Mortgage Calculator with PMI
Private Mortgage Insurance (PMI) is required when your down payment is below 20%. It typically costs 0.5%–1.5% of the loan amount annually. This calculator shows your true payment with PMI included — pre-set with a 10% down payment scenario.
1 Loan Details
2 Monthly Costs
Include PMI
Required when down payment < 20%
Estimated Monthly Payment
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Enter your loan details to see your payment
Total Interest Paid
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Over loan lifetime
Total Cost
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Principal + interest
Loan Amount
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Amount financed
Down Payment
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Of home price
Monthly Payment Breakdown
Balance Over Time
Rate Comparison
How your payment changes with different interest rates
| Rate Scenario | Monthly P&I | Total Interest |
|---|---|---|
| Enter loan details above to see rate scenarios | ||
What PMI costs
Private mortgage insurance is charged on conventional loans with less than 20% down. The yearly rate usually runs from 0.3% to 1.5% of the loan amount, depending mainly on your credit score and down payment. On a $360,000 loan (10% down on $400,000), 0.6% PMI is $2,160 a year, or $180 a month.
A 760+ credit score with 15% down may pay under 0.3%. A 640 score with 3% down can pay over 1%. Improving your score before you apply is often worth more than a slightly lower rate.
How PMI goes away
Under the Homeowners Protection Act, you can ask your servicer to cancel PMI once your balance reaches 80% of the home's original value, if your payment history is good. It ends automatically at 78%. If prices have risen, many lenders will cancel PMI earlier based on a new appraisal, typically once you reach 75%–80% of current value after 2–5 years.
Extra principal payments speed this up. Use the PMI removal calculator to see the exact month you can cancel.
PMI vs. FHA mortgage insurance
FHA loans charge an upfront premium of 1.75%, which is added to the loan, plus an annual MIP of about 0.5%–0.55%. With less than 10% down, the annual MIP lasts for the life of the loan and ends only if you refinance. For borrowers with good credit, conventional PMI is usually cheaper over time. FHA can win for scores below about 680.
Frequently Asked Questions
How much is PMI per month?
Usually 0.3%–1.5% of the loan amount a year, divided by 12. On a $360,000 loan, that is roughly $90–$450 a month, depending on credit score and down payment.
When does PMI go away?
You can ask to cancel PMI when your loan balance reaches 80% of the original home value, and it ends automatically at 78%. Some lenders cancel it earlier if a new appraisal shows at least 20%–25% equity.
Is it better to put 20% down or pay PMI?
Not always. PMI costs money every month, but buying sooner with 5%–10% down can make sense if saving 20% would take years while prices and rents rise. Compare the total PMI you'd pay until cancellation with the cost of waiting.