PMI Calculator
If your down payment is under 20%, your lender requires private mortgage insurance (PMI), an added monthly cost on top of your mortgage. This calculator shows you exactly what PMI will add to your payment based on your home price, loan amount, and down payment. Use it to see how a larger down payment can lower or eliminate PMI altogether.
Calculate Your PMI
Find out how much PMI you’ll pay and how close you are to 80% loan-to-value.
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How Is PMI Calculated?
PMI is calculated as a percentage of your original loan amount, billed monthly. The annual rate typically falls between 0.2% and 2.0%, depending on three factors: your loan-to-value ratio (LTV), your credit score, and your loan type.
Monthly PMI = (Loan Amount × Annual PMI Rate) ÷ 12
Example: a $360,000 loan with a 0.70% annual PMI rate produces $2,520 in annual PMI, or $210 per month added to your mortgage payment.
PMI on common loan amounts at 0.70% rate: $200,000 loan = $117/month · $300,000 loan = $175/month · $400,000 loan = $233/month · $500,000 loan = $292/month. At a higher rate of 1.20%, a $400,000 loan runs $400/month. Your exact rate depends on your credit score and LTV use the calculator above to get your specific estimate.
How to Use This PMI Calculator
Home price
The purchase price of the home you’re buying or refinancing.
Down payment
The amount you’re paying upfront, in dollars. This determines your loan-to-value ratio and whether PMI applies.
Interest rate
Your mortgage’s annual interest rate, as a percentage (e.g., 6.75).
Loan term
The length of your mortgage, in years (e.g., 30).
Credit score and PMI rate
Your credit score range, used to estimate your PMI rate. Higher scores typically qualify for lower PMI costs.
PMI Rates by Credit Score and LTV
Your PMI rate is primarily driven by two variables: how much equity you’re starting with (LTV) and how creditworthy you are (credit score). The table below shows estimated annual PMI rates for a 30-year fixed conventional loan:
| Credit score | LTV 85–90% | LTV 90–95% | LTV 95–97% |
|---|---|---|---|
| 760+ (Excellent) | ~0.31% | ~0.47% | ~0.67% |
| 720–759 (Very Good) | ~0.52% | ~0.73% | ~0.95% |
| 680–719 (Good) | ~0.78% | ~1.00% | ~1.20% |
| 640–679 (Fair) | ~1.05% | ~1.35% | ~1.55% |
| 620–639 (Minimum) | ~1.25% | ~1.60% | ~1.85% |
Illustrative estimates for a single-family primary residence, 30-year fixed conventional loan. Actual rates vary by PMI insurer, lender, loan type, and state. 15-year loans typically carry lower PMI rates; ARM loans typically carry higher rates.
The practical takeaway: a borrower with a 760+ score and 10% down pays roughly one-third the PMI rate of a borrower with a 620 score and 5% down on the same loan. Raising your credit score before applying can save hundreds of dollars per month on PMI alone, on top of securing a better mortgage rate.
Frequently Asked Questions
PMI stands for private mortgage insurance. It’s a monthly fee lenders require on conventional loans when your down payment is less than 20% of the home price. It protects the lender against losses if you default — it does nothing for you as the borrower. Once you build 20% equity, you can request cancellation. At 78% LTV, your lender is legally required to cancel it automatically under the Homeowners Protection Act.
Monthly PMI equals your loan amount multiplied by your annual PMI rate, divided by 12. Annual rates typically fall between 0.2% and 2.0% depending on your credit score and LTV. On a $350,000 loan at 0.70%, monthly PMI is $204. On a $400,000 loan at 0.70%, it’s $233. Use the calculator above to get your specific estimate.
With 10% down ($30,000), your loan is $270,000 at 90% LTV. At 0.70% (typical for 680–719 credit at 90% LTV), monthly PMI is $157.50. With excellent credit (760+), it drops to about $105.75. With fair credit (640–679), it rises to about $236.25.
With 10% down ($40,000), your loan is $360,000 at 90% LTV. At 0.70% (good credit), monthly PMI is $210. At 0.47% (excellent credit), it’s $141. At 1.05% (fair credit), it reaches $315. Total PMI paid until you reach 80% LTV typically runs $16,000–$18,000 on the lower rate, and can exceed $25,000 on the higher rate.
Three events trigger removal: requesting cancellation once your balance reaches 80% of the original purchase price, automatic cancellation at 78% (required by law), and automatic cancellation at the midpoint of your loan term regardless of LTV. Extra principal payments or a new appraisal after significant appreciation can speed this up.
Yes. VA loans require zero down and carry no PMI. USDA loans (rural properties) also have no PMI, though they carry a guarantee fee. A piggyback (80-10-10) structure lets you put 10% down without PMI by taking a second loan for the remaining 10%. Lender-paid PMI is another option, though it typically means a higher mortgage rate.
PMI deductibility has had a complicated history — allowed under prior law, then expired, then briefly reinstated. As of 2026, PMI is generally not deductible for most taxpayers under current tax law; the OBBBA (signed July 4, 2025) did not reinstate a PMI deduction. Consult a tax professional to confirm your situation.
PMI applies to conventional loans; MIP is the FHA’s version. Both protect lenders if you default, but PMI cancels once you reach 80% LTV (and automatically at 78%), while FHA MIP often lasts for the life of the loan when the down payment is under 10% and requires a 1.75% upfront fee at closing.