Great news about mortgage insurance!  This part of a mortgage payment use to mean nothing more then sending more money with your mortgage payment, NOW it is can be used as a tax deduction. Read the article at this link http://www.privatemi.com/finallydeductible/ to see if you qualify. 
Taking a loan with mortgage insurance over the past few years was replaced by the infamous 80/20 or first and second mortgage loan.  This option was more viable because the interest on the second mortgage was a tax deduction making it a cheaper payment up front and during tax time.  In doing comparisons going back to loans with Mortgage Insurance could stick because the good part about mortgage insurance is it can be cancelable - http://www.privatemi.com/finallydeductible/cancelable.htm.
In looking to purchase a new home or possibly refinance to see if you can reduce your payments – please give me a call and I will show you a comparison sheet between these different plans and see which option meets your short and long term goals.