Depending on which type of private mortgage insurance you choose, you might be able to negotiate for someone else to pay
— so check whether it would save you more money to refinance or to continue paying PMI until you gain more equity.
You might end up paying for SPMI yourself, or you may be able to negotiate for the seller to cover SPMI as part of your offer. You could also lose money if you sell or refinance before gaining 20% equity in your home. You've already paid the amount in full, so you can't get any of that money back. This way, you pay less per month than you would with BPMI, and less at closing than with SPMI. You may be able to negotiate that the seller pays your upfront portion, and you can cancel the portion you pay monthly once you've gained more equity.
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