PMI Calculator
Estimate private mortgage insurance on a conventional loan with less than 20% down: the monthly cost, the total you’ll pay and when PMI drops off.
Result
Monthly PMI
$190.00
- Loan amount
- $380,000.00
- Loan-to-value
- 95%
- PMI drops off after
- 11.3years
- Total PMI paid
- $25,650.00
Common questions
When does PMI go away?
By law your lender must cancel PMI when your scheduled balance reaches 78% of the original home value. You can ask to cancel it at 80%, or sooner if a new appraisal shows enough equity.
How do I avoid PMI?
Put 20% down, use a piggyback loan, or choose a loan type without PMI such as a VA loan. FHA loans have their own mortgage insurance (MIP) instead.