Enter the home price, down payment, loan rate and your PMI rate to see what private mortgage insurance costs each month, your loan-to-value, the month you can ask to cancel PMI at 80% LTV, when it ends automatically at 78%, and how much PMI you will pay in total.
Last updated:
Home & loan
$
% / yr
% / yr
From your loan estimate; typically 0.3%–1.5% of the loan per year.
Enter your values to see the result.
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How to use the PMI Calculator
Enter the home price and down payment as a percent or an amount.
Enter the interest rate and loan term so the payoff schedule can be calculated.
Enter the PMI rate from your loan estimate (typically 0.3%–1.5% of the loan per year).
Read the monthly PMI, your LTV and the dates PMI can be removed or drops off.
Check the yearly table to see the balance, LTV and PMI paid each year.
How PMI is calculated
Private mortgage insurance protects the lender on a conventional loan when you put down less than 20%. The usual monthly formula is:
Monthly PMI = Loan amount × PMI rate ÷ 12
Loan-to-value is LTV = loan ÷ home value × 100. PMI applies when LTV is above 80%. You can request cancellation when the balance is scheduled to fall to 80% of the original value, and it ends automatically at 78% (or at the midpoint of the loan term) as long as you are current on payments.
Example: a $350,000 home with 5% down is a $332,500 loan (95% LTV). At a 0.6% PMI rate, PMI is $166.25 a month. With a 6.75% 30-year loan the balance reaches 78% of $350,000 ($273,000) after about 139 payments.
How long PMI lasts on a 30-year loan
Payments until the scheduled balance reaches 78% of the original value (automatic PMI removal), by down payment and interest rate. Higher rates mean slower principal payoff, so PMI lasts longer.
Down payment
Starting LTV
At 5%
At 6.5%
At 7.5%
3%
97%
125 payments (~10.4 yrs)
144 payments (~12.0 yrs)
157 payments (~13.1 yrs)
5%
95%
117 payments (~9.8 yrs)
135 payments (~11.2 yrs)
148 payments (~12.3 yrs)
10%
90%
92 payments (~7.7 yrs)
109 payments (~9.1 yrs)
121 payments (~10.1 yrs)
15%
85%
61 payments (~5.1 yrs)
75 payments (~6.2 yrs)
85 payments (~7.1 yrs)
Frequently asked questions
How is PMI calculated?
Borrower-paid monthly PMI is usually the loan amount × the annual PMI rate ÷ 12. On a $332,500 loan with a 0.6% PMI rate that is $332,500 × 0.006 ÷ 12 = $166.25 a month. The rate depends mostly on your credit score and down payment.
When does PMI go away?
Under the US Homeowners Protection Act you can ask to cancel PMI once your balance is scheduled to reach 80% of the home's original value, if you are current on payments and meet lender conditions. It must end automatically when the balance is scheduled to reach 78%, or at the midpoint of the loan term, whichever comes first.
What is a typical PMI rate?
PMI commonly costs about 0.3% to 1.5% of the original loan amount per year. Higher credit scores and larger down payments get lower rates. Use the rate on your loan estimate for an accurate figure.
How can I avoid PMI?
Put at least 20% down on a conventional loan, or look at options such as a piggyback second loan or lender-paid mortgage insurance (which usually means a higher interest rate). VA loans have no monthly mortgage insurance; FHA loans have their own mortgage insurance premium instead of PMI.
Can extra payments or a higher home value remove PMI sooner?
Extra principal payments lower your balance faster, so you reach 80% of the original value sooner and can request cancellation. Some lenders also allow removal based on a new appraisal if the home has gained value, often with stricter LTV and seasoning rules.
Does this include property tax and insurance?
No. The calculator focuses on PMI and principal and interest. Use the mortgage calculator for a full monthly payment with taxes, insurance and HOA.
Is my information saved?
Your inputs stay in your own browser. Nothing is uploaded to a server.
Are all the tools on FreeToolCabin tested for quality and accuracy?
Yes! Every tool on our site undergoes automated Q/A testing in real browser environments to ensure high precision, correct output, and zero errors. If you happen to spot a bug or have a suggestion, please contact us at [email protected] and our team will review it right away.