PMI Calculator
Calculate your private mortgage insurance (PMI) cost based on your down payment, credit score, and loan details. See when PMI drops off and how to eliminate it faster.
Last updated October 18, 2026
How our math works
- 30-year fixed-rate loan at 6.75% interest
- PMI premium estimated from credit score and down payment — actual premiums vary by insurer and loan profile
- Rates shown are interest rates used for estimation only — not APRs and not offers. APR reflects fees and other loan costs and may differ from the interest rate shown.
My scenario
Enter income, debts, price, and rate once. Every calculator pre-fills.
Home & Loan
$
%
%
Credit Profile
Credit Score
Monthly PMI Cost
$118
0.35% annual rate • drops off in 9.3 years
$2,627
$118
0.35%/yr$2,745
/month$13,230
over 9.3 yrsPMI Removal Timeline
When does PMI drop off?
Current LTV: 90%
Target: 78% (auto-removal)
$360,000
Balance must reach this amount$351,000
112 months (9.3 years)PMI by Down Payment
See how more down payment reduces PMI
5% Down
Monthly PMI
$196/mo
Total PMI
$27,235
Payment
$2,969/mo
10% DownYour scenario
Monthly PMI
$118/mo
Total PMI
$13,230
Payment
$2,745/mo
15% Down
Monthly PMI
$80/mo
Total PMI
$6,136
Payment
$2,561/mo
20% Down
Monthly PMI
None
Total PMI
$0
Payment
$2,335/mo
Key Insights
What these numbers mean for you
Insight
Your PMI rate is 0.35% ($118/month), calculated on your original loan amount — not your current balance. PMI is automatically removed after 112 months (9.3 years) when your loan balance reaches 78% of the original home value.
Insight
Total PMI cost over 9.3 years: $13,230. That's the "cost" of putting less than 20% down.
Insight
You'd need $45,000 more in down payment to reach 20% and eliminate PMI entirely.
Insight
Two removal rules: you can request cancellation once your balance reaches 80% of the original home value ($360,000, good payment history required), and your lender must remove PMI automatically at 78% ($351,000).
The Bottom Line
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.
PMI Calculation
Starting LTV Ratio
Annual PMI Rate
Monthly PMI
Request Cancellation at 80% LTV
Automatic Removal at 78% LTV
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Frequently Asked Questions
Typically 0.3-1.5% of the original loan amount per year, driven mainly by your down payment and credit score. On a $360,000 loan that is roughly $90-$450 per month. Higher credit scores and larger down payments earn much lower PMI rates.
By law (the Homeowners Protection Act), PMI cancels automatically when your balance reaches 78% of the original home value, and you can request cancellation at 80% — earlier if appreciation or prepayments get you there and the servicer accepts a new valuation.
Options include lender-paid PMI (traded for a higher rate), piggyback 80/10/10 loans, VA loans (no PMI, funding fee instead), and some credit-union portfolio programs. Sometimes just paying PMI and cancelling it early is the cheapest path — compare total costs.