This PMI calculator estimates your monthly private mortgage insurance from the loan amount and PMI rate for your LTV band — and shows the equity milestones where PMI can be removed.

Monthly PMI–
Annual PMI–

Removal rules worth money: on conventional loans, PMI can be requested off at 80% LTV (based on original value/amortization) and must auto-terminate at 78% — appreciation can justify an earlier removal via new appraisal, per servicer rules. FHA loans play by different rules (MIP often for the loan’s life at high LTV) — this page prices conventional PMI. Escape routes: pay down to 80%, appreciation + appraisal, or refinance (weigh its costs on the Refinance Calculator).

PMI ≈ Loan × Rate(LTV, Credit) — a Toll on Thin Equity

PMI insures the lender, not you, against your default while your equity is thin; its annual rate steps up with LTV and down with credit score (the band presets are mid-credit typicals — your quote governs). Equity math feeding removal milestones: our Home Equity Calculator. Part of our Finance Calculators collection.

Worked Example (Verified)

  • $360k loan at 90–95% LTV (defaults, 0.85%/yr): $255/mo, $3,060/yr — over five years to natural 80% that’s a five-figure toll, which is why the 20% down payment orthodoxy exists
  • Same loan at 80–85% band (0.40%): $120/mo — LTV band steps halve and double the price; a slightly bigger down payment can pay for itself through the PMI line alone
  • Credit’s leverage: top-tier credit can price the 90–95% band nearer 0.5–0.6% ($150–180/mo here) — the custom-rate field exists because quotes vary this much
  • Borrower-paid vs lender-paid: lender-paid PMI hides in a higher rate forever (no 78% drop-off) — compare the pair over your holding period, not the first month’s bill

Removal Playbook

  • Track your LTV quarterly (balance ÷ original value for the legal milestones; ÷ current value for appraisal-based requests).
  • At 80% by amortization you may request cancellation (conditions: current on payments, no junior liens in some rules); at 78% the servicer must terminate automatically.
  • Appreciation route: documented value increase (new appraisal, sometimes a BPO) + servicer approval; seasoning requirements (often 2–5 years for value-based removal absent improvements) apply.
  • FHA contrast: upfront + annual MIP, frequently life-of-loan at ≤10% down — refinancing into conventional at 80% is the standard exit.

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Frequently Asked Questions

How is PMI calculated?

Annual PMI = loan amount × PMI rate, billed monthly (÷12). The rate depends mainly on LTV and credit score: typical conventional ranges run ~0.2–0.5%/yr at 80–85% LTV up to ~1–1.5%+ at 95%+ with weaker credit. $360k at 0.85% = $3,060/yr = $255/mo.

When can I remove PMI?

Conventional loans: you may request removal at 80% LTV (by balance against original value, or via new appraisal for appreciation-based removal under servicer rules), and it must terminate automatically at 78% LTV on the original amortization schedule. FHA MIP follows different, stricter rules.

How much is PMI on a $400,000 loan?

At the bands here: roughly $133/mo (80–85% LTV, 0.40%), $217 (85–90%), $283 (90–95%), $383 (95–97%) — mid-credit typicals. Your actual rate card from the lender controls; enter it in the custom field for an exact figure.

Is PMI tax-deductible?

Its deductibility has flickered with US tax legislation (extended and lapsed repeatedly, subject to income phase-outs). Treat any deduction as a bonus confirmed with current-year guidance, not a planning assumption — the durable saving is removal, not deduction.

PMI or a bigger down payment?

Compare: the PMI stream until 80% (this page) versus the opportunity cost of the extra down payment cash (which also shrinks principal and interest). If extra cash sits idle, down payment usually wins; if it would deplete your emergency fund or carries high-return uses, PMI can be a rational bridge — with a dated plan to remove it.

Is this PMI calculator free?

Yes — free, instant, no sign-up.