Calculate your monthly mortgage payment including PMI costs. See how much PMI costs per month and when you can stop paying PMI. Perfect for homebuyers with less than 20% down payment.
If you're buying a home with less than a 20% down payment, you'll likely need to pay Private Mortgage Insurance (PMI). Our mortgage calculator with PMI helps you understand exactly how PMI affects your monthly payment and total loan cost.
PMI is insurance that protects the lender if you default on your mortgage. It's required when your down payment is less than 20% of the home's purchase price. PMI costs typically range from 0.3% to 1.9% of your loan amount annually, divided into monthly payments.
You can typically stop paying PMI when:
Tip: Making extra payments on your mortgage can help you reach the 80% threshold faster, saving you money on PMI payments.
| Payment # | Date | Principal | Interest | PMI | Balance |
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PMI costs typically range from 0.3% to 1.9% of your loan amount annually. For a $360,000 loan (90% LTV on a $400,000 home), PMI might cost between $90 and $570 per month. The exact rate depends on your credit score, loan amount, and down payment percentage.
Yes! You can avoid PMI by making a 20% down payment. However, if you can't afford 20% down, PMI allows you to buy a home sooner. You can also explore lender-paid PMI (LPMI) options, though these typically result in a slightly higher interest rate.
PMI is automatically removed when your loan balance reaches 80% of the original home value. You can reach this faster by: