PMI Calculator
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Estimated monthly PMI
$210.00
0.7% a year on a $360,000 loan
- Loan-to-value90.0%
- You can request removal at 80%8 years 8 months from now (June 2035)Month 104
- Removed automatically at 78%9 years 11 months from nowMonth 119
- Total PMI until 78%$24,990
- Extra down payment to avoid PMIReaching 20% down at this price$40,000
PMI rates depend on credit score, loan type and insurer. This estimate uses typical rates for good credit. Dates assume you make only scheduled payments and the home does not lose value.
FHA and USDA loans have their own mortgage insurance rules, so use the loan program calculators for those.
Estimated monthly PMI
$210.00
What PMI is and who pays it
Private mortgage insurance protects the lender, not you, if you stop paying. Lenders usually require it on conventional loans when your down payment is under 20% of the price, meaning the loan-to-value ratio is above 80%. It is paid monthly in most cases and is added to the payment on top of principal, interest, taxes and insurance.
The cost depends mostly on your loan-to-value ratio and credit score. A smaller down payment and a lower score both raise it. Annual premiums commonly run from a few tenths of a percent of the loan to more than 1%.
When you can stop paying PMI
Under the federal Homeowners Protection Act, for conventional loans you can ask your servicer to cancel PMI once your balance reaches 80% of the home's original value, if you are current on payments and meet the lender's other conditions. It must end automatically when your balance is scheduled to reach 78% of the original value. You may also be able to cancel earlier based on a new appraisal if the home has gained value, depending on the servicer's rules.
Ways to avoid or reduce PMI
Put 20% down, which also lowers your payment and interest. Compare lender-paid PMI, which is built into a higher rate. Piggyback loans, where a second loan covers part of the down payment, are another approach, but they come with their own costs and risks.
Frequently asked questions
Does FHA charge PMI?
FHA loans charge a different mortgage insurance premium, with an upfront premium and an annual premium. For most borrowers with under 10% down, it lasts for the life of the loan, so the rules differ from conventional PMI.
Is PMI tax deductible?
The deduction for mortgage insurance premiums has been available only in some years and has income limits. Check current IRS guidance or ask a tax professional.
Is PMI worth it to buy sooner?
It can be, if waiting years to save 20% would cost you more in rent or rising prices. Compare the PMI cost with the benefit of buying sooner, and plan to remove it as soon as you reach 80%.
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Estimates for education and planning only. TotalMonthly is not a lender or advisor; confirm figures with a licensed professional. See the methodology and disclaimer.