PMI Calculator
Estimate your monthly private mortgage insurance, how long you'll pay it, and how much extra down payment eliminates it entirely.
Inputs
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.