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PMI Calculator

PMI is an extra cost when you put less than 20% down, but it doesn't last forever. See exactly how much you'll pay and when it goes away.

How to Use This Calculator

Enter the home price, your down payment, and select your credit score range. The calculator determines your LTV ratio, estimates your PMI rate, and shows monthly and total PMI costs. It also calculates when PMI will automatically drop off based on your regular payments.

Understanding Your Results

The monthly PMI amount is added to your mortgage payment. The total PMI paid shows how much you'll spend before reaching 20% equity. The PMI drop-off date is when your lender must cancel it (at 78% LTV). The extra payment analysis shows how additional monthly payments can eliminate PMI faster, potentially saving you thousands.

Pro Tips

  • ✓Improving your credit score before buying can cut your PMI rate significantly.
  • ✓Once you're close to 80% LTV, get an appraisal — if your home has appreciated, you may already qualify for PMI removal.
  • ✓Consider lender-paid PMI (LPMI) if you plan to stay long-term — the slightly higher rate may be cheaper than monthly PMI.
  • ✓Making extra payments accelerates reaching 20% equity and PMI removal.

You Might Also Need

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Down Payment

Calculate how much you need for a down payment and compare different down payment scenarios.

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Mortgage Payment

Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI.

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Home Equity

Calculate how much equity you have in your home and estimate HELOC borrowing limits.

Frequently Asked Questions

How much does PMI cost?▼
PMI typically costs 0.3-1.5% of the original loan amount per year, depending on your credit score and down payment. For a $250,000 loan, that's $62-$312/month. Better credit scores and larger down payments result in lower PMI rates.
When does PMI go away?▼
By law, your lender must automatically cancel PMI when your loan balance reaches 78% of the original home value. You can request removal at 80% LTV. With appreciation and extra payments, you may reach this milestone sooner than scheduled.
How can I avoid paying PMI?▼
Put 20% or more down, use a piggyback loan (80/10/10), choose a lender-paid PMI option (higher rate, no separate PMI), or look into VA loans (no PMI regardless of down payment).
Is PMI tax deductible?▼
PMI tax deductibility has been extended and expired several times. Check current tax law or consult a tax professional. When available, the deduction phases out at higher income levels.
How is the PMI rate determined?▼
PMI rates are based primarily on your credit score, down payment percentage, and loan type. A borrower with a 760+ credit score putting 10% down might pay 0.3%, while a 680 credit score with 5% down could pay 1% or more.