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Home & Mortgage

PMI Calculator

See what private mortgage insurance adds to your payment when you put down less than 20% — and roughly when it drops off as you build equity.

Your loan

PMI applies when you put down less than 20% and drops off at 20% equity.

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$35,000 down

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%

Usually 0.3%–1.5% of the loan

Your PMI cost

Monthly PMI

$157.50

added to your payment until you reach 20% equity — about 7 years, 11 months

PMI drops off in

7 years, 11 months

Total PMI paid

$14,963

Loan amount

$315,000

PMI cancels automatically at 22% equity (by scheduled amortization) and can be requested at 20%. Extra principal payments or rising home value can get you there sooner.

The cost of a smaller down payment

Putting down less than 20% lets you buy sooner, but it comes with PMI — an extra monthly charge that does nothing for you directly. This calculator shows what it adds to your payment and roughly how long you'll pay it before your equity reaches 20%.

PMI isn't forever

As you pay down the loan, your equity grows. Once you hit 20%, you can request PMI removal; at 22% it cancels automatically. Making extra principal payments accelerates that date — and every month of PMI you skip is money back in your pocket.

Weigh it against waiting

Sometimes paying PMI to buy now beats waiting years to save 20%, especially if home prices are rising. Compare the full payment with the mortgage calculator, and check what you can afford with the affordability calculator.

Related calculators

Mortgage CalculatorFull monthly payment — principal, interest, taxes, insurance, and PMI.Home Affordability CalculatorThe home price your income and debts can support.Refinance CalculatorBreak-even point and lifetime savings from refinancing your mortgage.Rent vs. Buy CalculatorCompare the true cost of renting against buying over time.

Frequently asked questions

What is PMI?
Private mortgage insurance protects the lender if you default. It’s required on most conventional loans when your down payment is under 20%. You pay it, but it protects the lender, not you.
How much does PMI cost?
Typically 0.3%–1.5% of the loan amount per year, split into monthly payments. The exact rate depends on your credit score and down payment — a bigger down payment and higher score mean lower PMI.
When does PMI go away?
By law, PMI cancels automatically once your loan balance reaches 78% of the original home value on the scheduled amortization. You can request cancellation at 80% (20% equity), and extra payments or rising home value can get you there faster.
How do I avoid PMI?
Put down 20% or more, use a piggyback loan structure, or choose a lender-paid PMI option that trades a higher rate for no separate PMI charge. VA loans don’t require PMI at all.