PMI Calculator

Estimate monthly PMI on a conventional loan and see when you can request removal and when it ends automatically.

Results

Enter your numbers to see the results.

Estimate only, not lending, legal or financial advice. The PMI rate is whatever you enter from your Loan Estimate or lender quote — this page does not publish typical rates. Removal dates follow a scheduled amortization of the loan you entered, without extra payments. Under the federal Homeowners Protection Act, other conditions can also apply (for example, being current on the loan, and, for a request at 80%, a written request and other servicer requirements). FHA mortgage insurance (MIP) follows different rules and is not covered here. For the legal standards, see the CFPB explainer When can I remove private mortgage insurance (PMI) from my loan?.

Last reviewed: November 11, 2026

Private mortgage insurance is a monthly cost on many conventional loans when the down payment is under 20%. This calculator estimates that monthly PMI from the annual rate on your Loan Estimate, then uses the loan’s amortization schedule to show when the balance is due to reach 80% and 78% of the original value — and how much PMI you would pay until automatic removal. Enter the home’s original value, the down payment or loan amount, the annual PMI rate, the interest rate and the term. You’ll see loan-to-value, monthly PMI, principal and interest, the combined payment, the payment number when you can request cancellation, the payment number when PMI ends automatically, and total PMI through that automatic date. If the starting loan-to-value is already 80% or lower, the result is that no PMI is needed on a conventional loan at that down payment.

How to use it

Enter the home price as the original value. The CFPB explains that “original value” is generally the contract sales price or the appraised value at purchase, whichever is lower — or, if you refinanced, the appraised value at the refinance.
Enter the down payment as dollars or as a percent of price. The loan amount is price minus down payment and can be edited.
Enter the annual PMI rate from your Loan Estimate or lender quote, as a percent.
Enter the loan’s interest rate and term (10, 15, 20 or 30 years, or a custom term from 1 to 40). The default term is 30 years.
Read LTV, monthly PMI, principal and interest, the combined payment, the request month (80%), the automatic-end month (78% or the midpoint, whichever comes first), and total PMI until automatic removal.

How it works

Loan-to-value (LTV) = loan amount ÷ original value, shown to two decimal places, rounded half-up. PMI is applied only if LTV is above 80%. At 80% or below: “No PMI needed on a conventional loan at this down payment.”
Monthly PMI = loan amount × annual PMI rate ÷ 12, rounded half-up to the cent. That amount is treated as borrower-paid monthly PMI on the original loan amount and stays constant from month to month.
Principal and interest uses the shared Loan Payment PMT engine (interest rate ÷ 12). At 0%, the payment is the loan divided by the number of months, rounded half-up. Each month, interest = remaining balance × monthly rate, rounded half-up; principal = payment − interest; the final payment clears the balance.
The request month is the first payment after which the scheduled balance is at or below 80% of the original value.
The 78% month is the first payment after which the scheduled balance is at or below 78% of the original value. Automatic end is that month, or the midpoint of the term if the midpoint comes first. The midpoint is n ÷ 2 payments, rounded up when n is odd (180 on a 30-year loan; 90 on a 15-year loan). If the midpoint comes first, PMI is charged through the midpoint payment and drops off starting with the next payment, the month after the midpoint, as the CFPB describes.
Total PMI = monthly PMI × the last month PMI is charged. When 78% comes first, that is the 78% month. When the midpoint comes first, PMI is charged through payment n/2 and the displayed drop-off is payment n/2 + 1.
Extra principal payments are not part of this schedule. Paying extra can get you to 80% sooner; you can ask your lender to cancel then. A 0% PMI rate shows $0.00 of PMI and still shows the removal timing.

When PMI can be removed (Homeowners Protection Act)

These rules apply to many conventional mortgages on a single-family principal residence that closed on or after July 29, 1999, as described by the Consumer Financial Protection Bureau. The tool dates below are scheduled-balance estimates; the CFPB page is the source for the legal rights and conditions.

Cancellation at 80% by request. The CFPB says you have the right to ask your servicer to cancel PMI “on the date the principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home.” You can also ask earlier if extra payments have already brought the balance down to that 80% level. The servicer is required to grant a request that meets its stated conditions, which the CFPB lists as a request in writing, a good payment history and being current, a certification that there are no junior liens (such as a second mortgage), and evidence — for example, an appraisal — that the property’s value has not declined below the original value.

Automatic termination at 78%. Even if you do not ask, the CFPB says your servicer must, in general, “automatically terminate PMI on the date when your principal balance is scheduled to reach 78 percent of the original value of your home,” provided you are current. If you are not current on that date, termination waits until shortly after the payments are brought up to date.

Final termination at the midpoint. If PMI has not already ended, the CFPB says your lender or servicer “must end the PMI the month after you reach the midpoint of your loan’s amortization schedule,” even if the balance has not yet reached 78% of original value. The midpoint is halfway through the original full term; “for 30-year loans, the midpoint is after 15 years have passed.” You must be current for that termination to occur. In this calculator, PMI is charged through the midpoint payment (payment 180 on a 30-year loan) and drops off starting with the next payment, so the drop-off shows as the month after the midpoint.

