PMI Calculator
PMI protects the lender when you put less than 20% down on a conventional loan. It is not permanent. See what it costs each month, how much you pay in total, and the month it drops off.
Estimated monthly PMI
$270
Ends automatically after 9 yr 4 mo (payment 112), when the balance reaches 78% of the original value.
- Principal and interest95%
- PMI5%
- Loan amount
- $720,000
- Starting loan-to-value
- 90.0%
- Principal and interest
- $4,670
- PMI (0.45% a year)
- $270
- Principal, interest and PMI
- $4,940
- Can request cancellation (80% LTV)
- 8 yr 2 mo (payment 98)
- Ends automatically (78% LTV)
- 9 yr 4 mo (payment 112)
- Total PMI paid
- $30,240
You would pay about $30,240 in PMI over 9 yr 4 mo. Asking to cancel at 80% LTV, after payment 98, would save about $3,780 of that.
| Year | PMI paid | Principal | Interest | Balance | Loan-to-value |
|---|---|---|---|---|---|
| 1 | $3,240 | $7,673 | $48,365 | $712,327 | 89.0% |
| 2 | $3,240 | $8,208 | $47,831 | $704,119 | 88.0% |
| 3 | $3,240 | $8,779 | $47,260 | $695,340 | 86.9% |
| 4 | $3,240 | $9,390 | $46,648 | $685,949 | 85.7% |
| 5 | $3,240 | $10,044 | $45,995 | $675,905 | 84.5% |
| 6 | $3,240 | $10,744 | $45,295 | $665,161 | 83.1% |
| 7 | $3,240 | $11,492 | $44,547 | $653,670 | 81.7% |
| 8 | $3,240 | $12,292 | $43,747 | $641,378 | 80.2% |
| 9 | $3,240 | $13,148 | $42,891 | $628,230 | 78.5% |
| 10 | $1,080 | $14,063 | $41,976 | $614,167 | 76.8% |
Estimates for illustration only, not a loan offer or a commitment to lend. Rates, taxes, insurance and program rules vary; our team will confirm exact figures for your situation.
How this calculator works.
PMI is priced as a yearly percentage of the loan, mainly by credit score and down payment. Pick a credit score band to load a rough starting rate, then adjust it to match a quote. The monthly cost is the loan times the rate, divided by 12.
Under the Homeowners Protection Act, PMI ends automatically when your balance is scheduled to reach 78% of the home's original value, and you can ask to cancel it at 80% if you are current on payments. The calculator walks the amortization schedule month by month to find both dates.
Extra principal payments or a rise in value can get you there sooner. A new appraisal showing 20% to 25% equity may let you remove PMI early, subject to the servicer's rules.
Monthly PMI = loan × annual PMI rate ÷ 12. PMI ends when balance ≤ 78% × original price.
Common questions.
Turn the estimateinto real numbers.
Answer a few questions and our team will price your scenario with current rates and the right program.
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