PMI Calculator

Estimate your monthly private mortgage insurance, see your loan-to-value ratio, and find out exactly when PMI can be cancelled.

Home Price

Down Payment(10.0% down)

PMI Rate (%)(typically 0.3–1.5%/yr)

Interest Rate (%)

Loan Term

15 yr30 yr

Estimated Monthly PMI

$180.00/mo

Loan-to-value (LTV): 90.0% — above 80%, so PMI applies

Loan Snapshot

Loan Amount	$360,000
Loan-to-Value (LTV)	90.0%
Estimated Monthly PMI	$180.00
Estimated PMI per Year	$2,160

When Can PMI Go Away?

Request cancellation at 80% LTV	~payment #95 (May 2034)
Automatic cancellation at 78% LTV	~payment #109 (Jul 2035)

Dates assume on-schedule payments and no extra principal. Adding extra payments — or your home appreciating — gets you there sooner. Note: PMI on most FHA loans works differently and often can't be cancelled this way.

How PMI Cancellation Actually Works

Private mortgage insurance protects the lender, not you, and it kicks in on most conventional loans when you put down less than 20%. The good news: under the federal Homeowners Protection Act, it doesn't last forever.

✓ 80% LTV: Once your balance reaches 80% of the original purchase price, you can request cancellation in writing.
✓ 78% LTV: At 78% of original value, your servicer must cancel PMI automatically — no request needed.
✓ A new appraisal showing your home gained value can let you cancel even earlier.

Ways to Drop PMI Faster

✓ Make extra principal payments to hit 80% LTV ahead of schedule.
✓ Order a new appraisal if nearby homes have jumped in value — rising equity counts.
✓ Refinance into a conventional loan once you have 20% equity, especially if rates have improved.
✓ Keep payments current — lenders can deny automatic cancellation if you've been late.

How to Remove PMI →Down Payment Assistance →

Weighing loan types? Our FHA vs. conventional guide explains why FHA mortgage insurance behaves so differently from conventional PMI. You can also run the numbers in the mortgage calculator.

Frequently Asked Questions

How much does PMI cost?

PMI typically runs 0.3% to 1.5% of the loan amount per year, divided into monthly payments. Your exact rate depends on your credit score, down payment size, and loan type. On a $360,000 loan at 0.6%, that's about $180 a month.

When does PMI automatically cancel?

By federal law, your servicer must cancel PMI automatically once your scheduled balance reaches 78% of the home's original value, as long as you're current on payments. You can request cancellation earlier, at 80% LTV.

Can I avoid PMI without 20% down?

Sometimes. Lender-paid PMI bakes the cost into a higher rate, and piggyback (80/10/10) loans split financing to dodge it. VA loans skip it entirely. Each option has trade-offs, so compare the lifetime cost, not just the monthly payment.

Is FHA mortgage insurance the same as PMI?

No. FHA charges a mortgage insurance premium (MIP) that, for most loans put down with under 10%, lasts the life of the loan and can't be cancelled by reaching 78% LTV. To get rid of it you usually have to refinance into a conventional loan.

Does paying extra principal cancel PMI sooner?

Yes. Extra principal lowers your balance faster, so you hit the 80% request threshold ahead of the amortization schedule. Once you're there, submit a written cancellation request to your servicer.