PMI Calculator: How Much Are You Really Paying?
Enter your loan details to see your exact monthly PMI cost, when you can cancel it, total PMI paid, and whether waiting to put 20% down actually saves you money.
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How PMI Works
What triggers PMI?
PMI is required on conventional loans when your down payment is less than 20% of the purchase price. It protects the lender — not you — if you default.
When does it go away?
You can request cancellation when your balance reaches 80% of the original purchase price. Lenders must automatically remove it at 78% under federal law (HPA).
What does it cost?
Typically 0.5%–1.5% of your loan amount per year. A $350,000 loan at 0.7% PMI = $204/month. Rates vary by credit score, LTV, and lender.
How do I avoid it?
Put 20% down, use a piggyback loan (80-10-10), or accept lender-paid PMI (built into a higher rate). VA loans have no PMI at all.
Ready to See the Full Picture?
PMI is just one piece. See your total monthly payment including taxes, insurance, and how much house you can actually afford.