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If you’re looking for a way into today’s pricey housing market, chances are you’ve at least considered putting down only 5% or 10% of the purchase price.

But when your down payment is less than the typical 20%, one of the trade-offs is having to get private mortgage insurance — an extra requirement that can easily cost an additional $100 to $200 a month, depending on the size of your loan. The good news? It’s one monthly expense that actually goes away eventually, and in today’s real estate market, that may be sooner than you think.

Whether you’re thinking about making a smaller down payment or already have private mortgage insurance (PMI) on your home, keep reading. There’s a trick to PMI that everyone should know about.

First, some quick background: PMI protects the lender in case you stop making your loan payments, and the premiums are usually rolled into your monthly mortgage payment. It’s a fairly standard requirement for conventional mortgage loans that cover more than 80% of a property’s value, with the thinking being that borrowers who can’t afford the standard down payment are more likely to run into trouble paying.

By law, lenders must cancel PMI automatically when your principal balance falls to 78% of your home’s original value, and you can request a cancellation as soon as it hits 80%. (Original value is either the purchase price or appraised value when you bought it, whichever is lower.)

But there’s another way to drop your PMI — and depending on real estate prices, it can be faster than waiting to meet those legal thresholds (which can often take four to 10 years, depending on your loan and other circumstances.)

Many lenders, including those following Fannie Mae and Freddie Mac guidelines, will consider canceling PMI based on your home’s current market value. And if that has gone up a lot since you bought your house, your equity may have grown faster than your payment record alone reflects, pushing you to the 80% threshold faster than you realize.

This is particularly helpful for folks paying PMI premiums right now, since home prices have climbed a lot since the 2020 pandemic.

(It’s worth noting that guaranteed loans from the Federal Housing Administration have mortgage insurance premiums that are not PMI, and these may be required for the life of the loan.)

So what?

If you’re paying for private mortgage insurance right now, you may not be stuck paying it for as long as you think. If your loan is in good standing and you can document a higher value through an appraisal or broker price opinion, ask your loan servicer whether it’s possible to cancel it and what’s required. PMI typically costs $30 to $70 per month for every $100,000 borrowed, according to Freddie Mac, so it could potentially put meaningful money back in your pocket.

Just remember: The law guarantees PMI removal based on the original value of your home, but lenders aren’t required to remove it based on current value, even if the math checks out. And if it’s allowed, you’ll have to pay for the appraisal or valuation.

And if you’re considering whether to buy a house, it’s worth exploring the tradeoffs of a smaller down payment — and understanding the ins and outs of PMI.

Smaller down payments add significantly to your interest costs over the life of the loan, but not having to come up with as much cash down can make it easier to afford a home, especially when you don’t already own something to trade up with. (About 65% of people with PMI were first-time buyers last year, according to the Mortgage Insurance Companies of America, and the typical down payment among first-time buyers was 9%.)

Related Reading

•  Breaking Down Private Mortgage Insurance (Freddie Mac)

•  Tackling Home Financing and Down Payment Misconceptions (National Association of Realtors)

•  Some First-Time Homebuyers Rely on the Bank of Mom and Dad (SoFi)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM20251027SW

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

Senior Editor Rebecca Moretti explores hot topics at the intersection of finance and pop culture in our new column, “Out of the Chat.”

I’m not a Shein shopper, but whenever I report on it I inevitably venture to its overwhelming site and am left slightly slack-jawed. A 5-piece set of Cartier knockoff bracelets for $2.70? A Halloween skeleton serving tray for 19 cents?! This time around, I even discovered you can get 10 plastic toes, designed to be dangled out of Croc holes, for under $5 (terrifying).

Along with Amazon (“the everything store”), Chinese ecomm giants Shein and Temu have become go-tos for affordable clothing and household goods. And with the holidays upon us, that means more Americans are (or will be) shopping for Shein Halloween costumes, Temu Thanksgiving decorations, and Amazon Christmas gifts.

But an extra 100% tariff on Chinese imports, which President Trump said is set to take effect on Nov. 1, could make shopping on these sites a lot pricier. And the “de minimis” rule — which exempted shipments under $800 from tariffs — was scrapped earlier this year, so it no longer applies to imports from China or anywhere else. In fiscal 2024, there were over 1.36 billion de minimis shipments to the U.S., or 3.7 million a day. That’s almost 10 times as many as a decade earlier.

Now that the de minimis workaround is gone, everything is fair game for tariffs. So even if that Temu turkey apron you spotted is only $5 now, it could end up costing $10 if companies pass on all of their tariff costs to consumers.

Given all the tariff news, I can’t help but wonder how much the stuff I’m buying would have cost just a year ago, especially when the “origin” description on Amazon says it’s imported or when the tags on my clothing reveal they’re made outside the U.S. (That’s usually the case — the U.S. is the largest apparel importer in the world).

When imports from China became the first to lose the de minimis loophole this spring, Shein and Temu both immediately announced they would be hiking prices.

