What is Private Mortgage Insurance (PMI)?

Private Mortgage Insurance (PMI) is an insurance policy that protects the mortgage lender—not you—if you stop making payments on your conventional loan. Lenders usually require you to pay for PMI if your down payment is less than 20% of the home's purchase price.

How is my PMI rate calculated?

Your PMI rate depends on credit score and loan-to-value (LTV). This calculator suggests an annual rate from a credit-tier table and adds a small LTV surcharge above 90% or 95% LTV. Borrowers with 760+ scores and 15% down often see lower rates than borrowers with 640 scores and 3–5% down.

When does PMI automatically cancel?

For many conventional loans, servicers must automatically terminate borrower-paid PMI when the principal balance is scheduled to reach 78% of the original home value (Homeowners Protection Act), with payments current. On the default demo that is about month 109 (9.1 years), not counting extra principal payments.

Can I get rid of PMI earlier than the automatic cancellation date?

Yes — you can often request cancellation near 80% of the original value (demo: ~month 95 on the default amortization). Extra principal payments, appreciation, or a new appraisal can accelerate removal. Use the PMI removal calculator (https://www.thecalcs.com/calculators/finance-housing/pmi-removal-calculator) for equity-from-current-value planning.

How much is PMI on a $400,000 house with 5% down?

Example: $400,000 with 5% down, 740 credit, 6.75% rate → LTV 95.0%, PMI ≈ $190/mo at 0.6%/yr, ~$26,410 total to scheduled 78% cancel (~139 months).

Does an FHA loan require PMI?

FHA loans use Mortgage Insurance Premium (MIP), not conventional PMI. MIP rules differ and often last for the life of the loan unless you refinance. This tool models conventional borrower-paid PMI only.

Is PMI tax deductible?

Deductibility depends on current tax law and your adjusted gross income. Congress has sometimes allowed PMI deductions for qualifying households, but rules change — confirm with a tax professional for the year you file.

Can I pay my PMI upfront instead of monthly?

Some lenders offer single-premium PMI paid at closing. That removes the monthly PMI line item but increases upfront cost. This calculator models monthly borrower-paid PMI only.

How is 'Lender-Paid Mortgage Insurance' (LPMI) different?

With LPMI, the lender pays PMI upfront and charges a higher interest rate for the life of the loan. You typically cannot cancel LPMI at 20% equity without refinancing — unlike borrower-paid PMI.

Does a second mortgage help me avoid PMI?

An 80-10-10 piggyback structure (80% first lien, 10% second, 10% down) can avoid PMI on the first mortgage, but the second lien usually has a higher rate and its own risks.

Do VA loans or USDA loans require PMI?

VA and USDA loans do not charge monthly PMI like conventional loans. They may charge upfront funding or guarantee fees instead.

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Q: How much is PMI per month on a $350,000 home with 10% down?

Default on this calculator: $350,000 value, 10% down ($35,000), 6.5% rate, 720 credit tier → loan $315,000 at 90.0% LTV. Estimated PMI ≈ $165/month at 0.63% annually. Scheduled auto-cancel near month 109 (78% LTV); request near month 95 at 80%. Total PMI to auto-cancel ≈ $18,026. Rates are illustrative — actual PMI quotes vary by lender, occupancy, loan program, and state.

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Homeowners Protection Act

Mortgage Insurance Calculator — PMI Cost & Cancel Date

Quick answer — monthly PMI (conventional)

$350,000 home, 10% down → loan $315,000 (90.0% LTV). PMI ≈ $165/month at 0.63%/year. Scheduled auto-cancel near month 109 (78% LTV); request near month 95 (80%). Lifetime PMI to auto-cancel ≈ $18,026. P&I ≈ $1,991/mo at 6.5%.

PMI triggers: Typically when LTV > 80% on conventional
Auto-cancel: Often 78% of original value (HPA)
Request earlier: Often 80% LTV with good payment history
Related: PMI removal · LTV calculator

Estimate monthly Private Mortgage Insurance (PMI), total cost until cancellation, and the amortization month your lender should drop PMI — by credit score, down payment, and loan terms.

