Free mortgage with pmi calculator
Estimate your mortgage payment including PMI — see when PMI drops off at 20% equity and how much you'll save, updated live, as you type.
On this page10 sections
Estimate only. Actual payments may vary. PMI rate assumed 0.5% if down payment < 20%. Consult a licensed lender for exact terms.
Results are estimates. Consult a professional.
How the mortgage with PMI calculator works
Private mortgage insurance (PMI) is required on conventional loans when the down payment is less than 20% of the home's purchase price. The calculator adds the monthly PMI cost to your principal-and-interest payment so you can see the true all-in payment from day one — and the month PMI drops off as you build equity.
Worked example: $400,000 home, 5% down, 7% rate, 0.7% PMI
A buyer purchases a $400,000 home with a 5% down payment ($20,000). Loan: $380,000 at 7% over 30 years. PMI rate: 0.7% annually. What is the total monthly payment and when does PMI end?
Total monthly payment and PMI drop-off by purchase price and down payment
The table shows total monthly payment (P&I + PMI) and the approximate month PMI ends for $300k, $400k, and $500k homes at three down payment levels — all at 7% rate, 0.7% annual PMI, 30-year fixed.
| Home price / Down | P&I | PMI/mo | Total/mo | PMI ends (mo) |
|---|---|---|---|---|
| $300k / 5% down | $1,897 | $167 | $2,064 | ~mo 110 |
| $300k / 10% down | $1,796 | $158 | $1,954 | ~mo 55 |
| $300k / 15% down | $1,696 | $148 | $1,844 | ~mo 27 |
| $400k / 5% down | $2,529 | $222 | $2,751 | ~mo 110 |
| $400k / 10% down | $2,394 | $210 | $2,604 | ~mo 55 |
| $400k / 15% down | $2,260 | $197 | $2,457 | ~mo 27 |
| $500k / 5% down | $3,161 | $278 | $3,439 | ~mo 110 |
| $500k / 10% down | $2,993 | $263 | $3,256 | ~mo 55 |
| $500k / 15% down | $2,824 | $246 | $3,070 | ~mo 27 |
Source: HPA 1998; Fannie Mae PMI guidelines. 7% rate, 0.7% annual PMI, 30-year fixed. PMI drop-off month approximated from amortization schedule. Actual month depends on property appreciation and lender procedures.
Tips for managing and removing PMI
PMI is not permanent. Several routes exist to eliminate it sooner than the standard amortization schedule predicts. Here is how to minimize the cost and accelerate the exit.
- Request PMI cancellation at 80% LTV — don't wait — under the Homeowners Protection Act, lenders must automatically cancel PMI when your balance reaches 78% of the original purchase price. But you can request cancellation one step earlier at 80% LTV. Submit a written request; lenders don't proactively remind you.
- Use home appreciation to your advantage — if your home's value has risen, your LTV may already be at or near 80% even though the loan balance hasn't fallen that far. Order a formal appraisal (typically $400–$700) and present it to your servicer to support early cancellation.
- Extra payments shorten the PMI period — every dollar of extra principal payment moves the drop-off month earlier. Even $100 extra per month can cut the PMI period by 12–18 months on a typical loan.
- Lender-paid PMI (LPMI) trades a higher rate for no monthly PMI — some lenders offer to absorb PMI in exchange for a rate 0.25%–0.75% higher. This lowers your monthly payment but is permanent — you cannot cancel LPMI as you build equity.
- A piggyback loan (80/10/10) avoids PMI entirely — borrow 80% as a first mortgage, 10% as a HELOC or second mortgage, and put 10% down. No PMI required. The second mortgage rate is higher, but the combined payment may beat PMI-included totals for high-credit borrowers.
Accuracy and limitations
PMI drop-off months are calculated from the standard amortization schedule assuming no extra payments and no change in home value. In practice, if your home appreciates, you may be eligible for earlier PMI cancellation via appraisal — the calculator cannot model future appreciation. PMI rates vary by lender, insurer, credit score, and LTV tier; the rate you enter should come from your Loan Estimate. The calculator models borrower-paid PMI only — lender-paid PMI and FHA MIP have different structures and cancellation rules.
Not financial advice — consult a mortgage professional for your specific situation.
PMI mortgage terms defined
About this mortgage with PMI calculator
This calculator runs entirely in your browser — nothing you enter is sent to any server.
Browse more in our finance calculators, or explore the complete library on the free calculators page.