According to an analysis by Bloomberg, prices on 100 Shein beauty and health products climbed an average of 51% in a single day (eyebrow gel nearly tripled!), while kitchen products and toys jumped more than 30%. Another study by Reuters in July showed prices for some popular kids’ clothing items had risen over 60% since April. Meanwhile, Amazon quietly raised its prices on many low-cost items, according to a Wall Street Journal analysis of 2,500 products.

It’s possible that the tariff math could change. Trump has softened some of his rhetoric on China ahead of his meeting with Chinese leader Xi Jinping, saying it will lead to a “fantastic” trade deal. And of course, any of this year’s sweeping new tariffs, which affected imports on virtually every country, could get scrapped if the Supreme Court decides that Trump didn’t have the legal authority to impose them. (SCOTUS is expected to hear oral arguments on this on Nov. 5). That would be a game-changer for businesses and consumers.

Regardless of what happens, this may be a perfect time to lean into the thrifting and secondhand shopping trend, especially given all the sustainability issues and labor concerns surrounding companies like Shein, which has been accused of being the biggest polluter in fast-fashion.

Personally, I love a good treasure-hunt, and who knows — the plastic skeleton you find at Goodwill might end up being cheaper than the Shein version.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM2025102701

The government is still shut down, and that means that investors continue to fly partially blind without much of the economic data they normally rely on. Are there any skeletons in the economy’s closet? For now, those answers mostly elude us. (Though September’s Consumer Price Index, one of the few metrics we’ve gotten since the shutdown, rose less than expected, increasing 0.3% month-over-month and 3.0% year-over-year, the Bureau of Labor Statistics said Friday.)

The spotlight will be firmly on the mega-cap technology and consumer giants. We’re set to hear from Apple (AAPL), Amazon (AMZN), Alphabet (GOOGL), Meta (META), and Microsoft (MSFT). These companies account for about a quarter of the market capitalization of the entire S&P 500, meaning their performance can influence the direction of the entire market. But beyond them, 169 other companies within the index — representing an additional quarter of the S&P 500’s market cap — will be reporting this week.

Their earnings could influence more than their own stock prices, too. These companies provide a window into the health of the entire economy through insights on cloud business spending, the advertising market, and broader consumer demand. Oh, and we’ll get their latest read on the artificial intelligence revolution.

So far, this earnings season has been more treat than trick, but a spooky surprise is always possible.

Economic and Earnings Calendar

Most releases involving government data will not be released while the shutdown is ongoing.

Monday

•  September Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.

•  October Dallas Fed Manufacturing Activity: This is the Dallas Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

•  Earnings: Arch Capital Group (ACGL), Alexandria Real Estate Equities (ARE), Brown & Brown (BRO), Cadence Design Systems (CDNS), Cincinnati Financial (CINF), F5 Networks (FFIV), Hartford Financial Services Group (HIG), Keurig Dr Pepper (KDP), Nucor (NUE), NXP Semiconductors (NXPI), Principal Financial Group (PFG), PerkinElmer (RVTY), Universal Health Services (UHS), Welltower (WELL), Waste Management (WM)

Tuesday

•  August FHFA House Price Index: This is a broad measure of single-family house prices released by the Federal Housing Finance Agency.

•  October Richmond Fed Manufacturing Activity: The Richmond Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

•  October Richmond Fed Non-Manufacturing Activity: The Richmond Fed’s survey of services executives in the region on business conditions and their outlook.

•  October Conference Board Consumer Confidence: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on job availability and the state of the labor market.

•  October Dallas Fed Non-Manufacturing Activity: This is the Dallas Fed’s survey of services executives in the region on business conditions and their outlook.

•  Earnings: American Tower (AMT), A O Smith (AOS), Booking Holdings (BKNG), Boston Properties (BXP), Carrier Global Corp (CARR), CoStar Group (CSGP), DR Horton (DHI), Electronic Arts (EA), Ecolab (ECL), Edison International (EIX), Equity Residential (EQR), Expand Energy Corporation (EXE), Corning (GLW), Hubbell (HUBB), Incyte (INCY), IQVIA Holdings (IQV), Invesco (IVZ), Laboratory of America Holdings (LH), Mondelez International (MDLZ), MSCI (MSCI), NextEra Energy (NEE), ONEOK (OKE), PPG Industries (PPG), PayPal (PYPL), Royal Caribbean Cruises (RCL), Regency Centers (REG), Regeneron Pharmaceuticals (REGN), Sherwin-Williams (SHW), Seagate Technologies (STX), Sysco (SYY), Teradyne (TER), UnitedHealth Group (UNH), United Parcel Service (UPS), Visa (V), Veralto Corporation (VLTO), Xylem (XYL), Zebra Technologies (ZBRA)

Wednesday

•  September Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.

•  September Wholesale and Retail Inventories: Wholesalers and retailers often operate as intermediaries for the sale of manufactured products, serving as a key part of the goods supply chain.

