There are three main ways to make PMI payments. Your options may vary depending on your lender:Monthly: The most common method is paying PMI premiums monthly with your mortgage payment. This boosts the size of your monthly bill but allows you to spread out the premiums over the year.,Upfront: Another option is an upfront PMI payment, meaning you pay the full premium amount for the year all at once. Your monthly mortgage payment will be lower, but you need to be ready for that larger annual expense. Also, if you move sometime in the year, you might not be able to get part of your PMI refunded.,Hybrid: The third option is a hybrid one: paying some upfront and some each month. This can be useful if you have extra cash early in the year and want to lower your monthly housing costs.