Real Estate

PMI Calculator

Estimate what mortgage insurance adds to your payment.

Your numbers

Symbol only: enter amounts in the currency you pick.
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Your results

Loan amount
Loan amount
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Monthly PMI
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Annual PMI
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Loan balance at which PMI can be requested (80% LTV)
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Principal to pay down to reach 80% LTV
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PMI Calculator by TheCalcTools

How the PMI Calculator works

Enter the home price, your down payment percentage and the PMI rate quoted by your lender.

PMI is a percentage of the loan balance charged each year, paid monthly.

In the US, you can usually request cancellation once the balance reaches 80% of the original value.

The formula

monthly PMI = loan × annual rate ÷ 12

Worked example

Using the default values shown in the calculator:

Home price$350000
Down payment (%)10 %
Annual PMI rate (% of loan)0.7 %
  1. Loan = $350,000 × 90% = $315,000.
  2. PMI = $315,000 × 0.7% ÷ 12 = $183.75 a month ($2,205 a year).
  3. You would need to pay down $35,000 of principal to reach 80% LTV.

Result:

Loan amount$315,000
Monthly PMI$183.75
Annual PMI$2,205
Loan balance at which PMI can be requested (80% LTV)$280,000
Principal to pay down to reach 80% LTV$35,000

Frequently asked questions

What PMI rate should I use?

Rates commonly range from about 0.3% to 1.5% of the loan per year, depending on credit score, down payment and loan type. Ask your lender for a quote.

When does PMI end?

In the US, the Homeowners Protection Act requires lenders to cancel it automatically when the balance reaches 78% of the original value, and you may request it at 80%. Rules differ elsewhere.

Sources and further reading

More in Real Estate · All calculators

This calculator gives estimates for information only. It is not financial advice, and your lender's or provider's figures will govern. Rates, fees and rules vary. See our disclaimer.