Last updated: October 9, 2026

Auto-estimates rates by credit score & LTV

78% and 80% LTV amortization months

Lifetime PMI through scheduled auto-cancel

PMI Calculator

Estimate your Private Mortgage Insurance costs and find out exactly what month it will be canceled.

Home Value

Down Payment

Interest Rate

Loan Term (Years)

Credit Score Estimate

Annual PMI Rate(Auto-estimated)

Monthly PMI Payment

$165.38

0.63%/yr on $315,000.00 loan

Total PMI Paid Over Time

$18,025.88

Until 78% LTV auto-cancel (scheduled)

Automatic cancellation (78% LTV)

PMI terminates around 109 months (9.1 years) when principal amortizes to $273,000.00 (78% of original value). Request near 95 months at 80% ($280,000.00).

PMI scenarios (computed)

Scenario	Monthly PMI	Total to 78%	Cancel ~	Detail
$350k home, 10% down, 720 FICO, 6.5%	$165	$18,026	109 mo	LTV 90.0% · 0.63%/yr · 80% LTV ~95 mo
$400k, 5% down, 740 FICO, 6.75%	$190	$26,410	139 mo	LTV 95.0% · 0.6%/yr · 80% LTV ~127 mo
$300k, 15% down, 700 FICO, 6.25%	$172	$12,393	72 mo	LTV 85.0% · 0.81%/yr · 80% LTV ~54 mo
$350k, 20% down (no PMI)	$0	$0	—	LTV 80.0% — no PMI

Down payment $ = home value × down % (or enter $ directly).
Loan amount = home value − down payment; LTV % = loan ÷ home value × 100.
If LTV ≥ 80%, suggest annual PMI % from credit score tier + LTV bump (>90% or >95%).
Monthly PMI = loan amount × annual PMI rate ÷ 12.
P&I payment: standard fixed-rate amortization on loan amount.
Months to 78% LTV: amortize until balance ≤ 78% × original home value (auto-cancel benchmark).
Months to 80% LTV: same loop until balance ≤ 80% × original value (request benchmark).
Total PMI paid (demo) = monthly PMI × months until 78% cancel (if still required).

Rates are illustrative — actual PMI quotes vary by lender, occupancy, loan program, and state.
Auto-cancel month assumes fixed-rate amortization to 78% of original value with payments current (Homeowners Protection Act); servicer rules differ for ARMs and investor loans.
Request at 80% LTV may require written request and good payment history; this tool schedules 80% by amortization only.
FHA MIP, VA funding fee, and USDA guarantee fee are not modeled — use FHA-specific tools or PMI removal for equity planning.
Does not include single-premium PMI, LPMI rate buy-up, or tax deductibility of PMI.

How To Remove PMI From Your Loan

1. Automatic Cancellation (78%)

Wait for the natural drop-off

By law, your servicer must automatically terminate PMI on the date when your principal balance is scheduled to reach 78% of the original value of your home, assuming your payments are current. On the default demo that is about month 109.

2. Requested Removal (80%)

Make extra principal payments

You may request PMI cancellation when the balance reaches 80% of the original home value. Scheduled amortization hits 80% around month 95 in the demo — extra payments can move that earlier.

3. New Appraisal Request

Capitalize on market appreciation

If your home value increased, a new appraisal may show 20% equity even if the amortization schedule has not reached 80% of the original value. Use the PMI removal calculator for equity-from-current-value planning.

Understanding The Real Cost of PMI

Private Mortgage Insurance protects the lender if you default. With less than 20% down, lenders require PMI on most conventional loans until equity thresholds are met.

Illustrative PMI Rate by Credit Score

Credit Score Range	Base annual rate (95% LTV demo)
760+ (Excellent)	0.38%
740 – 759 (Very Good)	0.50%
720 – 739 (Good)	0.63%
700 – 719 (Moderate)	0.81%
680 – 699 (Fair)	1.05%
660 – 679 (Poor)	1.45%
< 660 (Very Poor)	1.80%+

Rates assume a fixed 30-year conventional loan near 95% LTV before LTV surcharges; lender quotes vary.

Is it worth paying PMI to buy a house faster?

Paying $165/month in PMI on the demo loan can still beat waiting years to save a full 20% down payment if home prices rise — but run your own appreciation and rent comparison. This calculator shows how long PMI lasts on the amortization schedule so you can compare total PMI ($18,026 in the demo) against delay costs.

