PMI Calculator
Estimate your monthly private mortgage insurance, how long you'll pay it, and how much extra down payment eliminates it entirely.
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How it works
PMI is computed as your PMI rate applied to the original loan amount, divided by 12 for a monthly premium. We amortize the loan on the standard schedule to find the exact month scheduled LTV reaches 80% — the earliest a lender must accept a cancellation request — and 78%, where auto-termination is required by the Homeowners Protection Act.
Frequently asked questions
When is PMI required?
On conventional loans with less than 20% down (LTV above 80%). It protects the lender if you default.
How much does PMI cost?
Typically 0.30% to 1.15% of the loan per year, driven by credit score and LTV. It's paid monthly, wrapped into your escrow.
How do I remove PMI?
Request cancellation once scheduled LTV hits 80%, or the lender must remove it automatically at 78%. You can also request removal earlier with a paid appraisal showing enough equity.
Is PMI tax deductible?
PMI deductibility has expired and been reinstated multiple times. As of 2026 the deduction is not available. Consult a tax pro.
PMI vs. MIP vs. LPMI?
PMI is on conventional loans, cancellable. MIP is on FHA loans and often lasts the life of the loan. LPMI (lender-paid) is baked into a higher rate and can't be cancelled.
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View all mortgage →Results are estimates for educational purposes only and are not financial advice. Verify with a qualified professional before making decisions.
Last updated January 1970