Calculate your monthly private mortgage insurance.

Free PMI calculator built on current insurer rate cards. Get your monthly cost by credit score, your full monthly payment, and the exact month PMI drops off your loan.

Current insurer rate cards No signup, no email Nothing stored or sold Covers conventional, FHA, VA, USDA
Loan details
$
$ 10.0%
%/yr
Big impact on rate
Your monthly PMI
$90/mo
on a $360,000 loan at 90.0% LTV
Annual PMI
$1,080
PMI rate
0.30%
Total until drop-off
$10,080
Removes in
9y 4m
LTV decline to 78% drop-off
LTV Drop-off
Principal & interest$2,335
Property tax$400
Home insurance$125
PMI (removes month 111)$90
Total monthly payment$2,950

Estimates use composite insurer rate cards. Your actual PMI from a lender may vary by 10-20% based on specific insurer, DTI, and underwriting.

Why trust this calculator

Built on real insurer data, not approximations

Rate card composite from publicly available data of major US private mortgage insurers, reviewed periodically.

4
Major insurer rate cards combined
8
FICO credit score tiers covered
4
LTV buckets from 80% to 97%
32
Pricing combinations calculated live
Real examples

What PMI actually costs real buyers

Four typical scenarios showing how home price, credit score, and down payment combine. Click any to load it into the calculator.

Rate chart

PMI rate by credit score and LTV

Composite annual rates from current MGIC, Radian, and Essent published rate cards. Your monthly PMI = (loan amount × rate) ÷ 12.

FICO95-97% LTV90-95% LTV85-90% LTV80-85% LTV
760+0.41%0.30%0.23%0.19%
740-7590.50%0.38%0.30%0.25%
720-7390.60%0.48%0.38%0.30%
700-7190.70%0.55%0.40%0.30%
680-6991.05%0.80%0.60%0.45%
660-6791.45%1.15%0.90%0.68%
640-6591.81%1.44%1.13%0.85%
620-6392.29%1.92%1.57%1.17%

Source: Composite of MGIC Risk-Based Pricing, Radian Rate Card, and Essent Guaranty current published rates. Actual rates vary by lender, DTI, and property type.

Monthly PMI by home price

Estimated monthly PMI at a 740 FICO score across common home prices and down payments.

Home Price3% down5% down10% down15% down
$250,000$101$75$56$44
$350,000$141$105$79$62
$450,000$182$135$101$80
$550,000$222$165$124$97
$650,000$263$196$146$115
$750,000$303$226$169$133
$850,000$344$256$191$151
$1,000,000$404$301$225$177
The guide

Everything you need to know about PMI

Private Mortgage Insurance (PMI) protects your lender if you default on a conventional loan with less than 20% down. It's an extra monthly cost — typically $90 to $300 on an average home — that provides no direct benefit to you but makes homeownership possible without a 20% down payment. Over the past several decades, PMI has helped millions of Americans buy homes they otherwise would have had to delay for years.

Our calculator uses composite rate card patterns from MGIC, Radian, Essent, and National MI — major US mortgage insurers that collectively write a large share of private mortgage insurance in the United States. Rates depend heavily on two factors: your credit score and your loan-to-value (LTV) ratio.

How PMI is calculated

PMI is charged as an annual percentage of your loan amount, divided by 12 to get your monthly payment.

Monthly PMI = (Loan Amount × PMI Rate) ÷ 12

Example: $360,000 loan × 0.30% rate = $1,080 annual ÷ 12 = $90 per month (740 FICO at 90% LTV).

The PMI rate itself is determined by a risk matrix that insurers publish quarterly. Three main inputs set your rate:

  • Loan-to-value (LTV) ratio. The percentage of your home's value you're borrowing. Higher LTV means higher risk to the insurer and a higher rate.
  • Credit score (FICO). Lower scores signal higher default risk. A 760+ FICO can pay 5-6 times less than a 620 FICO on the same loan.
  • Loan characteristics. Loan amount, loan type (fixed vs ARM), property type (single-family vs condo vs multi-unit), and occupancy (primary vs investment) all apply surcharges.

