Free PMI Calculator
Calculate private mortgage insurance costs based on your loan-to-value ratio, loan amount, and credit tier.
USD
USD
%
%
years
Monthly PMI Payment
$165.00
Annual PMI Cost$1,980
Loan-to-Value Ratio90.0%
Total Monthly (P&I + PMI)$2,560.09
Monthly P&I (without PMI)$2,395.09
Monthly PMI Payment vs Loan Term
What Is Private Mortgage Insurance?
PMI is required by conventional lenders when the down payment is less than 20% of the home value. It protects the lender if you default on the loan.
How PMI Is Calculated
Monthly PMI = (Loan Amount x Annual PMI Rate) / 12
PMI Rate Factors
Removing PMI
You can request PMI removal when your LTV reaches 80%. It is automatically cancelled at 78% LTV based on the original amortization schedule.
Example Calculation
A $400,000 home with $40,000 down (10%), PMI rate of 0.55%, 7% interest, 30-year term.
- 01Loan amount: $400,000 - $40,000 = $360,000
- 02LTV: $360,000 / $400,000 = 90%
- 03Annual PMI: $360,000 x 0.55% = $1,980
- 04Monthly PMI: $1,980 / 12 = $165.00
- 05Monthly P&I: $2,395.09
- 06Total monthly with PMI: $2,395.09 + $165.00 = $2,560.09