Mortgage insurance
How Much Is PMI? Mortgage Insurance Calculator
Estimate monthly private mortgage insurance from your loan-to-value and an annual premium rate, and see when the balance reaches the levels at which PMI can be cancelled.
- Loan-to-value
- 90.0%
- Months until you can request cancellation
- 98 (8.2 years)When the balance reaches 80% of the original value, by scheduled payments alone.
- Months until automatic termination
- 112 (9.3 years)When the balance is scheduled to reach 78% of the original value.
- PMI paid until automatic termination
- $22,680
How the math works
- 1
Loan-to-value
Loan amount divided by home price. At 80% or below, a conventional loan carries no PMI.
- 2
Monthly premium
Loan amount times the annual PMI rate, divided by twelve.
- 3
Cancellation point
Follow the amortization schedule month by month until the balance reaches 80% of the original value. You can ask to cancel then; the servicer must cancel automatically at 78%.
Worked example with the starting figures above: monthly pmi $203; loan-to-value 90.0%; months until you can request cancellation 98 (8.2 years); months until automatic termination 112 (9.3 years); pmi paid until automatic termination $22,680. Rates are illustrative examples, not a quote.