The four types of mortgage insurance

Each loan type uses a different form of mortgage insurance with very different rules and costs.

PMIConventional
Private insurance from MGIC, Radian, Essent, and similar companies. Cancels automatically at 78% LTV. Rate depends on credit score. The most flexible option for most buyers.
MIPFHA
Government insurance with a 1.75% upfront fee plus an annual premium (typically 0.50%-0.55%). Lasts the entire loan term unless you put 10% or more down, in which case it ends after 11 years.
Funding FeeVA
One-time fee of 1.25%-3.30% of the loan amount. No monthly insurance at all. Can be financed into the loan. Veterans with service-connected disabilities are exempt.
Guarantee FeeUSDA
1% upfront fee plus 0.35% annual guarantee fee. For rural property buyers who meet income limits. Lasts the full loan term.

Is PMI tax deductible?

The federal PMI tax deduction was last available in tax year 2021. Congress has not renewed it since, so for most homeowners filing federal returns, PMI is not currently deductible. A handful of state tax codes still allow deductions — notably California and New York for certain income brackets. Confirm current rules with a tax professional before counting on any deduction.

Does PMI vary by state?

PMI rates themselves do not vary by state because private mortgage insurers price risk based on borrower credit profile and loan characteristics, not geography. However, state-specific factors affect your overall monthly cost significantly. Property taxes range from under 0.3% (Hawaii) to over 2.4% (New Jersey) of home value annually. Homeowners insurance varies dramatically by climate and natural disaster risk. State-specific loan-level pricing adjustments can apply in high-cost markets.

Remove PMI

Three ways to remove PMI from your mortgage

Unlike FHA mortgage insurance, conventional PMI is not permanent. The Homeowners Protection Act of 1998 gives you three ways to eliminate it — each with its own timeline and requirements.

METHOD 01
Automatic at 78% LTV
Your lender must automatically cancel PMI when your scheduled loan balance reaches 78% of the original home value, regardless of current market value. No action required from you.
METHOD 02
Request at 80% LTV
You can request cancellation in writing when your balance reaches 80% of either original or current appraised value. Must be current on payments. Lender may require an appraisal ($300-$600).
METHOD 03
Refinance the loan
If your home appreciated significantly, refinancing to a new loan under 80% LTV removes PMI immediately. Compare closing costs ($3K-$6K typically) against annual PMI savings.

The PMI cancellation checklist

Before contacting your lender, make sure you meet every requirement. Missing one will almost always result in a denial.

  • Current on all mortgage payments (no 30-day lates in past 12 months)
  • No 60-day lates in the past 24 months
  • Loan balance is at or below 80% of original value
  • No second mortgages, HELOCs, or liens on the property
  • Request submitted in writing (email counts)
  • Appraisal paid (if lender requires current-value basis)
  • Property has not declined in value
  • Reasonable waiting period met (2 years for current-value basis)

The removal timeline

Day 1
Send written cancellation request
Include loan number, current balance, property address, and request type (original vs current value basis).
Days 7-14
Lender responds with requirements
They confirm payment history and request documentation (appraisal, BPO, or AVM).
Days 14-30
Property valuation completed
Appraiser visits, generates report. Costs $300-$600, paid upfront by you.
Days 30-60
PMI removed from your account
You see the reduced monthly payment on your next statement. Request a refund of any unearned PMI premium.

Four strategies to avoid PMI entirely

If paying PMI feels painful, you have options. Each strategy has trade-offs — the right choice depends on your cash reserves, credit profile, and how long you plan to stay in the home.

