Our straightforward-to-use calculators will help find the answer that’s finest for you. With personal mortgage insurance, you pay extra money each month to give the financial institution the peace of mind that comes with knowing they’re going to be lined by the insurance coverage coverage if it turns out you can’t make your mortgage funds.

Private mortgage insurance coverage premium rates differ primarily based on the mortgage-to-worth ratio on the home, your credit score score and whether your mortgage is fastened-fee or variable-rate (The better your credit, the lower your PMI funds shall be — yet another excuse to check, …