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Homeowners Protection Act

Mortgage Insurance Calculator — PMI Cost & Cancel Date

Quick answer — monthly PMI (conventional)

PMI triggers: Typically when LTV > 80% on conventional
Auto-cancel: Often 78% of original value (HPA)
Request earlier: Often 80% LTV with good payment history
Related: PMI removal · LTV calculator

Estimate monthly Private Mortgage Insurance (PMI), total cost until cancellation, and the amortization month your lender should drop PMI — by credit score, down payment, and loan terms.

Last updated: October 9, 2026

Auto-estimates rates by credit score & LTV

78% and 80% LTV amortization months

Lifetime PMI through scheduled auto-cancel

PMI Calculator

Estimate your Private Mortgage Insurance costs and find out exactly what month it will be canceled.

Home Value

Down Payment

Interest Rate

Loan Term (Years)

Credit Score Estimate

Annual PMI Rate(Auto-estimated)

Monthly PMI Payment

$165.38

0.63%/yr on $315,000.00 loan

Total PMI Paid Over Time

$18,025.88

Until 78% LTV auto-cancel (scheduled)

Automatic cancellation (78% LTV)

PMI terminates around 109 months (9.1 years) when principal amortizes to $273,000.00 (78% of original value). Request near 95 months at 80% ($280,000.00).

PMI scenarios (computed)

Scenario	Monthly PMI	Total to 78%	Cancel ~	Detail
$350k home, 10% down, 720 FICO, 6.5%	$165	$18,026	109 mo	LTV 90.0% · 0.63%/yr · 80% LTV ~95 mo
$400k, 5% down, 740 FICO, 6.75%	$190	$26,410	139 mo	LTV 95.0% · 0.6%/yr · 80% LTV ~127 mo
$300k, 15% down, 700 FICO, 6.25%	$172	$12,393	72 mo	LTV 85.0% · 0.81%/yr · 80% LTV ~54 mo
$350k, 20% down (no PMI)	$0	$0	—	LTV 80.0% — no PMI

Down payment $ = home value × down % (or enter $ directly).
Loan amount = home value − down payment; LTV % = loan ÷ home value × 100.
If LTV ≥ 80%, suggest annual PMI % from credit score tier + LTV bump (>90% or >95%).
Monthly PMI = loan amount × annual PMI rate ÷ 12.
P&I payment: standard fixed-rate amortization on loan amount.
Months to 78% LTV: amortize until balance ≤ 78% × original home value (auto-cancel benchmark).
Months to 80% LTV: same loop until balance ≤ 80% × original value (request benchmark).
Total PMI paid (demo) = monthly PMI × months until 78% cancel (if still required).

Rates are illustrative — actual PMI quotes vary by lender, occupancy, loan program, and state.
Auto-cancel month assumes fixed-rate amortization to 78% of original value with payments current (Homeowners Protection Act); servicer rules differ for ARMs and investor loans.
Request at 80% LTV may require written request and good payment history; this tool schedules 80% by amortization only.
FHA MIP, VA funding fee, and USDA guarantee fee are not modeled — use FHA-specific tools or PMI removal for equity planning.
Does not include single-premium PMI, LPMI rate buy-up, or tax deductibility of PMI.

How To Remove PMI From Your Loan

1. Automatic Cancellation (78%)

Wait for the natural drop-off

2. Requested Removal (80%)

Make extra principal payments

You may request PMI cancellation when the balance reaches 80% of the original home value. Scheduled amortization hits 80% around month 95 in the demo — extra payments can move that earlier.

3. New Appraisal Request

Capitalize on market appreciation

Understanding The Real Cost of PMI

Private Mortgage Insurance protects the lender if you default. With less than 20% down, lenders require PMI on most conventional loans until equity thresholds are met.

Illustrative PMI Rate by Credit Score

Credit Score Range	Base annual rate (95% LTV demo)
760+ (Excellent)	0.38%
740 – 759 (Very Good)	0.50%
720 – 739 (Good)	0.63%
700 – 719 (Moderate)	0.81%
680 – 699 (Fair)	1.05%
660 – 679 (Poor)	1.45%
< 660 (Very Poor)	1.80%+