Housing Calculators

PMI Calculator (Private Mortgage Insurance)

Calculate your monthly private mortgage insurance (PMI) cost by credit score and down payment, see total PMI paid, and find the exact date PMI is removed at 80% loan-to-value. Compares conventional PMI, FHA MIP, VA, and USDA mortgage insurance with amortization-based removal timelines.

How to Use the PMI Calculator (Private Mortgage Insurance)

Use the PMI Calculator (Private Mortgage Insurance) to your monthly private mortgage insurance (PMI) cost by credit score and down payment, see total PMI paid, and find the exact date PMI is removed at 80% loan-to-value. Compares conventional PMI, FHA MIP, VA, and USDA mortgage insurance with amortization-based removal timelines.. Enter your values to get accurate, instant results tailored to your situation.

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Common Uses

• Calculate pmi accurately and instantly
• Calculate private mortgage insurance accurately and instantly
• Calculate mortgage insurance accurately and instantly
• Calculate pmi cost accurately and instantly
• Calculate down payment accurately and instantly

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Private Mortgage Insurance Guide

How PMI is priced and how to get rid of it

Expert Tips

• PMI Is Driven by Credit Score: On a conventional loan, two borrowers with the same 10% down can pay wildly different PMI: a 760+ score pays ~0.30% of the loan annually, while a 620-659 score pays ~1.33% — over 3x more. On a $360,000 loan that is roughly $90/month vs $400/month. Raising your score one tier before applying can save thousands.
• Know Your Two Removal Points: You can REQUEST PMI cancellation once your loan reaches 80% of the original value, and your lender must AUTOMATICALLY remove it at 78% — both based on the original amortization schedule. Mark these dates; lenders rarely remind you. Paying extra principal reaches them years sooner.
• FHA MIP Is Not the Same as PMI: FHA loans charge a 1.75% upfront premium plus annual MIP, and with less than 10% down that MIP lasts the LIFE of the loan — the only way out is refinancing into a conventional loan at 20% equity. Strong-credit borrowers usually pay less with conventional PMI than with FHA MIP.
• Compare Ways to Avoid PMI: Options include 20% down (no PMI), lender-paid PMI (LPMI) with a slightly higher rate, an 80-10-10 piggyback second mortgage, or a VA loan (no monthly MI). Run the math — sometimes a few years of PMI is cheaper than a permanently higher rate.

PMI Fundamentals — What it is and when you pay it

What Is PMI?

• Definition: Private Mortgage Insurance protects the lender (not you) when you put down less than 20% on a conventional loan. It typically costs 0.3%-2.0% of the loan amount per year, billed monthly.
• When Required: PMI applies whenever your loan-to-value (LTV) is above 80% — i.e., down payment under 20%. A $400,000 home with $40,000 down (10%) has 90% LTV and requires PMI; $80,000 down (20%) has 80% LTV and requires none.
• What Sets the Rate: The two biggest factors are your credit score and your LTV. Loan term and loan type also matter. A larger down payment lowers both the rate and the time you pay it.

Removing PMI Faster — Strategies to stop paying

Accelerate Removal

• Extra Principal: Adding even $100-250/month in extra principal can move your 80% LTV date forward by 1-2 years, saving the equivalent in PMI. This calculator amortizes your loan to show the exact removal month.
• New Appraisal: If your home has appreciated, a new appraisal showing 20-25% equity can let you request PMI removal early, even before the original schedule reaches it. Lenders have specific seasoning requirements (often 2 years).
• Refinance: If rates drop or you have hit 20% equity, refinancing into a no-PMI conventional loan can eliminate PMI — the standard route to escape permanent FHA MIP.

Frequently Asked Questions

How much is PMI on a 3% down payment?

With 3% down (97% LTV), PMI typically runs 0.58% to 2.0% of the loan per year depending on your credit score. On a $300,000 home with 3% down (a $291,000 loan), that is roughly $140/month for a 760+ borrower and up to $470/month for a 620-659 borrower. Improving your credit score before applying is the single biggest lever on PMI cost.

When does PMI go away?

On a conventional loan you can request PMI cancellation once your loan balance reaches 80% of the original home value, and your lender must automatically remove it at 78% — both based on the original amortization schedule. You can reach those points faster by paying extra principal or by getting a new appraisal if your home has appreciated. FHA MIP does not work this way: with less than 10% down it lasts the life of the loan.

What is the difference between PMI and FHA MIP?

PMI is private mortgage insurance on conventional loans — it is removable once you reach 20% equity and its rate depends on your credit score. FHA MIP (mortgage insurance premium) applies to FHA loans, charges a 1.75% upfront fee plus an annual premium, and with less than 10% down it lasts the entire loan term. Borrowers with strong credit usually pay less with conventional PMI; borrowers with lower credit often qualify more easily for FHA.

How can I avoid paying PMI?

The cleanest way is to put down 20% or more on a conventional loan, which avoids PMI entirely. Other options include a lender-paid PMI (LPMI) loan with a slightly higher rate, an 80-10-10 piggyback loan that splits financing to keep the first mortgage at 80% LTV, or a VA loan if you are eligible (no monthly mortgage insurance at all). Compare the total cost: sometimes paying PMI for a few years is cheaper than a higher permanent rate.

Does my credit score really change PMI that much?

Yes — credit score is the largest driver of conventional PMI after your down payment. At 90% LTV, the annual PMI rate can range from about 0.30% for a 760+ borrower to about 1.33% for a 620-659 borrower. On a $360,000 loan that is roughly $90/month versus $400/month for the exact same house. Raising your score even one tier before you apply can save thousands over the life of the PMI.