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PMI Calculator

Estimate monthly private mortgage insurance and review conventional PMI cancellation, original LTV and current-value LTV.

U.S. conventional borrower-paid PMI. Original-value 80% requests, scheduled 78% termination and original-term midpoint are distinct; FHA/VA and investor-specific appreciation rules are excluded.

Estimate conventional PMI from original LTV and an illustrative credit/term rate card; compare requested and automatic cancellation scenarios.

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%
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Original value is the lower of purchase price and appraisal. Blank assumes appraisal is at least the price.
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years
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Result

Initial monthly PMI$114.00

Initial conventional PMI is $114.00 on an original LTV of 90.00%. The 80% request requires approval; scheduled 78% and midpoint termination are separate benchmarks. These premiums are not homeowners insurance or FHA MIP.

Original loan-to-value ratio
90.00%
Initial total loan payment
$2,389.44
Result breakdown (14)
Illustrative annual PMI rate0.38%
Original loan amount$360,000.00
Original value for PMI$400,000.00
Scheduled monthly P&I$2,275.44
80% request balance$320,000.00
78% scheduled termination balance$312,000.00
80% request benchmark2034-09-01
Scheduled 78% benchmark2035-11-01
Final midpoint termination benchmark2041-11-01
PMI if 80% request is approved$10,830.00
PMI using automatic termination only$12,312.00
Potential PMI savings from requesting$1,482.00
Payments with PMI if request approved95
Payments with PMI under automatic scenario108
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Remaining loan balance
Remaining loan balanceRemaining principal in USD, from $360,000.00 at payment number 0 to $0.00 at payment number 360. Full values are available in the calculation details and CSV.0180K360K0180360Payment numberUSDRemaining loan balanceRemaining principal in USD, from $360,000.00 at payment number 0 to $0.00 at payment number 360. Full values are available in the calculation details and CSV.0180K360K0180360Payment numberUSD
  • Remaining principal$0.00

A simplified view of the calculated schedule. Underlying loan principal only. PMI premiums and cancellation scenarios appear separately in results and calculation details. Open calculation details for exact values.

Calculation details & assumptions

U.S. conventional, borrower-paid monthly PMI on an unmodified, fully amortizing fixed-rate principal-residence loan closed on or after July 29, 1999. FHA MIP, VA, lender-paid insurance, high-risk exceptions, ARM/interest-only loans and investor-specific current-value cancellation rules are outside this model.

An 80% LTV date is an opportunity to request cancellation, not automatic removal. The request must be in writing; current payments, good payment history, no junior liens and evidence that value has not declined are required. Approval and billing still need confirmation from the servicer.

Scheduled automatic termination uses 78% of ORIGINAL value on the original amortization schedule, not the accelerated balance or today’s appraisal. It requires current payments. Final termination is the month after the original term midpoint if current. Extra principal can bring the 80% request forward; it does not move the statutory scheduled 78% date.

Illustrative National MI Monthly Advantage base-rate card effective March 1, 2022, reviewed October 26, 2026; not a live quote or a government-set fee. Assumes one unit, up to two borrowers, DTI at most 45%, standard agency coverage and an eligible fixed-rate purchase. State/program/lender adjustments are not modeled. From payment 121, this card uses the lesser of the initial annual rate or 0.20%. Use My Quote for your actual annual rate.

Original value is the lower purchase price or appraisal at purchase. A refinancing appraisal can be the original value of a refinanced loan; use Cancellation & LTV for an existing loan. Today’s higher appraisal does not replace this HPA original-value basis.

The requested scenario assumes approval after the qualifying payment, so PMI stops at the next payment. The automatic scenario stops on its scheduled termination due date or the month after midpoint, whichever is earlier, assuming current payments. Premiums cease after actual payoff. Servicer processing, prepaid premiums and refunds can change final costs.

Table Payment is principal, interest and entered extra principal; the two PMI columns are separate alternatives, not amounts to add together. Initial total includes extra principal and PMI, but excludes property tax, homeowners insurance, HOA and other ownership costs. Yearly rows group 12 loan payments, not calendar-tax years.

