What is the minimum down payment required by a lender in order to eliminate PMI?
On a primary residence, the minimum that you need to put down to eliminate PMI is 20%. If you are putting down less than this, but wish to avoid PMI, speak with your lender to see if you qualify for any other alternative programs. • How much does mortgage insurance cost? The cost of PMI is divided into two parts. The first part is a payment made at the time of closing. The second is an ongoing payment made each month with your principal and interest payment. • Do lenders offer any alternative to mortgage insurance? Yes, you have other options. Talk with your lender about the alternatives offered by their company that may benefit your financial needs.
