How much is PMI in Florida?
PMI rates are national, but what you pay depends on your credit score, down payment, and loan size. Run the numbers for your Florida purchase below.
Loan & credit details
What you’ll pay
Actual PMI rate depends on lender, loan type, and full underwriting. Estimates only based on national averages. Always confirm with a licensed lender.
What this means for your PMI
With 5.0% down on a $400,000 home at Good (720–759) credit, you’ll pay $219/mo in PMI (0.69% annual rate).
At scheduled amortization, PMI will automatically drop off when your loan balance hits $312,000 (78% LTV) — roughly 3.9 years in. You can also request cancellation at $320,000 (80% LTV), typically after an appraisal confirming home value.
Considering a bigger down payment? Compare 5%, 10%, and 20% down to see how PMI changes.
How down payment changes your PMI
Same $400,000 home, Good (720–759) credit — only the down payment changes.
| Scenario | 3% down $12,000 | 5% down $20,000 | 10% down $40,000 | 15% down $60,000 | 20% down $80,000 |
|---|---|---|---|---|---|
| Monthly PMI | $265 | $219 | $144 | $91 | $0 (none) |
| Annual PMI | $3,182 | $2,622 | $1,728 | $1,088 | $0 |
| LTV | 97.0% | 95.0% | 90.0% | 85.0% | 80.0% |
| Total PMI until removal Roughly at scheduled amortization | $13,522 | $10,270 | $5,040 | $1,995 | $0 |
Even 10% down dramatically reduces PMI vs the minimum 3%. 20% eliminates it entirely.
How credit score changes your PMI
Same 5.0% down on a $400,000 home — only your credit band changes.
| Scenario | Excellent 760+ | Good 720–759 | Fair 680–719 | Low 620–679 |
|---|---|---|---|---|
| Monthly PMI | $149 | $219 | $336 | $475 |
| Annual PMI rate | 0.47% | 0.69% | 1.06% | 1.50% |
| Total PMI until removal | $6,995 | $10,270 | $15,776 | $22,325 |
A 760+ credit score pays roughly half the PMI of a 620–679 score for the same loan.
How PMI ends: automatic vs. requested
Two paths to drop PMI — one happens on its own, one needs you to ask.
Required by federal law (Homeowners Protection Act). Lenders must automatically cancel PMI when your loan balance reaches 78% of the original value based on scheduled amortization — you don’t have to do anything.
You can ask your lender to cancel PMI earlier, at 80% LTV. If your home has appreciated, you can base this on current value — typically by paying for a new appraisal ($400–$600). This can save months of PMI.
Warning on FHA loans: FHA MIP (their version of PMI) usually sticks for the life of the loan if you put less than 10% down. The only way off is to refinance into a conventional loan once you have 20% equity.
Common mistakes buyers make
Compare 5%, 10%, and 20% down to reduce PMI
Plan how fast you can hit the 20% mark to eliminate PMI altogether — and see what a bigger down payment does to your monthly budget.
How PMI works everywhere
PMI rates are set by national insurers (MGIC, Genworth, Radian, Essent, Arch, NMI) and depend on credit score, down payment, and loan type — not your state. Most Florida buyers who put less than 20% down on a conventional loan will pay 0.2–1.5% of the loan amount per year in PMI.
You can usually request cancellation once you reach 80% loan-to-value on your original home price, or earlier if appreciation helps you get there.
Avoiding PMI in a high-price market
- • 80/10/10 loan: first mortgage 80%, second 10%, down payment 10%.
- • Lender-paid PMI: trade PMI for a slightly higher rate.
- • VA loan: zero PMI if you qualify.
- • Save a bit longer to hit 20% down, if feasible.
Frequently asked questions
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