1. Put 20% down (the classic route)

The simplest way to avoid PMI is to put 20% down on a conventional loan. On a $400,000 home, that's $80,000. Advantages: no PMI, lower monthly payment, immediate equity, better interest rate from most lenders. Disadvantages: delays homeownership by years for most buyers in high-cost markets, and tying up that cash means less for emergency reserves or investments.

2. Use an 80-10-10 piggyback loan

You take two mortgages simultaneously: a first mortgage for 80% of the home price, a second mortgage (usually a HELOC) for 10%, and you put down the remaining 10%. Because your first mortgage is only 80% LTV, no PMI is required. The second mortgage carries a higher interest rate (typically 2-3% above the first), but can be paid off quickly. Works best when the piggyback rate differential is lower than PMI would cost.

3. Lender-Paid Mortgage Insurance (LPMI)

Your lender pays the PMI upfront in exchange for giving you a slightly higher interest rate (typically 0.25% to 0.75% more). No separate monthly PMI line item appears. The downside: you cannot cancel LPMI like regular PMI. It stays for the life of the loan unless you refinance. Usually makes financial sense only if you plan to sell or refinance within 5-7 years.

4. VA and USDA loans (if eligible)

VA loans (for veterans, active military, and some surviving spouses) require no down payment and no monthly mortgage insurance. They charge a one-time funding fee of 1.25%-3.30% that can be rolled into the loan. USDA loans (for rural property in low-to-moderate income areas) require no down payment but charge a 1% upfront fee plus 0.35% annual guarantee fee. Both can save tens of thousands over the life of the loan if you qualify.

Common PMI mistakes to avoid

  • Waiting for automatic cancellation when you qualify for request-based removal. You can request cancellation at 80% LTV; automatic happens at 78%. That 2% gap can mean 12-24 months of unnecessary PMI payments.
  • Not tracking your amortization schedule. Most lenders will not proactively notify you that you're approaching 80% LTV. You have to track it yourself.
  • Assuming home appreciation won't help. If your market has appreciated significantly, a current-value appraisal might get you to 80% LTV years ahead of schedule.
  • Choosing LPMI without doing the break-even math. The higher interest rate on LPMI compounds over 30 years. Only worth it if you'll sell or refinance within 5-7 years.
  • Not shopping lenders for PMI. Different lenders work with different insurers who have different rate cards. Shopping can reveal 10-20% rate differences.
More calculators

Related mortgage insurance tools

Dedicated tools for every mortgage insurance scenario.

Common questions

Frequently asked questions

Glossary

PMI terms, explained

Mortgage insurance language can get technical. Here are the terms you'll encounter.

LTV (Loan-to-Value)Your loan amount as a percentage of the home's value. 90% LTV means you're borrowing 90% and have 10% equity.
PMI (Private Mortgage Insurance)Insurance protecting lenders on conventional loans with less than 20% down. Paid monthly by the borrower.
MIP (Mortgage Insurance Premium)FHA's version of mortgage insurance. Has both an upfront fee (1.75%) and annual premium.
LPMI (Lender-Paid MI)Lender pays PMI upfront in exchange for a higher interest rate. Cannot be cancelled without refinancing.
BPMI (Borrower-Paid MI)Standard monthly PMI paid by the borrower. Can be cancelled at 80% LTV upon request.
HPA (Homeowners Protection Act)1998 federal law giving borrowers the right to cancel PMI at specific LTV thresholds.
AmortizationThe schedule showing how each monthly payment splits between principal and interest over time.
LLPA (Loan-Level Price Adjustment)Surcharges applied for higher-risk loan characteristics like condos, investment properties, or lower credit.
Piggyback LoanA second mortgage taken simultaneously with the first (usually 80-10-10) to avoid PMI.
Automatic TerminationMandatory PMI cancellation at 78% LTV based on original amortization. No request needed.
Current Value BasisUsing current appraised value (not original purchase price) to calculate LTV for PMI cancellation.
Split PremiumA PMI structure combining a small upfront payment with reduced monthly premiums.
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