PMI Calculator
Estimate your monthly PMI payment, how long it lasts, and total cost until removal. Compare down payment scenarios with a full LTV and equity growth breakdown.
About This Calculator
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It protects the lender but adds to your monthly payment. This calculator shows when PMI will be removed and how much it costs.
Key Features:
- LTV calculation
- PMI removal timeline
- Total PMI cost projection
- Equity growth tracking
Frequently Asked Questions
When does PMI go away?
PMI is automatically terminated when your LTV reaches 78% of the original home value. You can also request cancellation at 80% LTV. Making extra payments accelerates removal.
How much does PMI cost?
PMI typically costs 0.3% to 1.5% of the loan amount annually. The exact rate depends on your credit score, LTV, and loan type. For a $300,000 loan, this could be $75-$375 per month.