Private mortgage insurance (PMI) is required when your down payment is less than 20% of the home price. Use this calculator to find your monthly and annual PMI cost, and see exactly how many months until PMI is automatically removed when your loan balance reaches 80% of the home value.
Detailed mode adds 1 more input including advanced assumptions.
based on a $360,000 loan with 10.0% down
PMI applies because your down payment is below 20%. At this rate, you'll pay PMI for approximately 98 more months, totaling $24,990 before it removes automatically at 80% LTV.
PMI removes at
8 yr, 2 mo
When your principal balance reaches 80% of the original home price, PMI cancels automatically. Earlier if you accelerate principal payments.
Total PMI before removal
$24,990
What you'll pay in PMI premiums between now and the auto-removal point.
Without PMI, your monthly housing cost would drop by $255.
Math methodology last reviewed by Barron Hansen on