PMI Calculator

Worked example

Example 1: $350,000 home with 5% down → LTV 95%; PMI often applies until equity improves. Example 2: 15% down on the same price → lower LTV and typically lower PMI than 5% down.

When to use this

• Estimating PMI below 20% down.
• Comparing down payment scenarios.
• Planning for PMI removal.
• Understanding LTV impact on cost.
• Budgeting monthly housing payment extras.

Common examples

• 5% down on $350,000 → high LTV, PMI likely.
• 15% down → lower PMI than 5% down scenarios.
• Flat annual PMI rate modeled into monthly cost.
• Plan removal near 80% LTV with servicer rules.
• Larger down payment may eliminate PMI entirely at 20%.

Common mistakes

• Using a generic rate for every lender.
• Forgetting FHA MIP differs from conventional PMI.
• Assuming automatic removal without request rules.
• Ignoring credit-score priced PMI.
• Confusing monthly vs annual PMI quotes.

How it works

Estimates private mortgage insurance cost when down payment is below 20% LTV. Rates vary by credit, LTV, and loan type—use lender quotes for binding numbers.

Limitations

Estimates only for educational purposes. Not financial, tax, or legal advice. Verify figures with your lender, advisor, or official IRS/SSA sources before making decisions.

Privacy and file handling

Your data stays on your device and is not uploaded.

Formula or method

LTV = loan ÷ price. Monthly PMI ≈ (loan × annual PMI rate) / 12 when modeled with a flat rate assumption.