How Much Should Mortgage Insurance Cost?

According to the Mortgage Bankers Association of America (MBAA), private mortgage insurance should cost somewhere in the range of one-half of one percent of your loan amount. If your loan is for $100,000 then you would expect to pay around $500 each year for private mortgage insurance on top of your mortgage payments. What you pay will be a little more or a little less depending on a few other factors such as your credit history and score because, as you may recall, the insurance protects the lender from you defaulting on the loan.

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