how many years of coverage is PMI
Now on a 100,000 loan on a 15 year term at 90% LTV you might be required to have 12% coverage for your PMI (which would equal a PMI payment of $19.17 per month).Therefore, by using a 15 year term vs. a 30 year term you may be able to cut your PMI by less than half.nytime you are over 80% LTV and you are required to pay PMI and you obtain a 15 year fixed rate mortgage, the percentage of coverage required for PMI is significantly lower than the percentage required for a 30 year mortgage.