* PMI coverage costs depend on your loan balance, the size of your down payment and mortgage type, the loan term, and your credit score. Once reaching the 78% equity threshold on your home loan, the PMI cost will automatically be eliminated from your monthly payments. PMI is an added expense but worth considering. Rather than continuing to spend money on rent you may possibly be missing out on market appreciation as you wait and save up for a larger down payment. We are happy to explain all your available options and show you which could best serve you.