Private Mortgage Insurance Cost Estimator
Estimated Monthly PMI
Cost Breakdown
Loan-to-Value (LTV)
Loan Amount
Annual PMI Cost
PMI Removal (78% LTV)
Total PMI Paid Before Removal
💡 Tip:
| Year | Home Value | Loan Balance | LTV % | PMI/mo |
|---|
Enter your home price, down payment amount, credit score, interest rate, and loan term. The calculator estimates your annual PMI rate based on your loan-to-value (LTV) ratio and credit score, then shows your monthly PMI cost, total PMI paid, and when PMI can be automatically removed (at 78% LTV).
PMI is required on conventional loans when your down payment is less than 20% of the home price. The cost varies significantly based on your credit score — a borrower with a 760+ score might pay 0.38% per year while someone with a 620 score could pay over 1% per year on the same loan.
PMI (Private Mortgage Insurance) is insurance that protects the lender when you put down less than 20% on a home. It's added to your monthly mortgage payment and typically costs 0.3% to 1.5% of the loan amount per year, depending on your credit score and loan-to-value ratio.
PMI is calculated as a percentage of your loan amount per year. The rate depends on your credit score and loan-to-value (LTV) ratio. Monthly PMI = (Loan Amount × Annual PMI Rate) ÷ 12. For example, a $300,000 loan at 0.5% PMI rate costs $1,500/year or $125/month.
PMI automatically cancels when your loan-to-value (LTV) ratio reaches 78% of the original home value. You can also request PMI removal at 80% LTV if your home has appreciated or you've made extra payments. FHA loans have different rules — PMI may stay for the life of the loan if you put less than 10% down.
PMI typically costs $50 to $300 per month depending on your loan size, credit score, and down payment. A borrower with a 760+ credit score and 10% down might pay 0.38% annually, while someone with a 620 score and 5% down could pay 1.03% annually.
Yes. You can avoid PMI by putting 20% or more down, getting a piggyback loan (80/10/10), using a VA loan (no PMI for eligible veterans), or getting lender-paid mortgage insurance (LPMI) where the lender covers PMI in exchange for a slightly higher interest rate.
This calculator estimates conventional loan PMI. FHA loans use Mortgage Insurance Premiums (MIP) instead, which have different rate structures including an upfront premium and annual MIP. For FHA loans, check with your lender for exact MIP costs.
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The Toolzie PMI Calculator helps homebuyers estimate the cost of private mortgage insurance (PMI) before buying a home. PMI is required on conventional loans when your down payment is less than 20% of the home price. The calculator uses your credit score and loan-to-value (LTV) ratio to estimate your annual PMI rate, then shows your monthly cost, annual cost, total PMI paid, and when PMI can be automatically removed at 78% LTV.
PMI (Private Mortgage Insurance) is insurance that protects the lender when you put down less than 20% on a home. It's added to your monthly mortgage payment and typically costs 0.3% to 1.5% of the loan amount per year, depending on your credit score and loan-to-value ratio.
PMI is calculated as a percentage of your loan amount per year. The rate depends on your credit score and loan-to-value (LTV) ratio. Monthly PMI = (Loan Amount × Annual PMI Rate) ÷ 12. For example, a $300,000 loan at 0.5% PMI rate costs $1,500/year or $125/month.
PMI automatically cancels when your loan-to-value (LTV) ratio reaches 78% of the original home value. You can also request PMI removal at 80% LTV if your home has appreciated or you've made extra payments. FHA loans have different rules — PMI may stay for the life of the loan if you put less than 10% down.
Yes. You can avoid PMI by putting 20% or more down, getting a piggyback loan (80/10/10), using a VA loan (no PMI for eligible veterans), or getting lender-paid mortgage insurance (LPMI) where the lender covers PMI in exchange for a slightly higher interest rate.
Estimates only. Not tax, financial, or legal advice. Full disclaimer · Terms