If your down payment is less than 20% of the home’s purchase price, most lenders will require you to carry mortgage insurance. This protects the lender in case you default on your loan — but it doesn’t have to break the bank.
Just like with mortgage rates, mortgage insurance quotes can vary significantly between providers. At MortgageQuote.com, we search rates and programs from multiple lenders and mortgage insurance providers so you can compare your options side-by-side and choose the most affordable coverage.
What Is Mortgage Insurance?
Mortgage insurance is a financial product designed to protect the lender if the borrower fails to repay their mortgage. For you, it’s a monthly (or upfront) cost added to your mortgage payment until you meet certain equity requirements.
Types of Mortgage Insurance:
- Private Mortgage Insurance (PMI) – For conventional loans with less than 20% down.
- FHA Mortgage Insurance Premium (MIP) – Required for all FHA loans.
- USDA Guarantee Fee – For USDA loans in rural and eligible suburban areas.
- VA Funding Fee – For VA loans (usually rolled into the loan amount, but can be reduced or waived for certain borrowers).
Why Comparing Mortgage Insurance Quotes Matters
Two people with the same loan amount and credit score can receive very different mortgage insurance quotes depending on:
- The provider
- The loan type
- The insurer’s pricing structure
By comparing multiple mortgage insurance quotes, you can:
- Lower Your Monthly Payment – Choosing the right provider can reduce your payment by $20–$100+ per month.
- Pay Less Over Time – Lower premiums mean more money in your pocket.
- Find the Right Coverage Structure – Some insurers allow upfront, monthly, or split-premium options.
- Plan for Cancellation – Conventional PMI can be removed once you reach 20% equity; FHA MIP rules are different.
How MortgageQuote.com Works
We make it simple to find the best mortgage insurance quotes by pairing them with the best loan rates.
Step 1: Share Your Loan Details
- Loan amount
- Home price
- Down payment
- Loan type (conventional, FHA, VA, USDA)
- Credit score
Step 2: We Search Multiple Lenders and Providers
Our network includes:
- National and regional lenders
- Private mortgage insurance companies
- Government-backed program providers
Step 3: You See Side-by-Side Comparisons
We display both your mortgage rate and mortgage insurance quote in one easy-to-read table.
Factors That Affect Mortgage Insurance Quotes
Your mortgage insurance cost depends on:
- Loan-to-Value Ratio (LTV) – Higher LTV means higher premiums.
- Credit Score – Better credit can lower PMI rates significantly.
- Loan Type – FHA, VA, USDA, and conventional PMI all have different cost structures.
- Coverage Type – Monthly premiums, upfront premiums, or split premiums.
- Property Type – Single-family homes typically have lower MI rates than multi-unit properties.
Example Mortgage Insurance Quote Comparison Table
Here’s an example of what you might see at MortgageQuote.com when comparing options:
Insights:
- Switching from Lender A + MGIC to Lender C + Essent could lower your total monthly payment by $70.
- Choosing split-premium MI can lower your monthly payment but may require a higher upfront cost.
- FHA MIP typically costs more monthly than conventional PMI but may accept lower credit scores or smaller down payments.
How to Compare Mortgage Insurance Quotes Effectively
When reviewing MI quotes:
- Look at Total Monthly Payment – Combine principal, interest, taxes, and MI to see the full picture.
- Understand Cancellation Rules – Conventional PMI can be removed; FHA MIP often stays for the life of the loan unless refinanced.
- Consider Your Timeline – If you plan to stay in the home short-term, upfront MI may cost less overall.
- Evaluate Split-Premium Options – Pay part upfront to reduce monthly costs.
Benefits of Using MortgageQuote.com for Mortgage Insurance
- One Application, Multiple Quotes – Compare loan and MI costs in one place.
- Access to Top Providers – MGIC, Radian, Essent, National MI, and more.
- Side-by-Side Loan + MI Comparison – See the total payment, not just the mortgage.
- Updated Daily – Get quotes based on current market rates and MI pricing.
- Tailored to Your Profile – Quotes match your credit score, loan amount, and property type.
Common Mistakes When Choosing Mortgage Insurance
- Only Looking at the Loan Rate – Ignoring MI can lead to higher overall payments.
- Not Comparing MI Providers – Different insurers price risk differently.
- Overlooking Cancellation – Not planning for when (and how) MI can be removed.
- Choosing the Wrong Payment Structure – Monthly vs. upfront vs. split can have big cost differences.
Frequently Asked Questions
Q: Will using MortgageQuote.com affect my credit score?
A: No — we use a soft credit inquiry for your initial quotes. A hard inquiry happens only when you apply with a lender.
Q: Can I avoid mortgage insurance altogether?
A: Yes, with at least 20% down on a conventional loan or by choosing certain lender-paid MI programs.
Q: How long do I have to keep mortgage insurance?
A: For conventional loans, until you reach 20% equity. FHA MIP rules vary by down payment and term.
Q: Is PMI tax-deductible?
A: Sometimes — check with a tax professional, as rules change.
Quick Checklist for Getting the Best Mortgage Insurance Quote
- Know your credit score.
- Decide on down payment amount.
- Choose your preferred MI payment type.
- Use MortgageQuote.com to compare multiple lenders and MI providers.
- Factor MI costs into your total monthly budget.
Final Thoughts
Mortgage insurance is often an unavoidable part of homeownership when you have a smaller down payment, but that doesn’t mean you can’t control the cost.
By comparing mortgage insurance quotes alongside your loan offers at MortgageQuote.com, you can choose a combination that minimizes your monthly payment and fits your financial goals. We make it simple to see the full picture — rates, programs, and MI costs — so you can make a confident, informed decision.