•  FOMC Interest Rate Decision: The Federal Reserve will announce any changes to monetary policy after the conclusion of its two-day FOMC meeting, in addition to providing commentary on the economy. It’s one of eight regularly scheduled meetings per year.

•  Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•  Earnings: Automatic Data Processing (ADP), Align Technology (ALGN), AvalonBay Communities (AVB), American Water Works (AWK), Boeing (BA), Caterpillar (CAT), CH Robinson Worldwide (CHRW), Chipotle Mexican Grill (CMG), Centene (CNC), Cognizant Technology Solutions (CTSH), CVS Health (CVS), Dayforce Inc (DAY), DaVita (DVA), eBay (EBAY), Everest RE Group (EG), Equinix (EQIX), Essex Property Trust (ESS), Entergy (ETR), Extra Space Storage (EXR), Fiserv (FI), Fortive (FTV), GE HealthCare Technologies Inc (GEHC), Generac Holdings (GNRC), Alphabet (Non-Voting Shares) (GOOG), Alphabet (GOOGL), Garmin (GRMN), IDEX (IEX), Invitation Homes (INVH), Kraft Heinz (KHC), KLA-Tencor (KLAC), Mid-America Apartment Communities (MAA), Masco (MAS), Meta Platforms, Inc. (META), MGM Resorts International (MGM), Microsoft (MSFT), NiSource (NI), ServiceNow (NOW), Old Dominion Freight Line (ODFL), Otis Worldwide (OTIS), Prudential Financial (PRU), Public Storage (PSA), Phillips 66 (PSX), Rollins (ROL), Starbucks (SBUX), Smurfit WestRock (SW), TE Connectivity (TEL), Tyler Technologies (TYL), UDR (UDR), Verisk Analytics (VRSK), Ventas (VTR), Verizon (VZ)

Thursday

•  3Q GDP First Estimate: The primary measure of economic activity in the United States, which is measured as total expenditure on a country’s goods and services.

•  Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits.

•  Fedspeak: Dallas Fed President Lorie Logan will deliver welcoming remarks at a bank funding conference hosted by the regional Fed bank.

•  Earnings: Apple (AAPL), Arthur J Gallagher & Co (AJG), Ametek (AME), Ameriprise Financial (AMP), Amazon (AMZN), Aptiv (APTV), Baxter International (BAX), Biogen (BIIB), Builders FirstSource (BLDR), Bristol-Myers Squibb (BMY), Cardinal Health (CAH), Cigna (CI), Comcast (CMCSA), CMS Energy (CMS), Coinbase (COIN), DTE Energy (DTE), DexCom (DXCM), Estee Lauder Companies (EL), EMCOR Group (EME), Erie Indemnity (ERIE), Edwards Lifesciences (EW), Fox Class B (FOX), Twenty-First Century Fox Class A (FOXA), First Solar (FSLR), GoDaddy (GDDY), Gilead Sciences (GILD), Huntington Ingalls Industries (HII), Hershey (HSY), Howmet Aerospace (HWM), Intercontinental Exchange (ICE), International Paper (IP), Ingersoll Rand (IR), Kellogg (K), Kimco Realty (KIM), Kimberly-Clark (KMB), L3Harris Technologies (LHX), LKQ (LKQ), Eli Lilly (LLY), Mastercard (MA), Altria Group (MO), Monolithic Power Systems (MPWR), Merck & Co (MRK), Motorola Solutions (MSI), Quanta Services (PWR), ResMed (RMD), Republic Services (RSG), Southern Company (SO), S&P Global (SPGI), Stryker (SYK), Trane Technologies (TT), Vici Properties (VICI), Vulcan Materials (VMC), Western Digital (WDC), WEC Energy Group (WEC), Willis Towers Watson Public (WTW), Weyerhaeuser (WY), Xcel Energy (XEL)

Friday

•  September Personal Income and Spending: These numbers give insight into how Americans are doing, which is important since consumer spending accounts for about two-thirds of economic growth in the United States.

•  September Personal Consumption Expenditures Price Index: The Fed targets this inflation measure for its price stability mandate and believes PCE to be the best measure of consumers’ spending habits.

•  3Q Employment Cost Index: This is the most comprehensive measure of worker compensation, including wages, bonuses, benefits and more.

•  October Chicago Business Barometer: The barometer provides information on U.S. economic activity and business conditions, consisting of seven activity indicators and three buying policy indicators.

•  Fedspeak: Logan will deliver opening remarks at the bank funding conference. Cleveland Fed President Beth Hammack and Atlanta Fed President Raphael Bostic will participate in a fireside chat at the bank funding conference.

•  Earnings: AbbVie (ABBV), Aon Plc (AON), Cboe Global Markets (CBOE), Church & Dwight (CHD), Charter Communications (CHTR), Colgate-Palmolive (CL), Chevron (CVX), Dominion Energy (D), Federal Realty Investment Trust (FRT), WW Grainger (GWW), Linde PLC (LIN), LyondellBasell Industries (LYB), T Rowe Price Group (TROW), Exxon Mobil (XOM)

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Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.