PMI Calculator

About PMI

Private Mortgage Insurance (PMI) is typically required when you make a down payment less than 20% of the home's value. This calculator helps you estimate your PMI costs and understand when you might be able to remove it.

When Do You Need PMI?

  • Down payment is less than 20%
  • Conventional loan (not FHA or VA)
  • Primary or secondary residence
  • Standard mortgage financing

Benefits of This Calculator

  • Estimate monthly PMI costs
  • Project total PMI expenses
  • Plan for PMI removal
  • Compare different down payment scenarios

Understanding PMI

PMI Basics

PMI protects the lender if you default on your mortgage. The cost is typically between 0.3% and 1.5% of your loan amount annually, depending on various factors.

Removing PMI

You can request PMI removal when you reach 20% equity in your home. It automatically terminates at 22% equity based on the original amortization schedule.

How to Use This Calculator

1

Enter Property Details

Input the home price and your planned down payment. This determines your loan-to-value (LTV) ratio.

2

Provide Loan Information

Enter your expected interest rate and select your credit score range. Better credit scores typically mean lower PMI rates.

3

Specify Property Details

Select the property type and occupancy status. These factors affect your PMI rate.

Important Considerations

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PMI rates vary by lender and may differ from these estimates

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Home value appreciation can help you reach 20% equity faster

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Consider consulting with multiple lenders to find the best PMI rates

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