PMI Calculator
The insurance you pay when your down payment is under 20%.
Monthly PMI payment:
Annual PMI:
Months until 20% equity:
How to use this calculator
Enter the home price, down payment percentage, PMI rate and years, then press Calculate. Monthly and annual PMI plus the months to 20% equity are shown.
What the result means
PMI is the insurance you pay when your down payment is under 20%. It's an added monthly cost that disappears once you reach 20% equity — the calculator estimates when that is.
What PMI is and when you pay it
Private mortgage insurance protects the lender, not you, when your down payment is under 20%. It is charged as a percentage of the loan each year - typically 0.3-1.5% - until your equity reaches 20%, at which point you can request it be removed.
Worked example
A $300,000 home with 10% down means a $270,000 loan. At a 0.6% PMI rate that is about $1,620 a year, or $135 a month - roughly a full point of the interest rate in extra cost. This calculator shows that monthly burden for your price and down payment.
How to avoid or drop PMI
- Put 20% down to skip it entirely.
- Once your balance hits 80% of the original value, ask your lender to cancel it - by law, most loans auto-cancel at 78%.
- A higher down payment that keeps you just over a PMI tier saves the most over the long term.
Frequently asked questions
How do I get rid of PMI?
Reach 20% equity and request removal, or refinance once your equity qualifies.
Is PMI tax-deductible?
Not for most borrowers since 2018 — check current rules for your situation.
Is PMI tax deductible?
It has been in some years and not others - check current tax rules, since it expired and returned several times.