PMI Calculator
Estimate monthly PMI from your quoted premium rate, starting LTV, and the scheduled payment when the balance reaches the cancellation LTVs you enter.
Interactive calculator · Method PMI-COST-1.0 · Last reviewed: 2026-11-04
Calculate your scenario
Loan = home price × (1 − down payment %).
Your inputs
Default worked example. Edit the inputs to calculate your scenario.
Default worked example
PMI = $360,000.00 × 0.5% ÷ 12 = $150.00 a month; the scheduled balance falls to 80% of $400,000.00 after 95 payments, so PMI paid until then is $14,250.00.
How to use the calculator
Enter the home price, your down payment percentage, the annual PMI rate from your quote, the mortgage rate and term, and the LTV thresholds from your loan terms. Read the payment counts as the scheduled months, not calendar dates.
What the result means
A $360,000 loan on a $400,000 home starts at 90% LTV; at a 0.5% quoted premium PMI is $150 a month, and the scheduled balance reaches 80% of the original value after 95 payments, about $14,250 of PMI.
Formula and units
Loan = home price × (1 − down payment %). Monthly PMI = loan × annual premium rate ÷ 12, held level on the original loan amount. Starting LTV = loan ÷ home price. The balance follows the fixed-rate schedule with payment M = P × r ÷ (1 − (1 + r)^−n), r = rate ÷ 12 ÷ 100; the removal point is the first payment after which the scheduled balance is at or below the entered LTV × the original value. PMI paid until then = monthly PMI × that payment count.
Worked examples
$400,000 home, 10% down, 0.5% premium: Home price (original value): 400000 USD; Down payment: 10 % of price; Annual PMI premium rate from your quote (example 0.5): 0.5 % of loan per year; Mortgage interest rate: 6.5 % per year; Loan term: 30 years; Request-cancellation LTV you enter (example 80): 80 % of original value; Automatic-termination LTV you enter (example 78): 78 % of original value.
Example result: Monthly PMI: $150.00 ($1,800.00 a year); Monthly P&I plus PMI: $2,275.44 + $150.00 = $2,425.44; Starting LTV: 90% (loan $360,000.00); Scheduled balance at request LTV: 95 payments (7.92 years); PMI paid until request LTV: $14,250.00; Scheduled balance at automatic LTV: 109 payments (9.08 years).
$300,000 home, 5% down, 0.8% premium at 7%: Home price (original value): 300000 USD; Down payment: 5 % of price; Annual PMI premium rate from your quote (example 0.5): 0.8 % of loan per year; Mortgage interest rate: 7 % per year; Loan term: 30 years; Request-cancellation LTV you enter (example 80): 80 % of original value; Automatic-termination LTV you enter (example 78): 78 % of original value.
Example result: Monthly PMI: $190.00 ($2,280.00 a year); Monthly P&I plus PMI: $1,896.11 + $190.00 = $2,086.11; Starting LTV: 95% (loan $285,000.00); Scheduled balance at request LTV: 130 payments (10.83 years); PMI paid until request LTV: $24,700.00; Scheduled balance at automatic LTV: 142 payments (11.83 years).
Limitations and common mistakes
The premium rate and both LTV thresholds are figures you enter; check them against your own PMI quote and loan documents. The schedule assumes on-time payments with no extra principal and uses the original value, so it ignores appreciation, new appraisals and lender requirements such as payment history or seasoning. It is an estimate of when the scheduled balance crosses each threshold, not a guaranteed cancellation or termination date. Some policies charge an upfront or declining premium instead of a level monthly one.
Measuring LTV against today’s market value. Scheduled removal is based on the original value (usually the lower of price or appraisal); using current value requires a separate lender process.
Sources and assumptions
Method PMI-COST-1.0; last formula review 2026-11-04. Sources and their supported claims. Calculation methodology.