PMI Calculator
Work out what private mortgage insurance costs you every month, what your loan-to-value is today, and the exact month PMI can be cancelled at 80% — or falls off automatically at 78%.
Loan & PMI details
How to use this calculator
1. Enter the price and your down payment
Type either the dollar amount or the percentage — the two boxes stay in sync, and whichever one you touched last is the one preserved if you change the home price afterwards. Anything under 20% down puts you above 80% loan-to-value, which is where PMI starts.
2. Add your rate, term, and PMI rate
The interest rate and term drive how quickly the balance falls, which decides when PMI ends. The annual PMI rate comes from your loan estimate; if you do not have one yet, 0.5% is a reasonable middle-of-the-road placeholder for a borrower with solid credit.
3. Read the two cancellation dates
The calculator walks your amortization schedule month by month. The 80% date is the earliest you can ask your servicer to remove PMI; the 78% date is when it must come off by itself. The gap between them is money you keep by writing the request letter on time.
4. Try the extra-payment slider
Add extra principal in the Visualize panel and watch both milestones move closer. Because PMI is a fixed monthly charge, shaving even a year off the schedule can be worth several thousand dollars on a low-down-payment loan.
About PMI (private mortgage insurance)
How is monthly PMI calculated?
Lenders quote private mortgage insurance as an annual rate applied to the loan amount, typically between 0.3% and 1.5% depending on your credit score and how small your down payment is. Divide that annual premium by 12 for the monthly charge: a $380,000 loan at a 0.85% annual rate costs $3,230 a year, or about $269 a month.
When does PMI go away?
On a conventional loan the Homeowners Protection Act gives you two milestones measured against the original purchase price. At 80% loan-to-value you may ask the servicer in writing to cancel PMI. At 78% the servicer must drop it automatically, with no request needed, as long as payments are current.
Can I get rid of PMI faster?
Yes. Extra principal payments pull the balance down ahead of schedule, and the calculator's slider shows how many months that saves. Some servicers will also cancel early based on a new appraisal if the home has appreciated, and refinancing into a loan with 20% equity removes PMI entirely — though closing costs may outweigh the premium you avoid.
Does this apply to FHA and VA loans?
No — these rules cover conventional loans. FHA mortgages carry a different charge called MIP, which on most modern FHA loans lasts the life of the mortgage unless you put more than 10% down. VA loans have no monthly mortgage insurance at all, only a one-time funding fee. Treat the figures here as an estimate for planning, then confirm the exact terms on your loan estimate.