PMI Calculator

Estimate monthly PMI when the down payment is under 20%, and see when the balance would reach 80% of the price.

Use it when the down payment is under 20% and you want monthly mortgage insurance from the rate you enter.

How much is PMI?

How this calculator works

Your loan

Home price

Down payment

PMI rate

Annual rate charged on the loan amount.

Estimated PMI

$150.00/ month

About $150.00 per month.

Raise the down payment from $40,000 to $80,000 and PMI drops. The monthly cost goes from $150.00 to $0.00.

Estimate from the numbers you entered.

Down payment$40,000

Annual PMI: $1,800.00
Loan amount: $360,000
Loan-to-value: 90.0%
80% balance estimate: July 2034

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.

For many conventional loans, PMI can be requested off near 80% of the original value and ends automatically near 78% on the original schedule. This is not a determination for any specific loan.

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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.

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How the estimate is calculated

PMI is the loan times the annual rate, divided by 12. It is zero at 20% down or more.

The date walks a normal amortization until the balance is 80% of the original price. That is a common conventional request point, not a rule for every loan.

PMI formula

Monthly PMI equals loan amount times annual PMI rate divided by 12, and only when loan divided by price is above 80%.

Example

Enter price and down payment.
Enter the PMI rate from a quote, or leave 0.50% as a planning rate.
Read the monthly cost and the 80% estimate.

With the numbers filled in on this page, the estimate is $150.00 per month.

What changes the result

Loan type

FHA mortgage insurance is calculated differently and can last longer than conventional PMI.

Rate

The PMI rate depends on credit and the loan. The default is a planning figure.

Home value later

This date ignores appreciation. A new appraisal can change when a lender will drop PMI.

Questions

Is PMI required at 20% down?

This estimate removes it at 20% down. A specific loan can differ.

What is the 78% figure?

Many conventional loans must cancel PMI when the balance is scheduled to reach 78% of the original value. This tool marks 80%, a common request point.

Does PMI reduce the loan?

No. It is a monthly insurance cost, not principal.