PMI Calculator
Estimate private mortgage insurance on a conventional loan and find out when you can get rid of it
Your Mortgage
10.0% of the price
Often 0.3%–1.5% of the loan, depending on credit score and down payment
Reach 80% sooner
PMI adds this to each payment
$150.00
You can ask to cancel it after 7 yr 11 mo; it ends automatically after 9 yr 1 mo
Monthly payment with PMI
$2,425.44
$2,275.44 principal and interest
Starting loan-to-value
90.0%
$360,000 loan
PMI if you cancel at 80%
$14,250
after 7 yr 11 mo
PMI if you wait until 78%
$16,350
automatic after 9 yr 1 mo
Loan-to-value over time
PMI can be cancelled at 80% and ends automatically at 78% of the original value
Your monthly payment
While PMI applies
Balance and PMI by Year
| Year | Balance | Loan-to-Value | PMI Paid |
|---|---|---|---|
| 1 | $355,976 | 89.0% | $1,800 |
| 2 | $351,683 | 87.9% | $1,800 |
| 3 | $347,102 | 86.8% | $1,800 |
| 4 | $342,214 | 85.6% | $1,800 |
| 5 | $337,000 | 84.2% | $1,800 |
| 6 | $331,435 | 82.9% | $1,800 |
| 7 | $325,498 | 81.4% | $1,800 |
| 8 | $319,164 | 79.8% | $1,650 |
| 9 | $312,405 | 78.1% | $0 |
| 10 | $305,194 | 76.3% | $0 |
PMI paid assumes you ask to cancel as soon as the balance reaches 80% of the original value.
How PMI Works
Lenders usually require private mortgage insurance on conventional loans with less than 20% down. It protects the lender, not you. Under the US Homeowners Protection Act, you can ask to cancel it once your balance reaches 80% of the home's original value, if your payments are current, and it must end automatically at 78% on the original schedule.
The Formulas
Monthly PMI = loan × PMI rate ÷ 12
LTV = balance ÷ original home value
Cancel at 80% LTV; automatic at 78%
FHA loans use mortgage insurance premiums (MIP) with different rules; this calculator covers conventional PMI.
Getting Rid of PMI Sooner
- •Extra principal payments reach 80% sooner
- •If your home has gained value, a new appraisal may let you cancel early (lender rules apply)
- •Refinancing once you have 20% equity removes PMI
- •A larger down payment avoids it from the start
- •Ask your servicer in writing when you reach 80%