PMI Calculator
See your monthly private mortgage insurance and exactly when it can be removed.
A PMI calculator estimates the private mortgage insurance you pay when your down payment is under 20%. Enter the home price, down payment, and PMI rate to see your monthly cost and when it drops off. On a $400,000 home with 10% down and a 0.5% PMI rate, PMI is about $150 a month and ends near month 95.
Private Mortgage Insurance Calculator
Load a preset to start, then edit any field with your own numbers.
Your purchase price. Typical range: 100,000–2,000,000.
Slide to your down payment. PMI applies below 20%. At 20% or more it is zero.
Set by your credit and down payment. Typical range: 0.3–1.5%.
Advanced settings: rate & term for removal timing
Used to work out how fast you reach 20% equity. Typical range: 5–8%.
The length of your loan, used for the removal timeline.
Please enter a home price greater than zero and a down payment from 0 to 100%.
Estimated monthly PMI cost
Annual PMI = loan × PMI rate
Monthly PMI = annual PMI ÷ 12
PMI applies only when loan-to-value is above 80%. You can request removal at 80% equity, and it ends automatically at 78%.
Show calculation breakdown
Starting Loan-to-Value
Monthly PMI by Down Payment
Smart Insights
Your personalized breakdown will appear here.
What Is a PMI Calculator?
A PMI calculator estimates private mortgage insurance, the extra charge lenders add when you buy a home with less than 20% down. PMI protects the lender if you stop paying. It does nothing for you except let you buy sooner with less cash.
The good news is that PMI is temporary. As you pay down the loan and build equity, it can be removed. This tool shows both the monthly cost and the date it goes away.
Who Uses a PMI Calculator
- Low-down-payment buyers who want to know the real monthly cost of buying with under 20%.
- Current owners checking when they can ask their lender to drop PMI.
- Anyone comparing down payments to see whether reaching 20% is worth it.
Your PMI is driven by your down payment. Test different amounts in the down payment calculator to see how each changes your loan and PMI.
How the PMI Calculator Works
You give the tool three numbers and it returns your PMI cost plus the removal timeline.
- Enter the home price. Use your purchase price.
- Set your down payment. PMI applies below 20% and is zero at 20% or more.
- Enter the PMI rate. Use the rate your lender quoted, or a typical value.
Open Advanced settings to add your interest rate and term. The tool uses them to work out how fast your balance falls, which sets the month PMI can be removed.
Reading the Removal Dates
Two dates matter. You can ask your lender to cancel PMI once you reach 80% loan-to-value. If you do nothing, the lender must remove it automatically at 78%, based on your original schedule. The tool shows both.
How Much Does PMI Cost?
PMI is charged as a yearly percentage of your loan, then split into monthly payments. The rate depends mostly on your credit score and how much you put down. A smaller down payment and a lower score both raise it.
| Down Payment | Loan-to-Value | Typical PMI Rate |
|---|---|---|
| 3% | 97% | Higher, often 0.5% to 1.5% |
| 5% | 95% | Moderate |
| 10% | 90% | Lower |
| 15% | 85% | Lowest before 20% |
On a $400,000 home with 10% down, a 0.5% rate works out to about $150 a month. That is real money, but it lets you buy years earlier than waiting to save a full 20%.
How to Get Rid of PMI
PMI does not last the whole loan. There are several ways to end it, some automatic and some you drive.
- Wait for 78%. Your lender must cancel PMI automatically when your balance reaches 78% of the original value, on your scheduled timeline.
- Request it at 80%. You can ask for removal once you reach 20% equity, which is usually sooner.
- Pay down faster. Extra payments reach 20% equity sooner. Model your full payment and balance in the mortgage calculator.
- Get a new appraisal. If your home value rises, a new appraisal can push you past 20% equity early.
Requesting removal at 80% rather than waiting for 78% can save several months of PMI. Mark the date and contact your servicer.
PMI vs a Bigger Down Payment
Reaching 20% up front avoids PMI entirely, but it ties up cash. Paying PMI for a few years can be the smarter trade if it lets you keep an emergency fund. Weigh both with the affordability calculator.
Types of Mortgage Insurance
Not all mortgage insurance is the same. The kind you pay depends on your loan type.
| Type | Loan | Can It Be Removed? |
|---|---|---|
| Borrower-paid PMI | Conventional | Yes, at 80% to 78% LTV |
| Lender-paid PMI | Conventional | No, built into a higher rate |
| MIP | FHA | Often only by refinancing |
This calculator models standard borrower-paid PMI on a conventional loan, which is the most common and the one you can cancel. FHA mortgage insurance works differently and often stays for the life of the loan unless you refinance out of it.
Common PMI Mistakes
Forgetting to Request Removal
Many owners wait for automatic cancellation at 78% when they could request it at 80% months earlier. Track your equity and ask.
Assuming PMI Is Forever
On a conventional loan, PMI is temporary. Do not let it scare you away from buying if the numbers otherwise work.
Draining Savings to Avoid It
Reaching 20% is good, but not if it leaves you with no cushion. A few years of PMI can be worth keeping an emergency fund.
Confusing FHA MIP With PMI
FHA insurance often cannot be canceled without refinancing. If avoiding lasting insurance matters, factor that into your loan choice.
PMI FAQs
How much is PMI per month?
It depends on your loan and rate. On a $400,000 home with 10% down and a 0.5% PMI rate, PMI is about $150 a month.
When does PMI go away?
You can request removal at 80% loan-to-value, and your lender must cancel it automatically at 78%, based on your original payment schedule.
Do I have to pay PMI?
Only if you put down less than 20% on a conventional loan. At 20% or more, there is no PMI.
How is PMI calculated?
It is your loan amount times the annual PMI rate, divided by 12 for the monthly cost. A lower loan or rate means less PMI.
Can I remove PMI early?
Yes. Extra payments or a higher home value can get you to 20% equity sooner, and you can request removal then.
Is PMI tax deductible?
PMI deductibility has changed over time and depends on current tax law and your income. Check with a tax professional for your year.
Is FHA mortgage insurance the same as PMI?
No. FHA charges MIP, which often lasts the life of the loan unless you refinance. PMI on a conventional loan can be canceled.
Is this PMI calculator free?
Yes. There is no signup and nothing you enter leaves your browser.
Further Reading and Sources
The PMI math here is standard. Removal rules follow federal law. Use these primary sources to check the details:
- CFPB on Removing PMI explains the 80% and 78% rules under the Homeowners Protection Act.
- Freddie Mac Mortgage Insurance covers how PMI works on conventional loans.
- HUD Buying a Home explains FHA mortgage insurance and its rules.
Your PMI rate and removal terms are set by your lender and loan. Confirm them in your loan documents.
Last updated August 22, 2026. This tool is provided for general informational and planning purposes only. It is not financial advice. PMI rates and removal terms vary by lender and loan program. Removal timing assumes scheduled payments and your original value. Confirm the details with your lender.
Creator
Shakeel Muzaffar is the Founder and Editor-in-Chief of MultiCalculators.com, bringing over 15 years of experience in digital publishing, product strategy, and online tool development. He leads the platform's editorial vision, ensuring every calculator meets strict standards for accuracy, usability, and real-world value. Shakeel personally oversees content quality, formula verification workflows, and the platform's commitment to publishing tools that are genuinely useful for students, professionals, and everyday users worldwide.
Areas of Expertise: Editorial Leadership, Digital Publishing, Product Strategy, Online Calculators, Web Standards
