Mortgage
PMI Calculator
Calculate private mortgage insurance costs and see how much you need to put down to avoid PMI altogether.
Enter your home price, down payment, and loan details to estimate your monthly PMI cost and when you can cancel it.
Mortgage
Try the calculator
Advanced housing costs
Example
On a $400,000 home with 10% down, PMI could add around $150 to your monthly payment until you reach 20% equity.
Results
Monthly PMI
$150.00
Down payment percentage
10.0%
PMI cancellation timeline
13 years 1 months
Projection
Trend view
Milestones
Decision cues
Breakdown
Cost mix
Result reading
The visual trend is moving up, with an approximate change of $0 across the period shown.
Planning cue
Use the output as a scenario test rather than a promise. Small input changes can materially change the result.
PMI is required with less than 20% down. Your actual PMI rate may vary by credit score, loan type, and lender.
How it works
What the result is showing you
These sections explain what the calculator measures, which assumptions matter most, and where the number can be misleading.
What PMI is and when you need it
Private Mortgage Insurance protects the lender if you default. It is usually required when your down payment is less than 20% of the home price. The cost varies by credit score and loan type but typically ranges from 0.3% to 1.5% of the loan amount annually.
How to get rid of PMI
You can request PMI cancellation when you reach 20% equity through payments or home value appreciation. By law, PMI must automatically terminate at 22% equity based on the original amortization schedule if you are current on payments.
Alternatives to paying PMI
Options include putting 20% down, getting a piggyback second mortgage, using lender-paid PMI, or choosing certain government loans that have different insurance requirements. Each tradeoff deserves a close look.
FAQ
Frequently asked questions
Quick answers to the questions people ask most about this calculator.
When can I cancel PMI?
You can request cancellation when you reach 20% equity, either through payments, home appreciation, or a combination. Automatic termination happens at 22% equity based on the original schedule if you are current on payments.
Is PMI tax deductible?
The tax deductibility of PMI has changed several times. Check current IRS guidelines or consult a tax professional for the latest rules and whether you qualify based on your income.
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