Calculation details

Scroll horizontally or vertically to see more. Download CSV for the complete schedule.

MonthPaymentInterestPrincipalBalancePMI if requestedPMI automatic only
12,275.441,950325.44359,674.56114114
22,275.441,948.24327.21359,347.35114114
32,275.441,946.46328.98359,018.37114114
42,275.441,944.68330.76358,687.61114114
52,275.441,942.89332.55358,355.05114114
62,275.441,941.09334.36358,020.70114114
72,275.441,939.28336.17357,684.53114114
82,275.441,937.46337.99357,346.54114114
92,275.441,935.63339.82357,006.73114114
102,275.441,933.79341.66356,665.07114114
112,275.441,931.94343.51356,321.56114114
122,275.441,930.08345.37355,976.19114114
132,275.441,928.20347.24355,628.95114114
142,275.441,926.32349.12355,279.83114114
152,275.441,924.43351.01354,928.81114114
162,275.441,922.53352.91354,575.90114114
172,275.441,920.62354.83354,221.07114114
182,275.441,918.70356.75353,864.33114114
192,275.441,916.77358.68353,505.65114114
202,275.441,914.82360.62353,145.02114114
212,275.441,912.87362.58352,782.45114114
222,275.441,910.90364.54352,417.91114114
232,275.441,908.93366.51352,051.39114114
242,275.441,906.95368.50351,682.89114114
252,275.441,904.95370.50351,312.40114114
262,275.441,902.94372.50350,939.90114114
272,275.441,900.92374.52350,565.38114114
282,275.441,898.90376.55350,188.83114114
292,275.441,896.86378.59349,810.24114114
302,275.441,894.81380.64349,429.60114114
312,275.441,892.74382.70349,046.90114114
322,275.441,890.67384.77348,662.12114114
332,275.441,888.59386.86348,275.26114114
342,275.441,886.49388.95347,886.31114114
352,275.441,884.38391.06347,495.25114114
362,275.441,882.27393.18347,102.07114114

How to use this calculator

Estimate conventional PMI from original LTV and an illustrative credit/term rate card; compare requested and automatic cancellation scenarios. Enter amounts in the units shown, select the applicable options, and click Calculate. Use Reset to restore the starting values.

Calculation formula

LTV = original loan / original value × 100. Monthly PMI = original loan × annual premium rate / 12. 80% request and scheduled 78% / midpoint termination use separate dates.

Assumptions and accuracy

Review timing, rates, fees and result notes when comparing scenarios. Future returns and rates are assumptions rather than guaranteed outcomes. Monetary display follows the currency’s precision; intermediate calculations retain additional digits.

Choose what to calculate

PMI calculator

Estimate conventional private mortgage insurance from original LTV, term and an illustrative credit band.

Related searches: Private mortgage insurance calculator

Open this calculation

PMI cancellation calculator

Compare original-value 80% requests, scheduled 78% termination and midpoint protection. Current market LTV is reported separately.

Related searches: PMI removal calculator · LTV calculator for PMI · LTV calculator

Open this calculation

PMI calculator with lender quote

Enter a quoted annual PMI rate instead of using the illustrative insurer card.

Open this calculation

Understanding this calculation

Conventional PMI pricing and cancellation are separate questions. Original loan-to-value determines the illustrative premium; the original-value 80% request, original-schedule 78% automatic termination and month-after-midpoint rule determine distinct potential ending dates.

Reading your result

Initial monthly PMI
The modeled initial conventional premium, excluding home insurance and property taxes.
80% request benchmark
An opportunity to apply after the qualifying payment; approval and conditions still apply.
Scheduled 78% benchmark
The original-schedule automatic threshold if payments are current, separate from actual accelerated LTV.

Compare two scenarios

  1. Hold price, appraisal and loan terms fixed; compare an illustrative rate with your lender’s annual quote.
  2. Then compare extra principal and the requested versus automatic scenarios without changing original value.

