Free Mortgage Insurance Calculator

Compare mortgage insurance costs across conventional PMI, FHA MIP, and USDA guarantee fees to find the most affordable option.

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Conventional PMI Total

$16,500

FHA MIP Total (upfront + annual)$21,750
USDA Fee Total (upfront + annual)$13,500
Conventional Monthly PMI$137.50
FHA Monthly MIP$137.50
USDA Monthly Fee$87.50

Conventional PMI Total vs Comparison Period

View formula & how it works →

Comparing Mortgage Insurance Types

Different loan programs have different insurance structures. Understanding the total cost helps choose the most affordable option.

Conventional PMI

  • Rate: 0.3% to 1.5% annually based on LTV and credit
  • No upfront fee
  • Drops off at 80% LTV (can request) or 78% LTV (automatic)

    • FHA MIP

  • Upfront: 1.75% of loan amount (usually financed)
  • Annual: 0.15% to 1.05% depending on term, LTV, and amount
  • Required for life of loan if down payment < 10%

    • USDA Guarantee Fee

  • Upfront: 1.0% of loan amount
  • Annual: 0.35% of loan amount
  • Required for life of loan

    • Example Calculation

    A $300,000 loan on a $333,333 home (90% LTV). Compare over 10 years.

    1. 01LTV: $300,000 / $333,333 = 90%
    2. 02Conventional PMI: $300,000 x 0.55% / 12 = $137.50/month
    3. 03Conventional 10-year total: $137.50 x 120 = $16,500
    4. 04FHA UFMIP: $300,000 x 1.75% = $5,250
    5. 05FHA monthly MIP: $300,000 x 0.55% / 12 = $137.50/month
    6. 06FHA 10-year total: $5,250 + ($137.50 x 120) = $21,750
    7. 07USDA upfront: $300,000 x 1% = $3,000
    8. 08USDA monthly: $300,000 x 0.35% / 12 = $87.50/month
    9. 09USDA 10-year total: $3,000 + ($87.50 x 120) = $13,500

    Frequently Asked Questions

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