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Will my PMI always be this expensive?

Hey everyone, sorry if this is a dumb question—I just bought my first house 10 months ago and am still pretty clueless about a lot of things.

So the house was $230k and my monthly PMI is $218. I have a conventional loan, so PMI is supposed to drop off once I reach 20% equity. My question is, will the monthly PMI payment remain that high all the way up until that point? In theory, if it takes me 8 years to reach 20%, will it always be $218 until that point? Or will it slowly reduce itself before then?

If it reduces, when, and by how much? My interest rate is 5.1% if that maters at all.

submitted by /u/idontknow2317
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source https://www.reddit.com/r/RealEstate/comments/c6thz8/will_my_pmi_always_be_this_expensive/
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