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PMI Calculator: How Much Private Mortgage Insurance Costs & When It Ends (2026)
Published: June 2026 | Reading time: 4 minutes
If you put less than 20% down on a home, you'll pay PMI — typically $100–$300/month. Here's exactly how it's calculated, when you can cancel it, and how much it'll cost you over the life of your loan.
What Is PMI?
Private Mortgage Insurance protects the lender (not you) if you default. It's required on conventional loans with less than 20% down. The cost depends on your credit score and loan-to-value ratio.
How Much Does PMI Cost?
| Down Payment | LTV | Annual PMI Rate | Monthly Cost on $300,000 |
|---|
| 3% | 97% | 0.95% – 1.35% | $238 – $338 |
| 5% | 95% | 0.78% – 1.10% | $195 – $275 |
| 10% | 90% | 0.52% – 0.75% | $130 – $188 |
| 15% | 85% | 0.32% – 0.48% | $80 – $120 |
Rates vary by credit score. 760+ score = lowest rate. 620–659 = highest rate.
PMI vs FHA MIP: What's the Difference?
- Conventional PMI: Automatically cancels at 78% LTV. You can request removal at 80% LTV. It drops off eventually.
- FHA MIP: If you put less than 10% down, MIP is permanent for the life of the loan. You'd need to refinance to remove it. This is the hidden cost of FHA loans.
Example: $350,000 home with 5% down ($17,500). Loan = $332,500. PMI at 0.85% = $236/month. Over 7 years until 80% LTV, that's $19,824 in PMI payments — money you never get back.
When Does PMI End?
- Automatic termination: When your LTV reaches 78% of the original home value (required by law).
- Request removal: When your LTV reaches 80%, you can write to your servicer requesting cancellation.
- Early removal: If your home appreciates significantly or you make major improvements, you can order a new appraisal and request PMI removal based on current value.
How to Avoid PMI Entirely
- 20% down: The straightforward way — no PMI at all.
- Piggyback loan (80-10-10): Take a first mortgage at 80%, a second mortgage (HELOC) at 10%, and put 10% down. No PMI, but the second loan has a higher rate.
- VA loan: Eligible veterans get 0% down with NO PMI — the best deal in mortgages.
- Lender-paid PMI: The lender pays PMI upfront in exchange for a slightly higher rate (~0.25%–0.5%). Good option if you plan to stay 7+ years.
See your exact PMI cost: Our calculator shows PMI in your full monthly payment breakdown based on your actual down payment and credit profile.
Calculate My PMI →