What is PMI?
Private Mortgage Insurance (PMI) is an insurance policy that protects the lender — not the borrower — against default on a conventional loan with less than 20% down. PMI is paid monthly, added to the mortgage payment, and by federal law must be automatically cancelled at 78% LTV based on the original loan schedule.
PMI differs from FHA’s MIP: PMI cancels at 20% equity; FHA MIP typically stays for the life of the loan unless you put 10% or more down.
LTV · conventional · down payment
Every Kansas mortgage scenario comes back to real numbers. Get pre-approved in about ten minutes, or call (620) 860-4480.
A 10-minute pre-approval replaces every calculator and glossary estimate with a real number.
Get Pre-Approved