Compare mortgage insurance as part of the full loan offer—not as a standalone contest between insurance-company brands. Ask at least three lenders for Loan Estimates built on the same assumptions, then compare monthly and upfront charges, payment, cash to close, cancellation rules, and total cost over the time you expect to keep the loan. The right choice depends on your loan program and borrower profile; there is no universal cheapest provider.
What mortgage insurance does—and what it does not do
Mortgage insurance generally protects the lender against specified losses if a borrower defaults. It does not protect you from missed payments or foreclosure, and its cost adds to the cost of borrowing. The Consumer Financial Protection Bureau (CFPB) explains what mortgage insurance is and how it works.
“Mortgage insurance” can refer to different charges depending on the loan program. Conventional private mortgage insurance (PMI), FHA mortgage insurance, USDA fees, and a VA funding fee are not interchangeable. A monthly line item alone cannot show which structure costs less overall.
Get comparable Loan Estimates
Ask each lender for a written Loan Estimate using the same purchase price, down payment, loan amount, term, interest-rate assumptions, and loan program. CFPB recommends comparing at least three offers in its mortgage-shopping guidance. If an estimate looks cheaper because it uses a different program or loan structure, request a like-for-like estimate before deciding.
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- Loan Amortization and Remaining Balances
- Instant Principal, Interest, Interest Only and Total Payments
- Future Values
- Date math function
On each Loan Estimate, compare the monthly mortgage-insurance charge alongside the total monthly payment, upfront lender costs, lender credits, and cash to close. Also account for any upfront insurance premium or fee that is financed into the loan: financing it may reduce cash due at closing, but it increases the principal you borrow and can raise total cost.
Compare the costs over the period you realistically expect to own the home or keep the loan, not just at closing or in the first month. CFPB says borrowers keep a mortgage for about five years on average before moving or refinancing; that broad average is not a forecast for any individual buyer. Its guide to comparing and negotiating loan offers explains how to review estimates.
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- RESIDENTIAL REAL ESTATE FINANCE TERMS: Keys labeled in residential real estate finance terms like Loan AMT, Int, Term, PMT; Calculator is super easy to use to determine a mortgage loan that works for your client
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Identify the insurance or fee in each offer
| Loan structure | What to compare | Duration or eligibility considerations |
|---|---|---|
| Conventional loan with PMI | PMI is arranged through the lender and provided by a private company. Rates vary with factors including down payment and credit score; CFPB says PMI is generally cheaper than FHA mortgage insurance for borrowers with good credit. Most borrower-paid PMI is charged monthly. | Covered borrower-paid PMI may be cancellable or terminate under applicable rules. Check the loan disclosures and servicer requirements. |
| FHA loan | FHA mortgage insurance includes an upfront premium and an ongoing monthly premium. The upfront premium may be financed, adding to the loan balance and overall cost. | FHA may be less expensive for some borrowers, while conventional financing may cost less for others. Request both offers if you qualify, and check the FHA loan’s terms rather than applying conventional PMI cancellation thresholds. |
| USDA loan | Eligible USDA mortgages have an upfront fee and ongoing mortgage-insurance premiums. The upfront portion may be financed, increasing the balance and overall cost. | Confirm that the property and borrower qualify, and verify current terms with the lender. |
| VA loan | A VA guarantee replaces monthly mortgage insurance. Eligible borrowers usually pay an upfront funding fee; the amount depends on program and borrower factors. | Compare the funding fee and other loan costs with alternatives for which you qualify. VA fees follow different rules from conventional PMI. |
| Piggyback second mortgage | A second mortgage may be offered as an alternative to mortgage insurance. Include its payment, interest rate, fees, and expected term in the comparison. | It is a second lien, not mortgage insurance, and a lower advertised price does not necessarily mean lower total cost. |
CFPB provides further information on FHA loans and special loan programs. As the CFPB puts it: “Always compare official loan offers, called Loan Estimates, before making a final decision.”
Check when conventional PMI can end
For many single-family principal-residence mortgages closed on or after July 29, 1999, the Homeowners Protection Act provides rules for borrower-paid PMI. Under CFPB’s PMI cancellation guidance, a borrower may generally make a written request to cancel when the scheduled principal balance reaches 80% of the home’s original value. Conditions include a good payment history, being current on payments, and having no junior liens; the servicer may also require evidence that the home’s value has not declined.
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- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
For covered loans, the servicer generally must terminate PMI automatically at the scheduled 78% balance point if the borrower is current. A separate midpoint rule can require termination after halfway through the original amortization schedule, also subject to current-payment status. Loan-specific or investor rules may allow earlier cancellation. These thresholds concern covered conventional PMI; do not assume FHA or VA charges end at 80% or 78%.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Decide whether one offer is actually cheaper
There is no reliable brand ranking for an unspecified buyer. Insurance costs and loan terms depend on the specific borrower, property, loan amount, program, down payment, and credit assumptions. A low monthly premium can be offset by a higher rate, upfront fee, longer premium duration, or other closing costs. A second mortgage may avoid PMI but add its own payment and fees.
Rank #4
- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
- Confirm that estimates use the same loan program and assumptions.
- Compare upfront and recurring insurance charges, including any financed premium or fee.
- Use the applicable cancellation or fee rules to estimate how long charges may last.
- Compare total payment, lender costs and credits, and cash to close.
- Evaluate total costs over your expected holding period, not an assumed universal timeline.
If you are eligible for multiple programs, ask lenders for written estimates under each program. CFPB advises buyers to compare official Loan Estimates before making a final decision; the lowest insurance line by itself does not establish the lowest-cost loan.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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