How much is PMI on a conventional loan?
Monthly PMI typically runs 0.3% to 1.5% of the loan amount per year (annualized), depending on credit score, LTV, coverage, and property type. On a $400k loan, that's roughly $100-500/month. Stronger credit and lower LTV both cut PMI materially.
Plain-English explanation
PMI is calculated as an annual percentage of the loan, divided by 12 for the monthly add-on. The percentage tiers by credit-score brackets (620-679, 680-699, 700-719, 720-739, 740-759, 760+) and LTV brackets (80.01-85, 85.01-90, 90.01-95, 95.01-97). HomeReady and Home Possible have lower PMI factors than standard conventional. Single-premium PMI (paid upfront) reduces or eliminates the monthly charge. Compare PMI providers — they price differently. Subject to PMI provider rates.
What can change the answer?
Credit score, LTV, coverage percentage, occupancy, and PMI provider can change cost. PMI removal is governed by HPA and servicer policy.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on PMI
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.