🛡️ PMI Calculator
Estimate your monthly Private Mortgage Insurance (PMI) cost and loan-to-value ratio based on your home value and loan amount.
What PMI is
Private Mortgage Insurance (PMI) is typically required by lenders on conventional loans when the down payment is less than 20% of the home’s value, resulting in a loan-to-value (LTV) ratio above 80%. PMI protects the lender, not the borrower, if the loan defaults, but the cost is added to the borrower’s monthly payment.
How this calculator works
Loan-to-value is calculated as loan amount divided by home value. If that ratio is above 80%, the calculator applies your annual PMI rate to the loan amount and divides by 12 to estimate the monthly premium. PMI rates commonly range from about 0.3% to 1.5% per year depending on your credit score, down payment, and loan type — check your loan estimate for your actual rate.
Once your LTV drops to 80% (through payments or appreciation), you can typically request PMI cancellation on conventional loans; it is automatically removed at 78% LTV under federal law for many loans. This tool is for general educational and planning purposes only and does not replace your official loan documents.