$226.20 PMI is on an original loan value of $522,000, I believe.
Yeah GuinnessPhish, you're looking at it incorrectly. That's how the bank calculated what the PMI should be, but since the PMI disappears once you pay down the loan to either 80% or 78% LTV, that's your true "interest rate" on the PMI.
So 15% ish, although if it's 78% LTV the interest rate drops a bit. Based on the $522K you need to either reach $417,600 (80%) or $407,160 (78%). If it's $407,160 that adds $10,440 to your $36,000 for a total of $46,440. So:
226.10*12=2,714/(36,000/2)=15.08%
226.10*12=2,714/(46,440/2)=11.69%
Also, I love Guinness and have been a Phish fan since 1994, so I dig your name.