Once the loan is paid off, you continue to pay BPMI until you have 22% equity in your home – at which point, your BPMI is canceled (as long as you are up-to-date on your mortgage payments).
The cost of mortgage insurance depends on a variety of factors, such as the loan duration, what type of mortgage insurance you need, and any risk factors you may have. It’s best to discuss your options with a trusted insurance provider.
Not sure how much mortgage insurance costs? Providers base your rates on several factors: