Common question
How much is PMI?
PMI is mortgage insurance on many conventional loans when you put down less than 20%. This page estimates the monthly cost from the annual PMI rate you enter. It is not a quote from an insurer.
At 20% down or more, the estimate is zero. FHA mortgage insurance follows different rules, and this calculator does not model it.
About $150.00 per month.
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How we calculated this
Monthly PMI is the loan amount times the annual PMI rate, divided by 12. It is included only when the loan is more than 80% of the home price. The 80% date walks a standard amortization until the balance falls to 80% of the original price.
What does this mean?
PMI adds about $150.00 each month until the balance is near 80% of the home price, estimated July 2034. FHA mortgage insurance works differently.
Your assumptions
Edit assumptions- Home price
- $400,000
- Down payment
- $40,000
- PMI rate
- 0.50%
This calculator provides an estimate for informational purposes. Actual mortgage payments, taxes, insurance, PMI, fees, and lender terms may vary.
How the estimate is calculated
The loan is the price minus the down payment. Monthly PMI is that loan times the annual rate, divided by 12. The line is included only when the loan is more than 80% of the price.
The 80% date walks a standard amortization at the interest rate and term you enter until the balance falls to 80% of the original price. That date is a planning mark. Many conventional loans can be requested off near 80% and end automatically near 78% on the original schedule. This page does not decide that for a specific loan.
Open the PMI Calculator · How this calculator works
Questions
Is PMI the same as homeowners insurance?
No. Homeowners insurance covers the house. PMI protects the lender when the down payment is low. You pay it on top of the mortgage.
What PMI rate should I enter?
Use a rate you were quoted, or a planning rate you want to test. This site does not look up a live PMI rate.
Does paying PMI reduce the loan?
No. It is a monthly insurance cost, not principal.
When does this estimate drop PMI?
The monthly cost is zero at 20% down. If you put less down, the page estimates when the balance would reach 80% of the original price. It does not cancel a real policy.