PMI Calculator
Estimate private mortgage insurance (PMI) on a conventional loan with less than 20% down — monthly cost and when it drops off at 78% loan-to-value.
For information and education only — not financial advice. Results are estimates based on the numbers you enter; check important decisions with a qualified professional.
How to use
- 1Enter the home price, loan amount, PMI rate, interest rate and term.
- 2See the monthly PMI and how many months until it's removed automatically.
How it's calculated
PMI per month = loan × annual PMI rate ÷ 12. Under the Homeowners Protection Act, PMI ends automatically when the scheduled balance reaches 78% of the original value (you can request removal at 80%).
Frequently asked questions
How much does PMI cost?
Typically 0.3% to 1.5% of the loan per year, depending mainly on your credit score and down payment.
How can I remove PMI sooner?
Request cancellation at 80% LTV, make extra principal payments, or get a new appraisal if your home has risen in value (lender rules apply).
Is PMI the same as FHA MIP?
No. PMI is for conventional loans and can be cancelled; FHA MIP follows different rules and often lasts for the life of the loan.