PMI Calculator
What private mortgage insurance costs, when it ends, and how it compares with FHA
Last updated: October 2026
Home and Loan
10.0% down. Loan amount $360,000, loan-to-value 90.0%.
Leave blank to use our estimate.
When your PMI can end
- Sep 2034Request cancellation at 80%. Your balance is scheduled to reach $320,000 (80% of $400,000) after payment 95. Ask in writing; you must be current, have no second lien, and may need an appraisal.
- Nov 2035Automatic termination at 78%. Your balance is scheduled to reach $312,000 after payment 109. Your servicer must end PMI then if you are current.
- Oct 2041Midpoint of the loan. PMI must end after payment 180 even if the balance is still above 78%.
Dates follow the original payment schedule. Extra payments can get you to 80% sooner for a cancellation request, but they do not move the automatic 78% date.
Freddie Mac estimates PMI at about $30 to $70 a month per $100,000 borrowed. On your loan that is $108 to $252 a month. We place you in that range by credit score and loan-to-value: the strongest profiles at the low end, the weakest at the high end. It is an estimate; your Loan Estimate shows the real premium, which can fall outside this range.
PMI vs FHA mortgage insurance
Same price, down payment, rate and term. FHA rates are often different from conventional rates, so treat this as a comparison of insurance cost only.
| Conventional with PMI | FHA | |
|---|---|---|
| Upfront premium | $0 | $6,300 (1.75%, added to the loan) |
| Annual premium rate | 0.52% | 0.50% |
| First-year monthly premium | $156.00 | $151.85 |
| How long it lasts | 9 years 1 month | 11 years |
| Total insurance cost | $17,004 | $24,917 |
FHA annual premium is charged on the average balance each year. Rates per HUD Mortgagee Letter 2023-05 for loans endorsed on or after March 20, 2023.
How PMI is calculated
Private mortgage insurance protects the lender, not you, on a conventional loan with less than 20% down. The usual monthly premium is an annual rate times the original loan amount, divided by 12. It stays the same each month until it is cancelled. The rate depends mostly on two things: your credit score and your loan-to-value ratio (the loan divided by the home's value). Lower scores and smaller down payments pay more.
To find when it ends, the calculator builds your original payment schedule and finds the first month the balance is scheduled to fall to 80% and to 78% of the original value, then checks those dates against the midpoint of the term.
Worked example
You buy a $400,000 home with $40,000 down (10%), so you borrow $360,000 at 6.5% for 30 years and your loan-to-value is 90%. With a credit score of 720 to 759, the estimated PMI rate is 0.52% a year: $360,000 x 0.52% / 12 = $156.00 a month, on top of principal and interest of $2,275.44.
Your balance is scheduled to reach $320,000 (80% of $400,000) after 95 payments, about 7 years 11 months, when you can ask to cancel. It reaches $312,000 (78%) after 109 payments, when PMI ends automatically. Total PMI paid: $17,004 if you wait, or $14,820 if you request cancellation at 80%.
Federal PMI rules
The Homeowners Protection Act of 1998 sets three dates for most loans on a primary home made since July 1999. You may request cancellation once your balance reaches 80% of the original value, either on schedule or through extra payments. Your servicer must end PMI automatically when the balance is scheduled to reach 78%, and in any case the month after the loan's midpoint, provided you are current. Fannie Mae, Freddie Mac and lenders can set rules that are more generous, never less.
Ways to remove PMI sooner
- Pay extra principal to reach 80% early, then ask in writing. The mortgage payoff calculator shows how fast extra payments work.
- Get a new appraisal if your home has gained value. Many lenders will remove PMI based on current value, subject to their own seasoning rules.
- Refinance once you have 20% equity, if the new rate and closing costs make sense.
- Make a lump-sum payment and ask about a recast to lower your payment as well.
Related tools
See your full payment with taxes and insurance in the mortgage calculator, compare FHA in detail with the FHA loan calculator, and see every payment in the amortization schedule calculator. If you are weighing a lower rate, the mortgage points calculator finds your break-even.
Frequently Asked Questions
How much is PMI?
Freddie Mac puts private mortgage insurance at about $30 to $70 a month for every $100,000 borrowed, or roughly 0.36% to 0.84% of the loan a year. Where you land depends mainly on your credit score and how much you put down. Your Loan Estimate shows the actual premium, and it can fall outside this range.
When does PMI go away?
Under the Homeowners Protection Act you can ask your servicer to cancel PMI once your balance reaches 80% of the home's original value, or is scheduled to. It must end automatically when the balance is scheduled to reach 78% of the original value, and in any case the month after the midpoint of the loan term (15 years on a 30-year loan), as long as you are current on payments.
What counts as the original value?
Generally the lower of the purchase price and the appraised value when you bought the home. If you refinanced, it is the appraised value at the refinance. A later rise in your home's value does not change the automatic dates, though some lenders let you request removal based on a new appraisal.
What do I need to request PMI cancellation at 80%?
The request must be in writing. You need a good payment history and to be current, the property must have no second mortgage or other junior lien, and you may have to show the home has not lost value, usually with an appraisal. Paying extra principal can get you to 80% sooner.
Is PMI cheaper than FHA mortgage insurance?
Often, for borrowers with strong credit. FHA charges an upfront premium of 1.75% of the loan plus an annual premium, typically 0.50% to 0.55% a year on 30-year loans, and that annual premium lasts for the life of the loan if you put down less than 10%. PMI is risk-priced and ends automatically, so it tends to win for higher scores. FHA can cost less for lower scores. Compare both in the panel above.
How can I avoid or get rid of PMI?
Put 20% down, pay extra principal to reach 80% sooner and then request cancellation, ask about removal based on a new appraisal if your home has gained value, or refinance once you have 20% equity. Some lenders offer lender-paid mortgage insurance, which replaces the monthly premium with a higher rate for the life of the loan.