Simple Mortgage Calculator

PMI Calculator: Estimate Your Private Mortgage Insurance

Use our free and easy PMI calculator to estimate your monthly private mortgage insurance based on your down payment, credit score range, and loan term. You’ll also see the estimated month you can remove PMI (at 80% loan-to-value) and your total PMI paid until automatic cancellation (at ~78% LTV).
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Results summary

Home price
$450,000.00
Loan amount
$405,000.00
Down payment
$45,000.00 (10.0%)
Starting LTV
90.0%
Loan term
30 years (360 months)
Rate (APR)
6.750%
Monthly P&I
$2,626.82
PMI (monthly, est.)
$114.75
All-in first payment (est.)
$3,324.91
Total PMI until 78% LTV
$12,852.00
PMI removable (80% LTV)
Month 98
PMI auto-cancel (~78% LTV)
Month 112

PMI rates are illustrative. Actual pricing varies by lender and profile. PMI shown as a monthly premium applied to the original loan amount until cancellation thresholds.

Amortization schedule (P&I)

Enter Loan Details

Down payment

Tip: Improving your credit score or increasing your down payment can lower your PMI or remove the requirement altogether.

How to use the PMI calculator

  • Enter your home price and select down payment as a % or $.
  • Choose your credit score range and loan term (15 or 30 years).
  • Optional: add taxes, insurance, and HOA to see a full PITI estimate.
  • Review the monthly PMI estimate, total PMI until cancellation, and the month PMI can be removed.

What is Private Mortgage Insurance (PMI)?

PMI protects the lender if you default and is typically required on conventional loans with less than 20% down. It’s usually a monthly premium added to your mortgage payment.

How is PMI calculated?

Lenders set PMI rates based on LTV, credit score, and loan term. Our calculator uses a reasonable rate matrix by score band and LTV, then estimates a monthly PMI cost (applied to the original loan amount) until you reach 78–80% LTV.

How to get rid of PMI

  • Request cancellation at 80% LTV (with a good payment history).
  • PMI is usually automatically removed at ~78% LTV.
  • Extra principal payments can help you reach 80% LTV faster.

PMI vs. FHA’s MIP

PMI applies to conventional loans; FHA uses MIP (upfront + annual). FHA cancellation rules are different. This page estimates PMI only for conventional loans.

PMI calculator FAQs

Does PMI affect my interest rate?

PMI is separate from your rate; it’s an added premium.

Can I avoid PMI?

Make a 20% down payment or consider lender-paid PMI options.

When is PMI removed?

You can request removal near 80% LTV; it’s typically removed automatically at about 78% LTV.

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