PMI Calculator
Estimate your monthly private mortgage insurance from your home value, loan amount, and PMI rate — and see exactly when it can drop off.
🇺🇸 United StatesHow this PMI calculator works
Private mortgage insurance is priced as an annual percentage of your loan amount. We take your loan amount, multiply it by your PMI rate, and divide by 12 to estimate the monthly premium that gets added to your mortgage payment. A higher loan balance or a higher rate means a higher premium.
The key number behind PMI is your loan-to-value ratio (LTV) — your loan amount divided by your home's value. Lenders generally require PMI when your LTV is above 80%, which happens whenever your down payment is under 20%. The lower your LTV, the lower your risk to the lender, and the sooner PMI can come off.
As you pay down principal, your LTV falls. You can typically request PMI cancellation once you reach 80% LTV, and your servicer must automatically remove it at 78% LTV if you're current. We show the home value (or remaining balance) at which 80% LTV is reached so you can see your target. A rise in your home's value can also get you there faster.
Use this as a planning tool. Your actual PMI rate depends on your credit score, loan program, and down payment, and the exact cancellation rules come from your loan servicer. When you're ready, talk to a licensed loan officer for an accurate quote.
PMI questions
Private mortgage insurance (PMI) protects the lender — not you — if you stop paying and the loan goes into default. It is typically required on conventional loans when your down payment is under 20% (a loan-to-value ratio above 80%). The premium is added to your monthly mortgage payment.
We multiply your loan amount by your annual PMI rate, then divide by 12. For example, a $360,000 loan at a 0.5% annual rate is $1,800 per year, or about $150 per month. Your real rate depends on your credit score, loan type, and down payment.
On conventional loans you can usually request cancellation once your loan-to-value reaches 80% of the original value, and your servicer must automatically terminate PMI at 78% LTV if you are current on payments. Paying down principal or a rise in home value can get you there faster.
Put 20% or more down so your LTV starts at or below 80%, use a lender-paid PMI option (usually a slightly higher rate), or explore a piggyback second loan. Some loan programs like VA loans have no PMI at all. Talk to a licensed loan officer about which path fits you.
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