PMI Calculator
Estimate private mortgage insurance (PMI) and when you can drop it.
About the PMI Calculator
Enter the home price, your down payment, the PMI rate your lender quotes, and the mortgage rate and term. The calculator gives the monthly PMI, when you can ask to cancel it, when it ends automatically and the total you'd pay.
Conventional mortgages with less than 20% down usually require PMI. Under the US Homeowners Protection Act you can ask to cancel it once your balance reaches 80% of the home's original value, and it must end automatically at 78% if you're current on payments.
The formula
Monthly PMI = loan × PMI rate ÷ 12
Worked example
A $400,000 home with 10% down, PMI at 0.6%, 6.5% over 30 years
- Loan $360,000, so PMI = 360,000 × 0.6% ÷ 12 = $180 a month
- 80% LTV after about 7 years 11 months; automatic end at 78% after about 9 years 1 month
- Total PMI to the automatic end: about $19,620
Things to keep in mind
- Applies to conventional loans. FHA loans have their own mortgage insurance rules, often for the life of the loan.
Questions people ask
Can extra payments end PMI sooner?
Yes; you can request cancellation once you reach 80% LTV.
Does a higher home value help?
Some lenders accept a new appraisal to remove PMI early.
Is PMI worth it?
It lets you buy sooner with less saved; compare the cost with how long it would take to save 20%.