Pmi Calculator
Calculate your monthly Private Mortgage Insurance (PMI) payment based on loan amount, property value, credit score, and loan type.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the PMI Calculator
This calculator estimates your monthly Private Mortgage Insurance (PMI) payment based on your loan details, credit score, and loan type.
- 1. Enter Loan Amount ($) – The total amount you plan to borrow (e.g., 200,000).
- 2. Enter Property Value ($) – The appraised value or purchase price of the home (e.g., 250,000).
- 3. Select Credit Score – Choose your credit score range from the dropdown (e.g., 760+ for Excellent). This affects the PMI rate.
- 4. Select Loan Type – Choose Conventional or FHA. FHA loans have different PMI rates.
- 5. Click "Calculate PMI" – The calculator will compute your monthly PMI payment, Loan-to-Value (LTV) ratio, and the annual PMI rate used.
PMI is required when your LTV exceeds 80% (i.e., down payment less than 20%). If LTV is 80% or less, no PMI is needed.
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Frequently Asked Questions
PMI stands for Private Mortgage Insurance, a type of insurance that lenders require from borrowers who make a down payment less than 20% of the home's value. It protects the lender in case of default.
PMI is typically calculated as a percentage of the loan amount annually, then divided by 12 for a monthly payment. The rate depends on your credit score, loan type, and loan-to-value ratio (LTV).
You can request cancellation once your LTV reaches 80% based on the original property value. Automatic cancellation occurs at 78% LTV. Some loans, like FHA, may have different rules.
