PMI Calculator
Putting less than 20% down means paying private mortgage insurance. This calculator estimates your monthly PMI, when it drops off, and the total cost over its life.
How this calculator works
If your down payment is under 20%, the loan-to-value ratio exceeds 80% and lenders require PMI. The calculator charges the annual PMI rate against the loan balance each month, then amortizes the loan to find when the balance falls to 80% of the original price — the typical point where conventional PMI drops off. Total PMI is the monthly premium times the number of months it applies.
Frequently asked questions
How much does PMI cost?
Roughly 0.3–1.5% of the loan balance per year — at 0.5% that is about $150 a month on a $360,000 loan. Your actual rate depends on credit score, down payment, and loan type. A 5% down payment usually costs more per dollar borrowed than a 10% down payment.
How do I get rid of PMI?
On a conventional loan, PMI drops off automatically when your balance reaches 78% of the original value — or you can request removal at 80% once you have 2 years of payments. Paying extra principal, or refinancing after appreciation raises your equity, ends it sooner. FHA loans are different: mortgage insurance stays for the life of the loan on most loans made after 2013.
Is PMI tax deductible?
The mortgage insurance premium deduction lapsed after tax year 2025 and has not been renewed for 2026 at the time of writing. If Congress extends it, it phases out above $100,000 of AGI ($50,000 for married filing separately). Check current IRS guidance before claiming it.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.