Mortgage Insurance (PMI) Calculator
Calculate your Private Mortgage Insurance (PMI) costs and understand when you can cancel it. Determine monthly premiums, total costs, and how long you’ll need to pay PMI based on your loan details.
Step 1: Loan Details
Understanding PMI
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home’s value. It protects the lender if you default on the loan.
Step 2: Borrower & PMI Details
When Can You Cancel PMI?
For conventional loans, you can request cancellation when your loan-to-value (LTV) reaches 80%. Lenders must automatically cancel PMI when LTV reaches 78% based on the original value.
PMI Calculation Results
Estimated Monthly PMI Payment
Loan Type PMI Comparison
| Loan Type | PMI Required | Min Down Payment | PMI Duration | Notes |
|---|
Monthly Payment Breakdown
PMI Calculation Formula
Monthly PMI = (Loan Amount × PMI Rate) ÷ 12
PMI is typically required until your equity reaches 20% of the home’s original value or current value (depending on the loan type and lender requirements).
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