Mortgage Insurance Calculator
Calculate your monthly mortgage insurance premium based on loan amount, down payment, and rate.
Published by:
isCalculator Editorial Team
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How to use this tool?
Follow these steps to calculate your monthly mortgage insurance premium:
- Enter Loan Amount – Input the total loan amount (e.g., 200000 for $200,000).
- Enter Down Payment – Input the down payment amount (e.g., 40000 for $40,000). Must be less than the loan amount.
- Enter Annual Insurance Rate – Input the annual insurance rate as a percentage (e.g., 0.5 for 0.5%).
- Enter Loan Term – Input the loan term in years (e.g., 30). This is informational and does not affect the calculation.
- Click "Calculate" – Press the button to compute the monthly premium.
Result: The monthly premium is displayed in dollars, calculated as:
Monthly Premium = (Loan Amount − Down Payment) × (Annual Rate ÷ 12) ÷ 100
All monetary values must be in dollars. The annual rate must be entered as a percentage (e.g., 0.5 for 0.5%). Ensure all fields are filled with positive numbers.
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Frequently Asked Questions
Mortgage insurance protects the lender if you default on your loan. It's typically required when your down payment is less than 20%.
It's calculated as the loan amount minus down payment times the annual insurance rate divided by 12 months.
Yes, once you reach 20% equity in your home, you can request cancellation of PMI.
