Mortgage Insurance, like other types of insurance, is based on insurance rates that can change daily. Mortgage Insurance typically costs 0.1% – 2% of your loan amount per year.

The type of loan you obtain will influence how much you will pay for mortgage insurance.

When determining how much Mortgage Insurance you will have to pay as part of your regular mortgage payment, your lender will also consider other factors such as: Loan amount and credit FICO score.

Conventional

No upfront mortgage insurance premiums required, though monthly premiums apply until loan amount drops below 80% of home’s value.

The average cost of private mortgage insurance (PMI), for a conventional home loan ranges from: 0.58% to 1.86%.
Factors such as: Loan amount and credit FICO score will determine the amount.

FHA
Must pay an Up-front Mortgage Insurance Premium (UFMIP) based on the loan amount (can be financed into the loan), plus, an annual mortgage premium based on the loan amount (paid monthly with the mortgage payment).

UFMIP – 1.75%

Annual – (for loans over 15 Years) up to: 1.05%

Annual - (for loans up to 15 Years) up to: 0.95%

FHA HECM Reverse Mortgage

You will be charged an initial mortgage insurance premium (MIP) at closing.
The initial MIP will be 2%.
Over the life of the loan, you will be charged an annual MIP that equals 0.55% of the outstanding mortgage balance.

VA

Must pay a VA Funding Fee for either first time use or subsequent use (can be financed into the loan).
 
First time use – up to: 2.15%

Subsequent use – up to: 3.30%

No additional monthly mortgage premiums or fees.