PMI Calculator
When your down payment is less than 20%, lenders often require PMI. Enter your loan amount and home value to estimate monthly PMI and total PMI until you reach 80% LTV.
Estimate monthly PMI
Enter values to calculate.
How it works
PMI is typically 0.5% to 1% of the loan amount per year, paid monthly. We apply a rate to the loan balance. Once your LTV drops below 80% (by paying down or appreciation), you can usually request cancellation.
When to use it
Use it to budget for PMI, to compare a smaller down payment plus PMI vs a larger down payment, or to see how extra payments reduce the period you pay PMI.
Frequently asked questions
When can I remove PMI?
Typically when LTV reaches 80% or less. Some loans require two years of payments first.
Is PMI tax deductible?
Rules vary by year and income. Consult a tax professional.