Stop Overpaying PMI — Check Your Rate Now
A 760+ score pays $53/month vs $620/month at 620. That is a $567/month difference ($204K over 30 years). Compare lenders — free, no SSN required.
PMI Rates by Credit Score 2026: Conventional Mortgage Insurance Chart
PMI on conventional loans costs 0.16% to 1.86% of your loan amount per year — depending on your credit score and down payment. Here is the complete rate chart with real cost examples.
Best (760+)
0.16%
Avg (700)
0.45%
Worst (620)
1.86%
Auto-Cancel
78% LTV
Quick Answer: What Is PMI?
PMI is required on conventional loans with less than 20% down. Unlike FHA MIP (flat 0.55% for everyone), PMI rates are directly tied to your credit score. PMI auto-cancels at 78% LTV under federal law.
Example: $400K loan, 10% down → 760+ score pays $53/mo, 620 score pays $620/mo. A $567/mo difference = $204K over 30 years. Get pre-approved to see your exact cost. Already paying PMI? Compare refinance rates.
PMI Rate Chart by Credit Score (2026)
Your PMI rate depends on your credit score and down payment (LTV ratio). Monthly cost = (Loan Amount × Rate) ÷ 12.
5% Down (95% LTV)
| Credit Score | Annual Rate | $300K/mo | $400K/mo | $500K/mo |
|---|---|---|---|---|
| 760+ | 0.28% | $70 | $93 | $117 |
| 720-759 | 0.36% | $90 | $120 | $150 |
| 700-719 | 0.54% | $135 | $180 | $225 |
| 680-699 | 0.78% | $195 | $260 | $325 |
| 660-679 | 1.02% | $255 | $340 | $425 |
| 640-659 | 1.38% | $345 | $460 | $575 |
| 620-639 | 1.86% | $465 | $620 | $775 |
10% Down (90% LTV)
| Credit Score | Annual Rate | $300K/mo | $400K/mo | $500K/mo |
|---|---|---|---|---|
| 760+ | 0.16% | $40 | $53 | $67 |
| 720-759 | 0.25% | $63 | $83 | $104 |
| 700-719 | 0.37% | $93 | $123 | $154 |
| 680-699 | 0.56% | $140 | $187 | $233 |
| 660-679 | 0.78% | $195 | $260 | $325 |
| 640-659 | 1.08% | $270 | $360 | $450 |
| 620-639 | 1.50% | $375 | $500 | $625 |
15% Down (85% LTV)
| Credit Score | Annual Rate | $300K/mo | $400K/mo | $500K/mo |
|---|---|---|---|---|
| 760+ | 0.10% | $25 | $33 | $42 |
| 720-759 | 0.16% | $40 | $53 | $67 |
| 700-719 | 0.25% | $63 | $83 | $104 |
| 680-699 | 0.37% | $93 | $123 | $154 |
| 660-679 | 0.54% | $135 | $180 | $225 |
| 640-659 | 0.78% | $195 | $260 | $325 |
| 620-639 | 1.10% | $275 | $367 | $458 |
Key takeaway: 620 vs 760 score on $400K with 5% down = $527/month difference = $189,720 over 30 years. Compare lenders →
PMI vs FHA MIP: Which Is Cheaper?
If your credit score is 700+, conventional PMI is almost always cheaper than FHA MIP. If your score is below 680, FHA MIP (flat 0.55%) is usually cheaper. Check FHA eligibility.
| Feature | Conventional PMI | FHA MIP |
|---|---|---|
| Upfront Cost | None | 1.75% ($7K on $400K) |
| Rate (700+ score) | 0.25-0.54% | 0.55% (flat) |
| Rate (620 score) | 1.50-1.86% | 0.55% (flat) |
| Varies by Credit? | Yes — big impact | No |
| When Cancels? | 78% LTV (auto) | Life of loan |
| Can Remove Early? | Yes — at 80% LTV | Only refinance |
| Cheaper 700+? | YES | No |
| Cheaper 620? | No | YES |
How to Remove PMI: 4 Methods
Automatic Cancellation at 78% LTV
Federal law (Homeowners Protection Act) requires lenders to auto-cancel PMI at 78% LTV if payments are current. No action needed.
Request Removal at 80% LTV
Submit written request with a new appraisal ($400-$700) proving 80% LTV. Lender must respond within 30 days.
Refinance to Conventional
FHA borrowers can refi to conventional at 80% LTV to eliminate MIP entirely. Common for 2020-2021 buyers with 20%+ appreciation.
Piggyback Loan (80-10-10)
80% first + 10% second mortgage + 10% down = no PMI from day one. Often cheaper than PMI for 700+ scores.
5 Factors That Affect Your PMI Rate
Credit Score (Biggest Factor)
A 760+ score can cut PMI by 80% vs 620. Every 20-point increase saves 0.10-0.20% annually.
Down Payment / LTV
5% → 10% down cuts PMI 30-40%. 10% → 15% cuts another 30%.
Loan Type
Conventional PMI varies by score. FHA MIP is flat 0.55%. VA = no PMI. USDA = 0.35% guarantee fee.
Loan Term
15-year terms have lower PMI than 30-year. Example: 0.19% vs 0.37% at 700 score, 10% down.
Occupancy Type
Primary residence gets best rates. Second homes/investment properties pay 0.25-0.50% more.
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