PMI Calculator
Private mortgage insurance (PMI) is added to conventional loans when the down payment is under 20%. It protects the lender, not you, and it can be removed once you have enough equity.
Enter your figures below. Results update as you type.
Monthly PMI$180.00$2,160.00 a year
- Loan amount
- $360,000.00
- Loan-to-value
- 90%
- Time until you can ask to cancel (80%)
- 7 yr 11 mo
- PMI paid until then
- $17,100.00
- Time until it ends automatically (78%)
- 9 yr 1 mo
- Payment including PMI
- $2,455.44
Cancellation timing is based on the original price and scheduled payments on a conventional loan. Extra payments or a rise in the home's value can end PMI sooner. FHA mortgage insurance follows different rules.
How the PMI calculation works
Monthly PMI = loan amount x PMI rate / 12
A $400,000 home with 10% down means a $360,000 loan. At a 0.6% PMI rate the premium is $180 a month. On the scheduled payments at 6.5%, the balance reaches 80% of the original value after 7 years 11 months, by which point $17,100 of PMI has been paid.
Frequently asked questions
How much is PMI?
Usually 0.3% to 1.5% of the loan amount a year, depending on your credit score and down payment. On a $360,000 loan at 0.6% that is $180 a month.
When can I stop paying PMI?
On a conventional loan you can ask the lender to cancel it when the balance reaches 80% of the home's original value, and it must end automatically at 78%. Extra payments get you there sooner.
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