PMI Calculator

About this calculator

Private mortgage insurance is an extra monthly cost that buyers putting down less than 20% often don't budget for until a lender's loan estimate surprises them, and even knowing it applies doesn't tell you how much, since it's calculated as a percentage of the loan balance rather than a flat fee. This calculator takes home price, down payment and an annual PMI rate to first check whether the resulting loan-to-value ratio exceeds the standard 80% threshold, then, if it does, computes monthly PMI as the loan amount times the PMI rate divided by 12. If LTV is 80% or below, it correctly shows zero PMI, since insurance typically isn't required past that point. Given a mortgage interest rate and loan term, it also estimates when PMI is projected to fall off automatically — once the amortizing loan balance first reaches 78% of the original home value — and roughly how much total PMI you'd pay before then. Rather than guessing whether your down payment triggers PMI and estimating the cost separately, this calculator answers both in one step.

How to use this

1. 1Enter the home's purchase price.
2. 2Enter your planned down payment amount.
3. 3Enter the annual PMI rate your lender quotes (typically 0.5%-1.5%), then read your estimated monthly PMI cost.

Troubleshooting

• The calculator shows $0 PMI.

  PMI is only charged when your loan-to-value ratio (loan ÷ home price) is above 80%, meaning your down payment is below 20%. A $0 result means your down payment already clears that threshold.

• What PMI rate should I use if I don't know mine yet?

  0.5%-1% is a reasonable placeholder for a good credit score; PMI rates depend on your credit score and loan-to-value ratio, your lender will quote an exact rate during underwriting.

Frequently asked questions