You can reduce your cost of mortgage insurance by using a larger down payment. Loans with down payments of greater than 20% do not require mortgage insurance. 

   
  Given regular monthly payments, the balance you owe will be 80% of today's appraisal value in approximately 124 months. If then you obtain a new appraisal for the same amount and request the lender to remove the mortgage insurance requirement, you may save $18,216 in mortgage insurance costs.
 
       
  For the 10% loan
  
  Given regular monthly payments, the balance you owe will be 80% of today's appraisal value in approximately 95 months. If then you obtain a new appraisal for the same amount and request the lender to remove the mortgage insurance requirement, you may save $12,919 in mortgage insurance costs.
 
       
  For the 15% loan
  
  Given regular monthly payments, the balance you owe will be 80% of today's appraisal value in approximately 56 months. If then you obtain a new appraisal for the same amount and request the lender to remove the mortgage insurance requirement, you may save $8,613 in mortgage insurance costs.