PMI Calculator
Estimate monthly private mortgage insurance and find when your balance reaches the 80% and 78% loan-to-value points where PMI can be removed.
Independently verified for accuracy
Calculator by Toolsloft ↗- Monthly PMI
- $118.75
- Current LTV
- 95.00%
- Months to 80% LTV
- 124 months
- Months to 78% (auto)
- 135 months
- Total PMI until cancelled
- $16,031.25
This calculator estimates your monthly private mortgage insurance and shows when you can drop it. PMI applies when a conventional loan starts above 80% loan-to-value, and this tool finds the month your balance falls to the 80% request point and the 78% automatic cancellation point.
How this is calculated
Monthly PMI is the loan balance times the annual PMI rate divided by twelve. The tool amortizes the loan month by month and compares the balance to the original home value, using the 78% automatic termination threshold set by the Homeowners Protection Act of 1998. PMI is assumed to run until that 78% month.
How to use
- Enter the home value and loan amount.
- Enter the interest rate, term, and annual PMI rate.
- Read the monthly PMI, your current LTV, and the months until PMI can be cancelled.
Examples
- $285k loan on $300k home, 0.5%:
$118.75/mo, drops at month 135 - $320k loan on $400k home, 0.6%:
$160.00/mo
FAQ
- When can I cancel PMI?
- You can request cancellation once the balance reaches 80% of the original value, and the lender must remove it automatically at 78%, provided you are current on payments. This tool reports both months.
- How is monthly PMI calculated?
- PMI is quoted as an annual percentage of the loan amount. Multiply the loan by that rate and divide by twelve. A 0.5% rate on a $285,000 loan is about $118.75 per month.
- Does paying extra principal remove PMI sooner?
- Yes. Extra principal lowers the balance faster, so it reaches the 80% and 78% thresholds earlier. This tool assumes the scheduled payment only.