Conventional PMI
Private mortgage insurance may apply when conventional loan-to-value exceeds certain thresholds. Cost varies by credit, LTV, coverage, and other factors.
Mortgage insurance
Different loan programs handle mortgage insurance differently.
PMI is not a universal mortgage charge. Conventional, FHA, VA, and USDA financing use different insurance and fee structures.
FHA MIP
FHA financing generally includes upfront and annual mortgage insurance premiums. Duration and cost depend on the loan structure and applicable rules.
VA funding fee
VA loans do not use conventional monthly PMI. A VA funding fee may apply unless the borrower qualifies for an exemption.
USDA fees
USDA financing generally uses an upfront guarantee fee and annual fee rather than conventional PMI.
Why it matters
Mortgage insurance affects both monthly payment and total loan cost, so it should be included when comparing programs.
Calculator
Use the Casas Equity calculator to model the different payment structures.
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