PMI Calculator

Free PMI calculator — estimate your monthly PMI payment, total PMI cost, and when you can request removal based on LTV ratio. No lender bias.

Monthly PMI
$0
PMI Rate
0%
PMI Drops Off
--
Total PMI Cost
$0
$
$100K$2M
% ($40,000)
0%25%
%
1%15%

FICO score affects your PMI rate — higher scores get lower rates

Loan-to-Value Breakdown

Loan Amount $0
LTV Ratio 0%
78% LTV Threshold (PMI drops off) $0
0% 78% 100%

PMI Payment Timeline

Year Balance LTV PMI Status

Want to see your full mortgage payment including PMI?

Try our Mortgage Calculator

Formula Used

Monthly PMI = Loan Amount x PMI Rate / 12 PMI Rate by FICO Score: 760+: 0.25-0.40% 740-759: 0.40-0.55% 720-739: 0.55-0.70% 700-719: 0.70-0.85% 680-699: 0.85-1.05% 660-679: 1.05-1.30% PMI Removal: Automatic: When LTV reaches 78% (by law) Request: When LTV reaches 80% (on-time payments required) Appraisal: If home value increased, LTV may reach 80% sooner

How This PMI Calculator Works

Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. This calculator helps you understand exactly how much PMI will cost you and when it will automatically drop off.

What Is PMI?

PMI protects the lender — not you — in case you default on your mortgage. It's typically required when your loan-to-value (LTV) ratio exceeds 80% (i.e., your down payment is less than 20%). The cost depends on your loan amount, FICO credit score, and down payment percentage.

When Does PMI Drop Off?

  • Automatic termination: Your lender must automatically cancel PMI when your loan balance reaches 78% of the original home value, provided you're current on payments
  • Request cancellation: You can request PMI removal when your LTV reaches 80% through regular payments or appreciation
  • Midpoint of loan term: For high-risk loans, PMI must be cancelled at the midpoint of the loan term regardless of LTV

How FICO Scores Affect PMI Rates

Your credit score has a significant impact on your PMI rate. Borrowers with excellent credit (760+) may pay as little as 0.55% of the loan balance annually, while those with lower scores (620-639) could pay 1.50% or more — nearly triple the cost.

Ways to Avoid or Reduce PMI

  • Put down 20%: No PMI required at all
  • Piggyback loan: Use a second mortgage (80-10-10) to avoid PMI
  • Lender-paid PMI: Accept a higher interest rate in exchange for no monthly PMI
  • VA loans: No PMI required for eligible veterans
  • Improve your credit score: Even a 20-point increase can lower your PMI rate

Frequently Asked Questions

How much does PMI cost per month?
PMI typically costs 0.25% to 1.3% of the loan amount per year. On a $320,000 loan, that ranges from $67 to $347 per month depending on your credit score and down payment.
When can I remove PMI?
By law, your lender must automatically cancel PMI when your LTV reaches 78%. You can request removal at 80% LTV. If your home appreciates, you may reach 80% LTV sooner through a new appraisal.
Can I avoid PMI without 20% down?
Yes — options include lender-paid PMI (higher rate but no separate PMI), piggyback loans (80/10/10), VA loans (no PMI), and some conventional loans with special programs for first-time buyers.