PMI Calculator
Calculate private mortgage insurance costs
About this calculator
A PMI Calculator helps homebuyers determine the cost of private mortgage insurance required when making a down payment less than 20% of the home's purchase price. This tool calculates your monthly PMI premium based on your loan amount, down payment, credit score, and loan type. Understanding PMI costs is crucial for budgeting your total monthly housing payment and making informed decisions about down payment amounts and loan options.
How to use
Enter your home purchase price, down payment amount, loan term, and credit score into the calculator. Select your loan type (conventional, FHA, etc.) and the tool will calculate your estimated monthly PMI payment. Compare different scenarios by adjusting your down payment to see how it affects your PMI costs.
Frequently asked questions
When can I cancel PMI?
You can typically cancel PMI when your loan balance reaches 80% of the original home value, or request cancellation at 78% loan-to-value ratio.
How much does PMI cost monthly?
PMI typically costs 0.3% to 1.5% of the original loan amount annually, divided into monthly payments added to your mortgage payment.
Is PMI tax deductible?
PMI may be tax deductible for eligible borrowers with adjusted gross income below certain thresholds, subject to current tax laws.