Private Mortgage Insurance (PMI) typically costs between about 0.46% and 1.5% of the original loan amount per year, depending largely on your credit score and other factors

. This translates to roughly $30 to $70 per month for every $100,000 borrowed

. Here is a breakdown of average annual PMI premiums by credit score:

Credit Score| Annual PMI Rate (as % of loan amount)
---|---
620-639| 1.50%
640-659| 1.31%
660-679| 1.23%
680-699| 0.98%
700-719| 0.79%
720-739| 0.70%
740-759| 0.58%
760+| 0.46%

For example, on a $300,000 mortgage, PMI could cost between $1,380 and $4,500 annually, or about $115 to $375 per month

. PMI is usually added to your monthly mortgage payment and is required if your down payment is less than 20% of the home's purchase price

. Once you build up 20% equity in your home, you can usually cancel PMI, reducing your monthly payments

. In summary, PMI costs vary but generally fall within 0.46% to 1.5% of your loan amount annually, equating to roughly $30 to $70 per $100,000 borrowed per month, depending on credit score and loan specifics.