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PMI Calculator

If you’re planning to put down less than 20% on a home purchase, chances are you’ll be subject to private mortgage insurance (PMI).

In that case, my PMI calculator might be of some use to you.

Not only does it calculate the PMI you’ll have to pay each month on top of your principal and interest, but it also calculates your PMI removal date based on your loan start date.

It will give you the date of PMI removal based on when the loan hits 80% loan-to-value (LTV), and also the automatic termination based on when the loan hits 78% LTV.

If you plan to pay extra each month, you can also enter that figure into the calculator to see how it shortens the timeline to 80% LTV.

PMI Calculator

Estimate your monthly private mortgage insurance (PMI) cost and find out exactly when PMI is eligible for removal (80% LTV) and when it must automatically terminate (78% LTV) under the Homeowners Protection Act.

Home & Loan Details

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Loan Terms

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PMI & Optional Extras

Used only to estimate your PMI rate below
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Typically 0.46%–1.50% based on credit score & LTV · select a credit score range above to auto-fill
Optional — used to date PMI removal
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Optional — see how prepaying speeds up removal
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You Likely Won’t Need PMI

Full PMI Breakdown

Loan-to-Value (LTV) Over Time

Amortization & PMI Schedule

Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, legal, or tax advice. PMI is estimated as a flat annual percentage of your original loan amount, which is how most lenders structure standard borrower-paid PMI (BPMI); actual PMI rates, structures, and cancellation policies vary by lender and loan program. The “Estimate it for me” rate is a planning estimate only, calibrated to the general PMI rate range published by the Urban Institute’s Housing Finance Policy Center (“Mortgage Insurance Data at a Glance”), which reports annual PMI rates from roughly 0.46% for borrowers with credit scores of 760 and above up to 1.50% for scores in the 620–639 range, distributed across loan-to-value tiers consistent with typical private mortgage insurer rate cards (e.g., MGIC, Radian, Essent). It does not reflect your debt-to-income ratio, loan type, coverage level, or any specific insurer’s underwriting, and your actual quoted rate will appear on your Loan Estimate. Under the Homeowners Protection Act, borrowers can generally request PMI cancellation once the loan balance reaches 80% of the home’s original value (with a good payment history and no second liens), and lenders must automatically terminate PMI once the balance reaches 78% of the original value based on the original amortization schedule — or at the midpoint of the loan term if that comes first. Extra principal payments move up the date you become eligible to request cancellation at 80%, but do not accelerate the 78% automatic-termination date, which stays fixed to the loan’s original amortization schedule regardless of prepayment. FHA loans (MIP) follow different rules and are not reflected here. Consult your loan servicer and a licensed mortgage professional for your exact PMI terms.

How to Use the PMI Calculator (and PMI Removal Calculator)

To use the PMI calculator, simply enter your home purchase price and down payment (dollar amount or percentage works).

Then enter your mortgage rate and loan term (default is 30 years).

To get a ballpark PMI rate, you must select a credit score range, which together with your loan-to-value ratio (LTV) will determine your rate.

You can also enter your own PMI rate instead of credit score if you happen to know it.

Once calculated, it will show you the monthly premium amount.

[Searching for a home loan? See your options with dozens of lenders fast.]

It is typically fixed based on the original loan amount unless your PMI features a declining renewal that reflects the smaller outstanding loan balance over time.

This is added to your monthly principal and interest payment to give you an idea of your total monthly housing payment. Just don’t forget the homeowners insurance and property taxes!

Lastly, if you want to know when your PMI removal date will be, you can enter the loan start date (month and year).

The results will show you when the PMI is eligible for removal by request (at 80% LTV) and automatically (at 78% LTV).

Those looking to speed up the removal of PMI can also enter an extra payment amount, which will allow you to request removal earlier once your outstanding loan balance falls to 80% LTV

PMI Removal Methods and Dates

Remember that while a 78% LTV results in automatic termination of PMI, you need to request removal if/when your LTV hits 80% with your loan servicer.

Also note that prepaying your mortgage to get to 78% LTV faster will not result in automatic termination of PMI because it’s only based on the original loan amortization schedule, not an accelerated one.

They will not remove it without you asking!

Other ways you can remove PMI early are via a mortgage refinance, especially helpful if mortgage rates happen to drop after you take out your loan.

So keep an eye on interest rates if you have PMI as you might be able to accomplish two things at once. PMI removal and a lower mortgage rate via a rate and term refinance.

Together, that could result in a significantly lower monthly mortgage payment and provide some added breathing room.

Note that this only applies to conventional loans (such as those backed by Fannie Mae and Freddie Mac) and not government-backed loans like FHA loans, which feature mortgage insurance for the life of the loan.

If you happen to have an FHA loan that is subject to lifetime mortgage insurance, you can look into an FHA-to-conventional refinance to remove it.

Colin Robertson
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