest__eyebrow">More from Bank of America</span> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p><span class="copy--black">Need more help with the upfront costs of buying a home? Visit our Down Payment Center.</span></p> </div> </div> </div> </div> </a> </div> </div> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left "> <div class="heading-latest__anchor-link js-anchor-link" data-id="whatspanspans-loan-to-value-ratio-and-how-does-it-affect-pmi" aria-hidden="true" tabindex="-1"></div> <div class="heading-latest__override-text" data-text="What's loan-to-value ratio and how does it affect PMI?" aria-hidden="true" tabindex="-1"></div> <h2 class="heading-latest__text headline--md heading--text-red heading--align-left "> What<span>'</span>s loan-to-value ratio and how does it affect PMI? </h2> </div> </div> <div class="aem-wrap--text-latest section"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>Loan-to-value ratio (LTV) is the measure lenders use to determine whether you need to have PMI. It’s based on how much you owe on your mortgage and your home’s value—either the sale price or the appraised value at the time of purchase, whichever is less.</p> </div> </div> </div> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left hide-from-nav "> <div class="heading-latest__anchor-link js-anchor-link" data-id="how-to-calculate-your-loan-to-value-ratio" aria-hidden="true" tabindex="-1"></div> <h3 class="heading-latest__text headline--sm heading--text-blue heading--align-left "> How to calculate your loan-to-value ratio </h3> </div> </div> <div class="aem-wrap--equation section"> <div class="equation equation--align-center equation--theme-blue" data-action="equation"> <div class="equation__items"> <div class="equation-item"> <p class="equation-item__heading">Mortgage balance</p> </div> <i class="icon equation__icon js-equation__icon text--primary-color icon--divide" role="math" aria-label="divide"></i> <div class="equation__line"></div> <div class="equation-item"> <p class="equation-item__heading">home’s value</p> </div> <i class="icon equation__icon js-equation__icon text--primary-color icon--multiply" role="math" aria-label="multiply"></i> <div class="equation__line"></div> <div class="equation-item"> <p class="equation-item__heading">100</p> </div> <i class="icon equation__icon js-equation__icon text--primary-color icon--equals" role="math" aria-label="equals"></i> <div class="equation__line"></div> <div class="equation-item"> <p class="equation-item__heading">Loan-to-value ratio</p> </div> </div> </div></div> <div class="aem-wrap--text-latest section"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>Lenders are looking for an LTV of 80%, which is what you achieve with a 20% down payment. The smaller your down payment, the higher your LTV ratio.</p> </div> </div> </div> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left "> <div class="heading-latest__anchor-link js-anchor-link" data-id="when-does-the-pmi-requirement-end" aria-hidden="true" tabindex="-1"></div> <h2 class="heading-latest__text headline--md heading--text-red heading--align-left "> When does the PMI requirement end? </h2> </div> </div> <div class="aem-wrap--text-latest section"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>As long as your payments are current, your loan servicer may cancel PMI when your loan-to-value ratio reaches the 78% scheduled date based on the original value of your home. If you want to stop paying it before then, you can request in writing that PMI be canceled when your LTV falls below 80%. Just be aware that you may be required to pay for a new property valuation to ensure that the home’s value hasn’t fallen below its original value. Always refer to your Mortgage Insurance Disclosure for details on how to remove. </p> </div> </div> </div> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left "> <div class="heading-latest__anchor-link js-anchor-link" data-id="how-does-a-home-equity-loan-or-line-of-credit-affect-pmi" aria-hidden="true" tabindex="-1"></div> <h2 class="heading-latest__text headline--md heading--text-red heading--align-left "> How does a home equity loan or line of credit affect PMI? </h2> </div> </div> <div class="aem-wrap--text-latest section"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>If you are considering a <a href="https://bettermoneyhabits.bankofamerica.com/en/home-ownership/evaluating-home-equity"><span class="inline-link--black">home equity</span></a> loan or line of credit, an important calculation is your combined LTV, which compares the value of your home to the combined total of the loans secured by it. Adding home equity debt to the calculation increases your LTV and could require you to carry PMI for a longer period of time.</p> </div> </div> </div> </div> </div> <div class="row row--text"> <div class="disclaimer js-disclaimer" data-action="disclaimer"> <div class="disclaimer__button"> <a id="toogle_disclaimer_link" href="javascript:void(0);" class="toggle-button js-toogle-disclaimer t-track-body-copy-link" tabindex="0" role="button" aria-expanded="false">Disclaimer</a> </div> <div class="toggle-section js-section js-disclaimer-section hidden-section"> <a class="close-btn js-close-disclaimer-btn" href="javascript:void(0);" tabindex="0" role="button"><i class="icon icon--action-close"></i><strong class="accessibility-hidden">Close Disclaimer</strong></a> <div class="copy--toggle"><p><em>The material provided on this website is for informational use only and is not intended for financial or investment advice. 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