Can I claim PMI as a deduction similar to paying interest on my tax return and is there a dollar limit or income cap ?

Mortgage Insurance is deductible as an Itemized Deduction on Schedule A Line 8b (2020).

Go to the IRS Schedule A instructions for Mortgage Insurance for the amount of insurance you can deduct and the income limits for reporting starting on page 9 - https://www.irs.gov/pub/irs-pdf/i1040sca.pdf#page=9