PMI calculator
Monthly private mortgage insurance on your loan, and the month you can cancel it at 80% or it ends at 78%.
- ๐บ๐ธ US federal & state rules
- Homeowners Protection Act, per CFPB
- See sources
Monthly PMI
$150.00
$1,800 a year at 0.5% of the loan
- Loan-to-value today
- 90%
- You can ask to cancel at 80%
- October 2034 (payment 95)
- Automatic cancellation
- December 2035 (payment 109)
- Payment with PMI
- $2,425.44
This is an example. Enter your numbers above and press the button to see your own result.
Balance on schedule
| After 1 year | $355,976 (89% LTV) |
|---|---|
| After 3 years | $347,102 (86.8% LTV) |
| After 5 years | $337,000 (84.2% LTV) |
| After 7 years | $325,498 (81.4% LTV) |
| After 10 years | $305,194 (76.3% LTV) |
- Dates follow the original payment schedule. Extra payments get you to 80% sooner, and you can ask to cancel once you get there.
- To cancel at 80% you must ask in writing, be current on payments and show the home has not lost value. The 78% cancellation is automatic if you are current.
- PMI rates depend on credit score, down payment and the insurer. Use the rate on your Loan Estimate if you have one.
- FHA mortgage insurance (MIP) follows different rules and is not covered here.
Show the math
| Monthly PMI | $360,000 ร 0.5% รท 12 = $150.00 |
|---|---|
| 80% of original value | $320,000 |
| 78% of original value | $312,000 |
| Midpoint of the loan | Month after payment 180 of 360 |
| PMI paid until you can request removal | about $14,250 |
| PMI paid until automatic cancellation | about $16,350 |
What to do next
How it works
Monthly PMI is the loan amount times the yearly PMI rate, divided by 12. The calculator then runs the regular payment schedule and finds the payment where the balance falls to 80% and 78% of the original home value.
Original value means the lower of the purchase price and the appraisal when you bought, or the appraisal used for a refinance.
Things to keep in mind
These rules cover conventional loans with borrower-paid monthly PMI. FHA loans charge mortgage insurance premiums with their own rules, and lender-paid PMI is built into the rate and cannot be cancelled.
PMI rates are set by insurers based on credit score, down payment and loan type. The default here is only a starting point.
Sources
Rules applied as of 2026-10-19. See the sources below for details.
- CFPB: When can I remove private mortgage insurance (PMI) from my loan?Checked 2026-10-19
Frequently asked questions
How is PMI calculated?
Most monthly PMI is the loan amount times a yearly rate, divided by 12. At 0.5% on a $360,000 loan, that is $150 a month.
When does PMI go away?
Under the Homeowners Protection Act you can ask to cancel once your balance is scheduled to reach 80% of the home's original value. The servicer must end it automatically at 78%, or the month after the loan's midpoint, if you are current on payments.
Does paying extra help remove PMI sooner?
Yes. The 80% request is based on your actual balance, so extra principal moves that date up. Automatic cancellation at 78% follows the original schedule.
Can a higher home value remove PMI?
Some lenders allow removal based on a new appraisal, usually after a few years of payments. That is a lender policy, not the federal rule, so ask your servicer.