PMI amount inaccurate?

[Andrew Bissada]

My lender gave me a quote on a 10% down on 300k. The monthly PMI was $45. I mentioned this to a friend of mine and he thought that was abnormally low. From my recollection, I thought it was low as well so I googled it and I am seeing an article that says its typically 0.5 to 1% of the loan amount.

So if there is a loan of 270k, then yearly PMI should be $1,350-$2700. Monthly that would be $112.5-$225.

So does the mortgage insurance of $45 sound inaccurate? 

[Dan Schweit]

@Andrew Bissada

Sounds plausible. On conventional loans the PMI rate depends on your down payment and your fico and it does vary by lender. Sounds like you have a fairly high credit score and your PMI payment is reflecting that. I just closed a very similar loan and the PMI payment was $60 if that makes you feel better. Do some more research on PMI as it applies to conventional loans and you'll find what you are looking for.