Free tool
PMI calculator
Enter a price, down payment, rate and PMI rate to see the estimated monthly PMI, the total paid before it can drop off, and the payment with and without it. Everything stays in your browser — nothing you type is sent or stored.
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How the PMI estimate is worked out
PMI is added when the down payment is under 20%. Monthly PMI is the loan times the PMI rate, divided by 12. The calculator walks the loan month by month and finds the first month the balance falls to 80% of the original price, when PMI can often be cancelled; the total PMI is that many months of the monthly amount. It assumes the rate stays the same, as it usually does on conventional loans.
Using it with buyers
- Run 5%, 10% and 20% down to show what each extra slice of down payment saves each month.
- Show the month PMI can end, then try extra payments with the amortization calculator.
- Compare with FHA using the FHA loan calculator.
- Send them to a licensed lender for a real PMI quote.
See the full monthly payment on the mortgage payment calculator, check the home affordability calculator and down payment savings calculator. More in the free tools for real estate agents.
Common questions
What is PMI?
Private mortgage insurance (PMI) is insurance a lender usually requires on a conventional loan when the down payment is under 20% of the price. It protects the lender, not the buyer, and is added to the monthly payment.
How much does PMI cost?
Typically about 0.3% to 1.5% of the loan amount a year, depending on credit score, down payment and loan type. On a $380,000 loan, 0.6% is $2,280 a year, or $190 a month. Only a lender or insurer can give a real quote.
When can PMI be removed?
For conventional loans, the borrower can usually ask to cancel PMI once the balance reaches 80% of the original value, and it generally ends automatically at 78% if payments are current. This calculator shows the month the balance first falls to 80% of the original price. Rules vary by lender and loan, and FHA mortgage insurance works differently (see the FHA loan calculator).
How can I avoid PMI?
Put 20% or more down, use a piggyback structure, or choose a lender-paid PMI option with a higher rate. Each has trade-offs, so compare the full monthly cost. Use the calculator with 20% down to see the payment without PMI.
Is this a loan offer or a quote?
No. It is an estimate from the figures you enter, not a loan offer, Loan Estimate or advice. Ask a licensed lender.
Does the calculator save what I enter?
No. Amounts, names and contact details stay in your browser and are not sent to Kadapt, stored, or used in analytics. The only thing counted is that someone pressed the print or image button.