PMI Calculator
Calculate your Private Mortgage Insurance costs and see when you can remove PMI from your mortgage.
Private Mortgage Insurance Calculator
See how much PMI costs and when you can eliminate it
Understanding Private Mortgage Insurance
What is PMI?
Private Mortgage Insurance (PMI) protects the lender if you stop making payments on your loan. It's required on conventional loans when your down payment is less than 20% of the home's purchase price.
PMI Rate Factors
- Credit score: Higher scores = lower PMI rates
- Down payment: Larger down = lower PMI
- Loan type: Fixed vs adjustable rate
- LTV ratio: Lower ratio = lower PMI
How to Remove PMI
- Request removal at 80% LTV (original value)
- Automatic cancellation at 78% LTV
- Refinance when you have 20%+ equity
- Get a new appraisal if home value increased
Alternatives to PMI
- 20% down payment: Avoid PMI entirely
- Piggyback loan (80-10-10): Second mortgage
- Lender-paid PMI: Higher rate, no monthly PMI
- VA/USDA loans: No PMI required