PMI Calculator
Calculate your private mortgage insurance cost based on down payment and loan amount.
Monthly PMI
$240
Annual PMI
$2,880
Loan Amount
$360,000
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What it does: Calculates your monthly and annual private mortgage insurance (PMI) cost based on your home price, down payment, and PMI rate.
When to use: Use this when you are putting less than 20% down on a conventional loan and want to know how much PMI adds to your monthly payment.
How to use: Enter your home price, down payment percentage, and estimated PMI rate. The calculator shows your monthly PMI, annual PMI, and the equity needed to remove it.
Key Inputs Explained
Worked Example
On a $400,000 home with 10% down ($360,000 loan) at 0.55% PMI rate: Annual PMI = $1,980, Monthly PMI = $165. You need $80,000 in equity (20% of $400,000) to request PMI removal.
Assumptions & limitations: PMI rates vary based on credit score, down payment, and loan type. This calculator uses the rate you enter. Actual PMI is quoted by the lender. PMI can be removed at 80% LTV on conventional loans.
Calculator FAQs
When can I remove PMI?
On conventional loans, you can request PMI removal at 80% LTV (based on original value or a new appraisal). The lender must automatically terminate it at 78% LTV based on the original amortization schedule.
How is my PMI rate determined?
PMI rates are based on your credit score, down payment, loan type, and loan amount. Higher credit scores and larger down payments get lower PMI rates.
Is PMI the same as MIP?
No. PMI is for conventional loans and is removable. MIP (Mortgage Insurance Premium) is for FHA loans and is often permanent (with less than 10% down). See our PMI vs. MIP guide.
Can I avoid PMI without 20% down?
Yes — through a piggyback loan (80-10-10), lender-paid PMI (higher rate, no separate PMI), or by using a VA or USDA loan (no PMI).