PMI calculator
Enter your loan and PMI rate, get the monthly cost and when PMI can end.
The PMI rate is set by the insurer — 0.5% is only an example. Enter a target to see the extra payment needed to reach 80% by then.
What is PMI and who pays for it?
Private mortgage insurance protects the lender, not you, if you stop paying. It is usually charged on a conventional loan when you put down less than 20%, and you pay the premium — monthly, as one upfront premium at closing, or a mix of both (CFPB). This calculator covers the common case of a fixed monthly premium. Lender-paid and single-premium PMI are not calculated, because they depend on pricing the lender or insurer sets.
How much does PMI cost?
It depends on the rate the insurer quotes for your loan, which differs by insurer, credit score and loan-to-value ratio, and the CFPB gives no standard figure. Find the rate on your Loan Estimate and enter it as a percent of the loan a year. The 0.5% in the box is only an example. On the $360,000 example loan, 0.5% a year is $150.00 a month.
When can I cancel PMI?
Under the Homeowners Protection Act (12 U.S.C. 4902) you can ask your servicer to cancel PMI once the balance is first scheduled to reach 80% of the home's original value — the lower of the purchase price and the appraised value when you bought — or actually reaches 80% through extra payments. You must ask in writing, have a good payment history, be current, have no second liens, and the lender may ask for proof that the home has not lost value. On the example ($400,000 home, 10% down, 6.5%) that is a balance of $320,000, reached after payment 95 — 7 years 11 months.
When does PMI end automatically?
When the balance is first scheduled to reach 78% of the original value on the initial amortization schedule, as long as you are current: $312,000 on the example, after payment 109 (9 years 1 month) — $16,350 of PMI in all. Extra payments do not move this date. If PMI has not ended before the midpoint of the loan term (year 15 of a 30-year loan), it must stop the month after. These rules cover loans on a single-family principal residence closed on or after July 29, 1999; FHA and VA loans work differently, and Fannie Mae or Freddie Mac loans may have more favorable guidelines.
Can I stop PMI sooner by paying extra?
Yes, if you ask. The 80% request date follows your actual balance, so extra principal brings it forward, but the 78% automatic date does not move. On the example, an extra $200 a month brings the balance to $320,000 after payment 64 (5 years 4 months) instead of 95: 31 months sooner, $4,650 less PMI and $108,917 less interest over the loan. Enter a target number of years to see the extra payment needed to reach 80% by then.
Is it better to put 20% down to avoid PMI?
It saves money, but it takes more cash. On the example, 20% down means $40,000 more at closing and a $320,000 loan with no PMI. The payment is $402.83 a month lower while PMI lasts, and you pay $67,368 less in interest and PMI over the loan, $16,350 of it PMI. That does not count what the extra cash could earn elsewhere or the risk of draining your savings — a smaller down payment with PMI can still make sense.
Why does my servicer show a different date?
The calculator counts payments from the first one on a fixed-rate schedule and rounds to whole months; servicers work with calendar dates and your actual payment history. Your PMI premium may also be set differently from a fixed monthly amount. Ask your servicer for the cancellation and termination dates in writing.
Estimates for planning only — not financial or legal advice. Your lender's or servicer's figures decide. Sources: the Homeowners Protection Act of 1998 (12 U.S.C. 4902 and 4901) and the CFPB's explanation of when PMI can be removed, page reviewed August 28, 2026. See the full payment in the mortgage calculator, check your loan-to-value or plan the down payment. How we check our calculators.