April 13, 2026 Private MI Saved Americans Hundreds of Billions of Dollars, Helped Them Achieve Homeownership Years Sooner

Because private MI protects lenders, the GSEs, taxpayers, and investors from the heightened risk of loss associated with low down payment mortgage loans, private MI allows prospective homebuyers to come to the closing table years sooner and with tens of thousands of dollars less in cash, allowing them to put down as little as three percent compared to a 20 percent down payment. By examining the number of homeowners using private MI, average loan amount by state, and average down payment in each state between 2020-2024, USMI calculated a total overall savings for homebuyers of an estimated $258.1 billion. That's more than a quarter-trillion dollars that homeowners collectively saved in down payment costs.

What does this mean for the average American family? A USMI report released last summer found that a household earning the national median income of $80,610 might take 26 years to save 20% (plus closing costs) for a $412,500 home, the median sales price for a single-family home in 2024. By using private MI and purchasing a home with five percent down, the time decreases by 65%and allows homebuyers to access homeownership with $60,000 less needed in savings, allowing them to begin building generational wealth, equity, and memories years sooner.