PMI Cost Calculator
Estimate monthly private mortgage insurance (PMI) from your loan, LTV, and credit tier, plus the balances at which PMI can be removed. Runs in your browser.
PMI estimate
- Loan-to-value (LTV)
- 92.5%
- Estimated PMI rate
- 0.62%/yr
- Monthly PMI
- $191.17
- Annual PMI
- $2,294.00
- Request removal at (80% LTV)
- $320,000.00 balance
- Auto-terminates at (78% LTV)
- $312,000.00 balance
Private mortgage insurance applies on conventional loans when LTV exceeds 80%; rates here are illustrative annual percentages of the loan that vary by insurer, credit, and loan type. You can request removal at 80% LTV, and lenders must auto-terminate at 78% (on the original schedule). Paying down to 80% or a rising home value (with appraisal) ends PMI. FHA loans use MIP with different rules. Estimate only.
About this tool
When you put less than 20% down on a conventional mortgage (loan-to-value above 80%), lenders require private mortgage insurance (PMI) to protect themselves if you default. This calculator estimates the monthly PMI cost from your loan amount, LTV, and credit tier — PMI rates rise as LTV climbs and as credit scores fall — and shows the loan balances at which PMI ends: you can request removal once you reach 80% LTV, and lenders must automatically terminate it at 78% LTV based on the original amortization schedule. The rates used here are illustrative annual percentages of the loan; actual PMI varies by insurer, loan type, and your exact profile, so treat the figure as a planning estimate. Knowing the cost and the removal thresholds helps you decide whether to put more down, pay down faster to hit 80%, or refinance — and a rising home value can let you drop PMI early with a new appraisal. Note FHA loans use a different mortgage-insurance premium (MIP) with its own rules. It is informational, not a quote. Everything runs in your browser.
How to use it
- Enter your home value and loan amount.
- Select your credit tier.
- Read the estimated monthly and annual PMI.
- Note the balances at which you can request removal (80%) and auto-termination (78%).
Frequently asked questions
- When is PMI required?
- On conventional loans when your down payment is under 20% (LTV above 80%). It protects the lender, not you. PMI is not required on loans with 20%+ down, and government loans (FHA, VA) have their own insurance rules.
- How much does PMI cost?
- Typically about 0.2% to 1.5% of the loan per year, paid monthly. The rate rises with higher LTV and lower credit scores. On a $370,000 loan a 0.6% rate is about $185/month. Exact rates vary by insurer and loan.
- How do I get rid of PMI?
- Request cancellation once you reach 80% LTV (by paying down the balance or via a higher appraised value); lenders must automatically terminate it at 78% LTV on the original schedule. Refinancing below 80% LTV also removes it.
- Can a rising home value end PMI early?
- Yes. If your home appreciates so that the balance is under 80% of the new value, you can usually request PMI removal with a new appraisal (lenders may have a seasoning requirement). This can end PMI well before the original schedule.
- Is FHA mortgage insurance the same as PMI?
- No. FHA loans charge MIP (mortgage insurance premium), which has an upfront fee plus an annual premium and, for most FHA loans today, lasts the life of the loan unless you refinance out. PMI on conventional loans is removable at 78–80% LTV.
- Is this a quote?
- No. It is an informational estimate using illustrative rates. Your lender provides the actual PMI cost based on your loan and credit.