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.
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.
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.
Enter Property Details
Input the home price and your planned down payment. This determines your loan-to-value (LTV) ratio.
Provide Loan Information
Enter your expected interest rate and select your credit score range. Better credit scores typically mean lower PMI rates.
Specify Property Details
Select the property type and occupancy status. These factors affect your PMI rate.
PMI rates vary by lender and may differ from these estimates
Home value appreciation can help you reach 20% equity faster
Consider consulting with multiple lenders to find the best PMI rates