Finance category
Mortgage, loan, investing, tax, and money calculators.
PMI Calculator
Estimate how much private mortgage insurance could add to your monthly housing payment and how long you may carry it before reaching common cancellation thresholds.
Estimated Monthly PMI
$223.12
Loan-to-Value at Closing
90.0%
Principal & Interest
$2,480.89
Payment + PMI
$2,704.01
PMI cancellation checkpoints
Request cancellation near
Month 98
This is the first month the estimated balance reaches 80% of the original home value with normal amortization.
Automatic termination near
Month 112
Federal cancellation rules vary by loan type and payment history, so treat this as a planning estimate rather than a servicing promise.
PMI estimate, not a quote
Actual PMI pricing depends on credit score, loan program, occupancy, debt-to-income, and whether the insurer uses monthly, split-premium, or single-premium pricing.
Down payment comparison
Same home price, same rate, different PMI exposure.
5% down
$21,250.0010% down
$42,500.0015% down
$63,750.0020% down
$85,000.00How to Use
- Enter the home price, down payment percentage, mortgage rate, and loan term you are considering.
- Set the annual PMI rate from a lender quote or use a reasonable planning estimate if you are still shopping.
- Review the estimated monthly PMI, payment with PMI included, and the starting loan-to-value ratio.
- Use the cancellation checkpoints to see when a larger down payment might remove PMI faster or avoid it entirely.
Frequently Asked Questions
What is PMI?
PMI stands for private mortgage insurance. It is commonly required on conventional loans when the buyer puts down less than 20%, and it increases the all-in monthly payment until enough equity is built.
How much does PMI usually cost?
A rough planning range is about 0.3% to 1.5% of the loan amount per year, but the actual premium depends on credit score, occupancy, debt-to-income, loan type, and the insurer's pricing structure.
When can PMI be removed?
For many conventional loans, borrowers can request cancellation around 80% original loan-to-value and automatic termination may happen around 78%, but exact rules depend on payment history and servicing guidelines.
Does FHA mortgage insurance work the same way?
Not exactly. FHA loans use mortgage insurance premiums with different rules, including upfront and annual components, so this page is best used for conventional PMI planning rather than FHA pricing.
Is it better to wait and put 20% down?
Sometimes, but not always. Avoiding PMI lowers the payment, yet waiting can also mean higher home prices or more months of rent. The right move depends on your market, rate, cash reserves, and timeline.
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