PMI Calculator
Calculate your private mortgage insurance costs and see when you can eliminate PMI.
Enter Your Loan Details
PMI rates typically range from 0.3% to 1.5% based on credit score and down payment.
Your Monthly PMI Cost
Added to your mortgage payment until you reach 20% equity
Annual PMI Cost
$1,125
Total PMI Until Removed
$8,438
Monthly Payment Breakdown
PMI Removal Timeline
Months until automatic PMI removal
90 months
PMI removal date (at 22% equity)
July 2033
Payment after PMI removed
$1,562
Pro tip: You can request PMI removal at 20% equity. Lenders must automatically cancel at 22% equity or at the loan's midpoint.
Understanding PMI
What is PMI?
Private Mortgage Insurance protects the lender if you default on your loan. It's required when your down payment is less than 20% of the home's value.
How to Avoid PMI
Put 20% or more down, use a piggyback loan (80/10/10), or look into lender-paid PMI options where it's built into your interest rate.
How to Remove PMI
Request removal at 20% equity, wait for automatic cancellation at 22%, make extra payments to build equity faster, or refinance once you have enough equity.