PMI Calculator — See Exactly When Yours Drops Off
Find out exactly how much private mortgage insurance will cost you each month — and when it finally drops off.
What you'll need
- Home purchase price
- Down payment amount
- Loan term (15, 20, or 30 years)
- Your interest rate
- Your credit score range
What you'll get
Monthly PMI cost
Based on your credit score
PMI removal date
When balance hits 80% LTV
Total PMI paid
Until auto-cancellation
Auto-cancel month
Lender must cancel at 78% LTV
How PMI is calculated
PMI is charged as an annual percentage of your original loan amount, divided into 12 monthly installments. Your rate depends primarily on your credit score and down payment:
0.30%
Score 760+
0.55%
Score 720–759
0.85%
Score 680–719
1.15%
Score 640–679
How It Works
Enter loan details
Provide your loan amount, home value, and current LTV ratio.
See your PMI cost
Get your monthly and annual PMI premium based on your loan-to-value.
Track removal timeline
See when your LTV hits 80% so you know when to request PMI cancellation.
PMI Rates by Down Payment (Conventional Loan)
| Down Payment | LTV | Typical PMI Rate | On $300k Loan |
|---|---|---|---|
| 5% | 95% | 0.80–1.00% | $200–$250/mo |
| 10% | 90% | 0.50–0.70% | $125–$175/mo |
| 15% | 85% | 0.30–0.50% | $75–$125/mo |
| 20% | 80% | None | $0 |
PMI is automatically cancelled when LTV reaches 78% under the Homeowners Protection Act.
Frequently asked questions
What is PMI and why do I need it?
PMI (Private Mortgage Insurance) protects the lender — not you — if you default on your loan. Lenders require it when your down payment is less than 20% of the home price, which means your loan-to-value ratio (LTV) is above 80%.
How much does PMI cost per month?
PMI typically costs 0.3%–1.5% of your original loan amount per year, depending on your credit score, down payment, and loan type. On a $300,000 loan, that's $75–$375 per month. A better credit score means a lower PMI rate.
When can I remove PMI?
You can request PMI removal once your loan balance reaches 80% of the original home value (20% equity). Your lender must automatically cancel PMI when the balance drops to 78%. You can also request early removal if your home has appreciated significantly.
Is it worth putting 20% down to avoid PMI?
It depends. If you have the savings, avoiding PMI saves money over time. But tying up capital in a down payment has opportunity costs. Run the numbers: compare total PMI paid vs. what that extra cash could earn invested elsewhere. For many buyers, a smaller down payment and investing the difference makes sense.
Authoritative resources
Ready to see your PMI costs?
Calculate My PMI →