PMI Calculator
Sketch monthly and annual PMI from home price, down payment (or loan amount), and an annual PMI rate — plus an LTV snapshot and a note on removing PMI near 80% LTV. Click any i for detail.
Home & PMI rate
Home price ($)
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Home price
Purchase price (or value used for LTV). |
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Down payment mode
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Down payment mode
Enter down payment as a percent of price, or enter the loan amount directly. |
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Down payment (%)
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Down payment %
Percent of price paid upfront. Loan = price × (1 − down%). |
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Loan amount ($)
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Loan amount
First-lien loan amount when not using down payment %. |
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Annual PMI rate (%)
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PMI rate
Quoted annual PMI as a percent of the loan amount. Default 0.5% is a common educational midpoint — lender quotes vary. |
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Loan term (years, optional)
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Term
Used only for a rough lifetime PMI sketch if you kept PMI the full term (often unrealistic). |
How to use this calculator
- Enter home price.
- Choose down payment % or loan amount.
- Set the annual PMI rate from your quote (default 0.5%).
- Optionally enter term for a full-term PMI cost sketch.
Results explained
The headline is monthly PMI (annual rate × loan ÷ 12). Annual PMI and LTV appear in the range and breakdown. PMI is often cancelable around 80% LTV under common conventional rules — confirm with your servicer.
Quick reference: PMI sketch
Educational midpoints — lender PMI tables vary by credit, LTV, and product.
| Item | Detail |
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| Loan amount | Price × (1 − down%) or entered loan |
| LTV | Loan ÷ price |
| Annual PMI | Loan × annual PMI rate |
| Monthly PMI | Annual PMI ÷ 12 |
Check LTV with the LTV calculator. FHA uses MIP instead — see the FHA loan payment calculator.
How the estimate is built
Loan amount comes from price and down payment % (or the loan field). Annual PMI = loan × rate%; monthly = annual ÷ 12. Optional term × annual PMI is a crude upper-bound if PMI never dropped — many borrowers cancel earlier.
Example scenario
A $400,000 home with 5% down ($380,000 loan) at 0.5% PMI is about $1,900/year or ~$158/month, with LTV near 95%. At ~80% LTV many conventional loans allow PMI removal requests.
FAQ
When can I remove PMI?
On many conventional loans you can request cancellation around 80% LTV based on original value (and automatic termination near 78% amortized). Servicer rules and appraisal requirements apply.
Is 0.5% a real quote?
It is a common educational default. Actual rates depend on credit, LTV, occupancy, and lender.
FHA MIP vs PMI?
FHA uses mortgage insurance premiums (MIP) with different upfront/annual rules. This page models private mortgage insurance.
Does PMI protect me?
PMI protects the lender if you default; it does not pay your mortgage for you.