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Calculation Machine

PMI Calculator

Private mortgage insurance cost.

Reviewed by James Whitfield · How we check our maths

Your values

ⓘ Live results

Results
Monthly PMI
$180.00
Annual PMI
$2,160.00
Months until 80% LTV
95
Total PMI paid
$17,100.00
Loan amount
$360,000.00

Quick answer

PMI usually costs 0.3–1.5% of the loan a year and is removed once the loan falls to 78–80% of the home's value.

The formula

Monthly PMI = Loan × Rate ÷ 12

Worked example

Worked example

Using the values the calculator loads with.

Inputs

  • Home price400000 $
  • Down payment10 %
  • PMI rate0.6 %/yr
  • Mortgage rate6.5 %

Result

  • Monthly PMI$180.00
  • Annual PMI$2,160.00
  • Months until 80% LTV95
  • Total PMI paid$17,100.00
  • Loan amount$360,000.00

How to use the PMI Calculator

  1. 1Enter the home price and your down payment.
  2. 2Enter the PMI rate quoted by the lender.
  3. 3Add the mortgage rate to project when PMI drops off.

Frequently asked questions

Can PMI be cancelled?

Yes — request cancellation at 80% LTV; it auto-terminates at 78%.

Does FHA MIP work the same?

No, FHA mortgage insurance often lasts the life of the loan.

About this calculator