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How PMI is estimated
If you leave the rate blank, the calculator uses about 0.84% a year at 3% down, falling to about 0.36% just under 20% down, consistent with Freddie Mac's guide of roughly $30 to $70 a month per $100,000 borrowed. Your actual rate depends on credit score, loan-to-value and insurer; enter a quote for an exact figure.
When PMI ends
Under the Homeowners Protection Act, you can ask your servicer to cancel PMI once the balance is scheduled to reach 80% of the original value, and it must end automatically at 78% if you are current on payments. Extra principal payments get you there sooner. A new appraisal may let you remove it early, depending on your servicer.
PMI by down payment ($400,000 home, estimated rates)
| Down payment | Loan | Est. PMI rate | Monthly PMI |
|---|---|---|---|
| 3% | $388,000 | 0.84% | $272 |
| 5% | $380,000 | 0.78% | $248 |
| 10% | $360,000 | 0.64% | $193 |
| 15% | $340,000 | 0.50% | $142 |
| 19% | $324,000 | 0.39% | $105 |
PMI vs FHA MIP
Conventional PMI ends at 78% loan-to-value. FHA annual MIP lasts 11 years or the life of the loan. For buyers with good credit, conventional PMI is usually cheaper; compare with the FHA calculator.
Sources and assumptions
Related
Frequently asked questions
How much is PMI per month?
Roughly $30 to $70 per $100,000 borrowed, depending on credit score and down payment.
When does PMI go away?
You can request cancellation at 80% of the original value; it ends automatically at 78% if you are current.
How can I avoid PMI?
Put 20% down, use a VA loan, or ask about lender-paid PMI (which raises the rate instead).