Financial Tools
PMI Calculator
What private mortgage insurance costs each month, when the balance reaches the 80% you can ask to cancel at, and when the servicer has to drop it on its own.
Home Price
Down Payment
Interest Rate (%)
Term
PMI Rate (% of the loan a year, from your Loan Estimate)
Extra Principal per Month (optional, moves the 80% date)
Values shown are examples. The cancellation rules here are the federal ones for a conventional loan under the Homeowners Protection Act of 1998. FHA mortgage insurance follows different rules and often lasts the life of the loan.
PMI on This Loan
| PMI per Month | $0 |
| Principal and Interest | $0 |
| Payment With PMI | $0 |
| Loan Amount | $0 |
| Loan to Value | n/a |
| Reaches 80%, You Can Request Cancellation | n/a |
| Reaches 78%, Automatic Cancellation | n/a |
| 80% With Your Extra Payment | n/a |
| PMI Paid if You Never Ask | $0 |
| Saved by Asking at 80% | $0 |
| Extra Down Payment to Avoid PMI | $0 |
For illustration only, not financial advice. Results are estimates based on the numbers you enter and do not constitute an offer, rate quote or approval.
Questions people ask
How is the monthly PMI cost calculated?
The page multiplies the loan amount by the PMI rate you enter, a percentage of the loan per year from your Loan Estimate, and divides by twelve. If your loan is 80% of the home price or less, PMI is zero.
What is the difference between the 80% and 78% dates?
The page walks the scheduled balance month by month. The 80% date is when you can ask in writing to cancel PMI; the 78% date is when the servicer must drop it on its own, under the federal rules for a conventional loan that the page names.
How does extra principal change the dates?
Extra principal moves the 80% request date earlier, shown on its own line. The automatic 78% date follows the original schedule, so extra payments do not move it.
Does this apply to FHA loans?
No. FHA mortgage insurance follows different rules and often lasts the life of the loan, so this page covers conventional loans.
