Is a monthly premium of $113 for MPPI on a $937/mo mortgage reasonable?
MPPI is Mortgage Protection Payment Insurance
- Bostonian In MOLv 71 decade agoFavorite Answer
If this is protecting your mortgate payment against layoffs or illness, then it's extremely high. You'd have to have a claim every 9 months to equal the mortgage premium. I've had mortgages continuously for over 30 years and have never had a claim.
If you're talking about PMI -- Private Mortgage Insurance, then it may be about right, depending upon the equity in your home and your credit rating.
- TheOnlyBeldinLv 71 decade ago
That seems high, if the P+I portion of the mortgage is only $937.
- Anonymous1 decade ago
It depends on your age, smoker, etc. They have return of premium insurance now. Which means you get all of your money back if you don't use the coverage. Here's a good link. www.refundedpremium.comSource(s): www.refundedpremium.com
- 1 decade ago