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What is PMI and how is it calculated?

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What is PMI and how is it calculated?

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Private mortgage insurance or PMI is a type of insurance provided by a private mortgage insurance company to protect a lender in the event of default on a loan. This type of insurance is generally required when a borrower has less than 20% equity in a home. The borrower pays for mortgage insurance on a monthly basis in addition to the principal and interest payments to the mortgage insurance company.

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