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Credit Score
0.35% annual rate • drops off in 9.3 years
When does PMI drop off?
Current LTV: 90%
Target: 78% (auto-removal)
See how more down payment reduces PMI
Monthly PMI
$196/mo
Total PMI
$27,235
Payment
$2,969/mo
Monthly PMI
$118/mo
Total PMI
$13,230
Payment
$2,745/mo
Monthly PMI
$80/mo
Total PMI
$6,136
Payment
$2,561/mo
Monthly PMI
None
Total PMI
$0
Payment
$2,335/mo
What these numbers mean for you
Your PMI rate is 0.35% ($118/month). PMI automatically drops off after 112 months (9.3 years) when your loan balance reaches 78% of the home value.
Total PMI cost over 9.3 years: $13,230. That's the "cost" of putting less than 20% down.
You'd need $45,000 more in down payment to reach 20% and eliminate PMI entirely.
You can request PMI removal when your loan reaches 80% LTV (balance of $360,000). It's automatically removed at 78% LTV.
With 10% down and a 740 credit score, your PMI costs $118/month (0.35% annual rate). PMI automatically drops off after 9.3 years, costing you $13,230 total. Your full monthly payment including PMI is $2,745.
Here are the exact formulas behind your numbers. No black boxes — just math.
LTV Ratio
Annual PMI Rate
Monthly PMI
PMI Removal
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