When is PMI usually required?

For most conventional loans, PMI is generally required when your down payment is below 20% (or your loan-to-value ratio is above 80%).

How is monthly PMI calculated?

A simplified estimate is annual PMI rate multiplied by loan balance, then divided by 12. Lenders may use borrower-specific pricing and layered adjustments.

When can PMI be removed?

PMI can often be removed after reaching certain LTV thresholds through amortization or appreciation, subject to lender and servicing rules.

Does credit score affect PMI cost?

Yes. Stronger credit profiles often qualify for lower PMI rates, while weaker profiles may have materially higher PMI pricing.

Loading calculators...

Fetching calculator categories and tools for this section.

Go to Calculators Browse Calculators

Mortgage Cost Planning

Private Mortgage Insurance Calculator

Estimate your monthly PMI, annual PMI rate, and projected timeline to reach PMI cancellation thresholds using your home price, down payment, and loan profile.

Estimate PMI cost from LTV and credit tier

Project approximate PMI removal timing

Support down payment and loan decision planning

Private Mortgage Insurance Calculator

Estimate monthly PMI cost and potential PMI cancellation timeline

Home Price ($)

Down Payment (%)

Mortgage Rate (%)

Loan Term (Years)

Credit Tier

PMI Estimate

Monthly PMI

$207

Annual PMI Rate

0.65%

LTV at Origination

90.00%

Estimated PMI Duration

98 months

Estimated Total PMI Paid

$20,304

Analysis:

Estimated PMI is 0.65% annually (207/mo), with potential removal around month 98.

PMI Notes:

• PMI rates vary by lender, credit profile, and loan program details.
• Automatic cancellation and borrower-request removal can differ by rules.
• Home value appreciation can accelerate PMI removal scenarios.
• This estimate is informational and not a lender quote.

PMI Cost Model

This calculator uses a practical PMI estimation framework tied to loan-to-value (LTV), credit quality tier, and amortization pace. It helps you quantify how much PMI may add to monthly payment and for roughly how long.

Loan amount: Home price minus down payment.

LTV ratio: Loan amount divided by home price.

PMI estimate: Annual PMI rate applied to current loan balance.

Duration: Estimated months until amortized balance reaches 80% LTV.

How This Estimate Works

PMI pricing differs by lender and insurer, but most scenarios follow consistent drivers:

• Lower down payments generally increase LTV and PMI cost.
• Credit profile affects borrower risk tier and rate pricing.
• Higher mortgage rates can slow principal reduction and extend PMI duration.
• Extra principal payments or appreciation can shorten real-world PMI timelines.