FHA mortgage insurance (MIP), VA loans, and lender-paid mortgage insurance follow different rules and are not calculated here. The CFPB also notes that some investors have their own cancellation guidelines, which cannot be less favorable than the federal minimums above. Source: CFPB, “When can I remove private mortgage insurance (PMI) from my loan?”.

Worked examples

A 10% down, 30-year loan (case 1).

$400,000 original value, $360,000 loan, 0.5% annual PMI, 6.5% interest, 30 years. LTV is 90.00%. Monthly PMI is $150.00. Principal and interest is $2,275.44. You can request removal after payment #95. PMI ends automatically after payment #109 (the 78% month; the 30-year midpoint is payment 180). Total PMI until automatic removal is $16,350.00.

A 5% down, 30-year loan (case 2).

$300,000 original value, $285,000 loan, 0.75% annual PMI, 6.75% interest, 30 years. LTV is 95.00%. Monthly PMI is $178.13. Principal and interest is $1,848.50. Request month is payment #127. Automatic end is payment #139. Total PMI is $24,760.07.

A 15-year loan (case 3).

$250,000 original value, $225,000 loan, 0.4% annual PMI, 7.0% interest, 15 years. Monthly PMI is $75.00. Principal and interest is $2,022.36. Request month is payment #33. Automatic end is payment #38 (the 15-year midpoint is payment 90). Total PMI is $2,850.00.

A 20% down payment (case 4).

$500,000 original value and a $400,000 loan. LTV is 80.00%, so no PMI is needed on a conventional loan at this down payment. Total PMI is $0.00.

A 0% interest loan (case 5).

$350,000 original value, $315,000 loan, 1.0% annual PMI, 0% interest, 30 years. Principal and interest is $875.00. Monthly PMI is $262.50. Request month is payment #40. Automatic end is payment #48. Total PMI is $12,600.00.

Removal timing at a glance

Removal timing at a glance
Example	LTV	Monthly PMI	Request (80%)	Automatic end	Total PMI
$400,000 home, $360,000 loan, 0.5%, 6.5% 30-year	90.00%	$150.00	#95	#109	$16,350.00
$300,000 home, $285,000 loan, 0.75%, 6.75% 30-year	95.00%	$178.13	#127	#139	$24,760.07
$250,000 home, $225,000 loan, 0.4%, 7.0% 15-year	90.00%	$75.00	#33	#38	$2,850.00
$500,000 home, $400,000 loan (20% down)	80.00%	—	—	—	$0.00
$350,000 home, $315,000 loan, 1.0%, 0% 30-year	90.00%	$262.50	#40	#48	$12,600.00

FAQ

How much is PMI?

It is the annual rate on your Loan Estimate or lender quote, applied to the loan amount and divided by 12. This page does not publish a typical rate. In the first example, a 0.5% rate on a $360,000 loan is $150.00 a month.

When does PMI go away?

On many conventional loans, you can request cancellation when the scheduled balance reaches 80% of the original value. If you do not request it, PMI generally ends automatically when the scheduled balance reaches 78% of original value, or no later than the month after the midpoint of the original term — after 15 years on a 30-year loan — if you are current. Those are the CFPB’s descriptions of the Homeowners Protection Act rules. In case 1, the request month is payment #95 and automatic end is payment #109.

What is the difference between 80% and 78%?

80% is the borrower-request date. You usually have to ask, in writing, and meet the servicer’s conditions (including being current and a good payment history). 78% is automatic termination on the scheduled date if you are current, even if you never ask. This calculator shows both payment numbers from the amortization schedule.

Does this work for an FHA loan?

No. FHA mortgage insurance (MIP) follows different rules and is not covered here. The CFPB also notes that VA loans and lender-paid mortgage insurance have different requirements. Use this page for borrower-paid PMI on a conventional loan.

Can extra payments cancel PMI sooner?

Yes, for a request at 80%. The CFPB says you can ask to cancel PMI ahead of the scheduled 80% date if additional payments have already reduced the balance to 80% of original value. This tool’s schedule does not include extra payments, so use it as the scheduled path, then ask your servicer if you have paid ahead.

Why is there no PMI at 20% down?

A conventional loan at 80.00% LTV or lower does not require PMI in this model. Case 4 ($500,000 price, $400,000 loan) is that result: “No PMI needed on a conventional loan at this down payment.”

Is automatic removal based on today’s appraised value?

The 78% automatic date described by the CFPB is based on the scheduled balance versus the original value, and on being current — not on a new appraisal. A request at 80% can involve evidence that the value has not declined. This tool uses the original value you enter and a scheduled amortization.

Where do the removal rules come from?

From the federal Homeowners Protection Act, as explained by the CFPB in “When can I remove private mortgage insurance (PMI) from my loan?” (https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/). Your PMI disclosure and servicer are the last word on your loan.