Check before comparing

  • Use original value, not a new appreciated appraisal, for HPA thresholds.
  • Current payments are required for automatic termination.
  • Do not add the two alternative PMI schedule columns together.

Result explanations checked against this calculator’s local model. Model scope and sources appear below.

Worked examples

A quoted PMI premium with zero interest

Purchase and original value $200,000; 10% down; quoted annual PMI 0.5%; zero interest; 30 years; no extra principal.

  1. Original loan = 200,000 × 90% = 180,000; original LTV = 90%.
  2. Monthly PMI = 180,000 × 0.5% / 12 = 75.
  3. Monthly P&I = 180,000 / 360 = 500. After payment 40 the balance is 160,000, the 80% request threshold.
  4. This model charges through the qualifying request payment, then stops after assumed approval. Scheduled 78% termination has a separate due-date convention.

Initial monthly PMI is $75; an 80% request requires borrower action and all conditions.

Try these inputs

A low current LTV does not prove PMI has ended

Original value $400,000; original loan $380,000; current balance $320,000; current home value $500,000; ten payments completed.

  1. Current-market LTV = 320,000 / 500,000 = 64%.
  2. Original-value LTV = 320,000 / 400,000 = 80%.
  3. The 80% request threshold is met, but payment history, liens, value evidence and written approval still need confirmation.
  4. The scheduled 78% date remains tied to the original amortization, so an entered $150 premium is not silently removed just because the balance is now at 80%.

The modeled current quote remains $150 while the request is unapproved.

Try these inputs

Common questions

Does PMI automatically stop at 80% LTV?

No. At 80% of original value you may request cancellation in writing, subject to current payments, good history, no junior liens and value evidence. Automatic termination generally uses scheduled 78%, with a midpoint backstop if current.

Can a higher current appraisal remove PMI?

It can matter under investor-specific appreciation rules, which may require seasoning and a new appraisal. This calculator reports current-value LTV separately and does not substitute it for original value under the HPA rules.

Do extra payments move the automatic 78% date?

They can move the actual 80% request threshold forward. The statutory scheduled 78% date is based on the original amortization; an early payoff separately ends the loan.

What if payments are past due?

Automatic and midpoint termination require current payments. The existing-loan mode keeps the quoted premium active when payments are not current and does not invent a catch-up or cancellation date.

Are these FHA MIP or government PMI rates?

No. FHA has separate MIP rules. The estimate uses a dated National MI conventional base-rate card with stated coverage assumptions. Use My Quote for your actual annual rate, or FHA Loan Calculator for FHA insurance.

Scope and assumptions

U.S. borrower-paid monthly conventional PMI on unmodified, fully amortizing fixed-rate principal-residence loans closed on or after July 29, 1999. It excludes FHA MIP, VA, lender-paid insurance, high-risk exceptions and investor-specific appreciation rules. Rates from a dated insurer card are illustrations, not quotes.

Sources

Calculation notes checked . Examples are mathematical checks under the stated assumptions.

Calculation methods and formulas

PMI Estimate

Estimate conventional PMI from original LTV and an illustrative credit/term rate card; compare requested and automatic cancellation scenarios.

LTV = original loan / original value × 100. Monthly PMI = original loan × annual premium rate / 12. 80% request and scheduled 78% / midpoint termination use separate dates.

Use My Quote

Use your own annual borrower-paid PMI rate and compare the two cancellation paths without estimating an insurer rate.

Monthly quoted PMI = original principal × annual PMI percentage / 100 / 12. Premium timing follows the stated cancellation scenario.

Cancellation & LTV

Check an existing loan against original-value 80%, scheduled 78% and midpoint benchmarks; current market LTV is shown separately.

Request benchmark = earlier scheduled or actual 80% original-value date. Automatic benchmark = earlier original-schedule 78% date or month after the original term midpoint, if current.

See our calculation methodology and review status for data versions, rounding and validation limitations. How default assumptions are chosen.

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