Estimate monthly PMI, annual mortgage insurance, and your 80%/78% LTV removal timeline. Compare down payment and credit scenarios to reduce PMI faster.
PMI applies to most conventional loans below 20% down
Use this calculator to estimate PMI cost, monthly payment impact, and how long it may take to reach 80% and 78% LTV milestones.
You might also find these calculators useful
Private Mortgage Insurance (PMI) can add hundreds to your monthly mortgage payment when your down payment is below 20%. This PMI calculator estimates monthly PMI cost, annual mortgage insurance, and your path to PMI removal based on LTV milestones. Use it to compare down payment options, credit profile impact, and timelines to reduce PMI faster.
PMI is insurance that protects the lender, not the borrower, on conventional loans with high loan-to-value ratios. It is typically required when LTV is above 80%. In most cases, you can request PMI removal when your loan reaches around 80% LTV and it must automatically terminate near 78% LTV under standard servicing rules. PMI cost depends on LTV, credit profile, and loan characteristics.
PMI Formula
See how PMI changes your monthly housing cost beyond principal, interest, taxes, and insurance.
Estimate your timeline to 80% and 78% LTV so you can prepare for borrower-request and automatic PMI milestones.
Test 5%, 10%, 15%, and near-20% down scenarios to see the tradeoff between upfront cash and ongoing PMI.
Model how credit profile can affect PMI rate assumptions and long-term mortgage insurance cost.
Estimate how much PMI raises your payment before you submit an offer.
Compare the upfront cash difference against the monthly PMI burden and expected removal timeline.
Estimate whether a refinance can remove PMI sooner based on current balance and value assumptions.
See how better credit assumptions may lower estimated PMI rates and total insurance cost.
Estimate when additional principal payments could accelerate your path to PMI removal.
PMI often ranges from roughly 0.25% to 1.85% of your loan amount per year depending on LTV and credit profile. On a $360,000 loan, that can be about $75 to $555 per month.
For many conventional loans, borrowers can request PMI cancellation around 80% LTV if servicer requirements are met, and PMI must automatically terminate near 78% LTV based on scheduled amortization rules.
Yes, in many cases you can request earlier removal if your current LTV is low enough due to principal paydown or home appreciation. Lenders may require appraisal and seasoning rules.
No. PMI is associated with conventional loans, while MIP applies to FHA loans. They use different premium structures, cancellation rules, and loan program requirements.
The most common approach is a 20% down payment on a conventional loan. Some borrowers also consider lender-paid mortgage insurance, piggyback structures, or different loan products.
Yes. Stronger credit profiles usually qualify for lower PMI rates, while weaker profiles often pay higher premiums for the same LTV and loan structure.
It can. If a refinance brings your new LTV to 80% or lower on a conventional loan, PMI may no longer be required, subject to lender and product terms.
PMI deductibility can change by tax year and income phaseout rules. Check current IRS guidance and consult a qualified tax professional for your specific situation.