A focused calculator for one number: private mortgage insurance. Most mortgage calculators bury PMI inside a larger PITI breakdown. This page makes PMI the entire output. Enter your home price, down payment, rate, term, and PMI rate, and see whether PMI applies, what it costs each month and year, and the date your loan balance is projected to cross the 80% loan-to-value threshold so PMI can be removed.
PMI calculator
PMI applies
$150.00/ month
That's $1,800 per year on top of your principal and interest. PMI is projected to fall off in about 8 yr 2 mo — March 2034 — when your loan balance crosses 80% of the original home value. Until then, you'll pay about $14,700 in PMI in total.
Enter five numbers for a quick PMI check. Open Refine your estimate to add an extra monthly payment and see PMI fall off sooner.
Quick PMI check
Conventional PMI typically runs 0.3 – 1.5% per year depending on credit score and LTV. The default 0.5% is a reasonable midpoint for a typical first-time buyer.
Refine your estimate
Extra monthly payment to accelerate PMI removal. Every dollar of extra principal pulls the 80% LTV threshold forward.
Extra payments
Try a small amount each month and watch the removal date move in the chart below.
Loan-to-value vs PMI threshold
Initial LTV
90.0%
Monthly PMI
$150.00
Annual PMI
$1,800
Removal date
March 2034
In 8 yr 2 mo
Skip PMI entirely
You'd need $40,000 more down to avoid PMI altogether.
That brings your down payment to $80,000 (20% of the home price), pushing your starting LTV to exactly 80% and removing the PMI requirement at closing.
Loan balance vs PMI threshold over time
PMI rates and rules vary
Real PMI premiums depend on your credit score, the loan program, and the lender — anywhere from about 0.3% to 1.5% of the loan annually for conventional borrower-paid PMI (BPMI). FHA loans use a different system called MIP, which often stays for the life of the loan on loans with less than 10% down. VA and USDA loans don't use PMI at all (they have one-time funding or guarantee fees instead). Use this tool as a planning estimate — get a real PMI quote from your lender for the actual number.
How to use this pmi calculator
A focused private mortgage insurance calculator. Enter your home price and down payment and see whether PMI applies, how much it costs monthly and annually, and when it's projected to fall off your loan.
Enter your home price and down paymentThe two numbers that determine your starting LTV. PMI applies whenever LTV is above 80% — meaning down payment less than 20% of the home price.
Set the loan and PMI rateInterest rate, term, and your estimated PMI annual rate. Conventional PMI usually runs 0.3 – 1.5%; the default 0.5% is a reasonable midpoint.
Read the removal dateThe summary cards show the projected month your loan balance crosses the 80% threshold and PMI falls off. Optional extra payments pull that date forward.
Frequently asked questions
These cover what PMI is, when it applies, when it falls off, and how PMI on a conventional loan is different from FHA MIP and from VA / USDA fees.
FAQ
What is PMI and why am I paying it?
PMI stands for private mortgage insurance. It's an insurance policy your lender requires when you put less than 20% down on a conventional home loan. The premium protects the lender — not you — against losses if you default on the loan and they have to foreclose. You pay it monthly as part of your mortgage payment, on top of principal, interest, taxes, and insurance. PMI exists because down payments below 20% are statistically more likely to default; the lender is willing to make the loan, but at the cost of an insurance policy you pay for. The good news: PMI isn't permanent on a conventional loan. Once your loan-to-value ratio reaches 80%, you can usually request removal, and most lenders auto-terminate PMI at 78% LTV.
FAQ
When does PMI apply?
On a conventional loan, PMI is required whenever your loan-to-value (LTV) ratio at origination is greater than 80% — meaning your down payment is less than 20% of the home price. If you put 20% or more down, you skip PMI entirely. The 80% threshold uses the original purchase price as the denominator (not the current appraised value), per the federal Homeowners Protection Act. Note that PMI is specific to conventional loans. FHA loans use a different system called MIP (mortgage insurance premium) with its own rules and removal requirements; VA loans don't require PMI at all (they have a one-time funding fee instead); USDA loans use a guarantee fee. This calculator models conventional borrower-paid PMI (BPMI) only.
FAQ
How much does PMI usually cost?
Conventional PMI typically runs between about 0.3% and 1.5% of the loan amount per year, depending on your credit score, loan-to-value ratio, and loan program. Borrowers with strong credit and an LTV close to 80% pay rates near the bottom of that range; borrowers with lower credit and an LTV near 95% pay rates near the top. A rough industry midpoint for a typical first-time buyer is around 0.5% annually. On a $300,000 loan that's $1,500 a year, or $125 a month — meaningful but not crushing. This calculator defaults to 0.5% but you should adjust it to match your actual lender quote when you have one.
FAQ
When does PMI fall off automatically?
On a conventional loan, you can usually request PMI removal once your loan balance reaches 80% of the original home value, and federal law requires lenders to automatically terminate PMI at 78% LTV (anchored to the original value, on the originally scheduled amortization date — not when you actually hit it through extra payments). This calculator shows the projected month your balance crosses the 80% threshold based on your scheduled payments. If you make extra principal payments, the threshold arrives sooner — try the optional extra monthly payment input and watch the removal date move forward. If your home appreciates significantly, you can sometimes request early PMI removal based on a new appraisal, but that path varies by lender and isn't modeled here.
FAQ
How can I get rid of PMI faster?
Three honest options. (1) Pay extra principal — every dollar of extra payment shrinks your balance and pulls the 80% LTV threshold forward. The extra monthly payment input on this page shows the effect. (2) Refinance once you've built enough equity that the new loan is below 80% LTV — but only if rates and closing costs make sense (use the refinance break-even calculator on this site to check). (3) Request a new appraisal if your home value has gone up enough that the current appraised value drops your LTV below 80%, and ask your lender for early PMI removal. Different lenders have different rules on appraisal-based removal, so call before you pay for the appraisal.
FAQ
Is anything I enter here stored or sent anywhere?
No. Everything runs in your browser. The PMI calculation, LTV math, and removal projection are all computed locally, and the page makes no network requests for the calculation. Nothing you enter is logged, stored, or transmitted to Everyday Tools Hub or anywhere else.
Related tools
Explore other utilities in the Everyday Tools Hub library.
Live tool
Mortgage Calculator
Estimate monthly mortgage payments and total cost with a clear PITI breakdown for any home loan.
Live tool
Home Affordability Calculator
Find out how much house you can afford based on your income, debts, down payment, and housing cost assumptions — using the classic 28/36 DTI rule.
Live tool
Refinance Break-Even Calculator
Compare your current mortgage against a refinance option and see exactly when you'd recover the closing costs — and whether the refi saves money over the life of the loan.