Mortgage Calculator with PMI
Estimate your monthly payment including private mortgage insurance, and see when PMI drops off as you build equity.
Free to use No sign-up needed Updates as you type
Default interest rate: 7.18% — Freddie Mac 30-year fixed average, week of Nov 5, 2026. Enter the rate from your own Loan Estimate.
How the mortgage calculator with PMI works
This calculator shows your monthly payment when private mortgage insurance is part of the picture and, just as usefully, when that insurance goes away. PMI is what lenders require on most conventional loans when you put down less than 20%, because the smaller your equity, the more they stand to lose in a default.
The tool adds an estimated PMI premium to your principal and interest, then tracks the loan as it amortizes and tells you when the balance crosses the thresholds where coverage can end. Because PMI protects the lender and not you, knowing its removal date is money back in your pocket.
Worked example: with home price of $340,000, down payment of $34,000 and interest rate of 7.18%, the mortgage calculator with PMI shows monthly payment with PMI of $2,251.45.
- Principal & interest
- $2,072.95
- Monthly PMI
- $178.50
- PMI ends in
- 103 mo
- Total PMI paid
- $18,386
| Home price | Monthly payment with PMI |
|---|---|
| $300,000 | $1,957.14 |
| $450,000 | $3,060.80 |
| $600,000 | $4,164.45 |
| $850,000 | $6,003.87 |
The formula
Payment = (P × r ÷ (1 − (1 + r)^−n)) + monthly PMI, where monthly PMI ≈ (loan amount × annual PMI rate) ÷ 12. PMI is eligible for borrower-requested cancellation at 80% of original value and for automatic termination at 78%, based on the original amortization schedule.
How every calculator here computes, what it assumes and how the defaults stay current: our methodology.
- Uses an estimated PMI rate; your actual premium depends on credit score, down payment, and loan type, and is set by the insurer.
- Cancellation milestones are based on original value and the scheduled balance — appreciation-based removal usually requires a lender-ordered appraisal.
- Assumes a conventional loan; FHA mortgage insurance follows different, often longer-lasting rules and is not modeled here.
- Automatic termination at 78% requires that your payments be current; missed payments can delay the drop-off date.
- Does not account for lender-paid PMI or single-premium structures, which trade the monthly charge for a higher rate or upfront fee.
Reference data
Current figures behind this tool: 2026 FHA Loan Limits, FHA Mortgage Insurance (MIP) Rates 2026, How Much Is PMI? 2026 Cost & Rates, Down Payment Requirements by Loan Type, Fannie Mae LLPA Matrix 2026.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender or a licensed advisor.
Questions about the mortgage calculator with PMI
What's the difference between requesting PMI removal and automatic cancellation?
You can ask your servicer to cancel PMI once the balance reaches 80% of the home's original value, but you have to initiate it and meet their conditions.
Automatic termination is required by law at 78% of original value, with no request needed, as long as your payments are current. Requesting earlier saves you those extra premiums.
Can I get rid of PMI faster if my home's value went up?
Often yes. If your area appreciated, your equity may already exceed 20% even though the loan balance hasn't fallen much.
Most lenders will cancel PMI based on a new appraised value, but they require you to order and pay for that appraisal, and they may ask for a minimum seasoning period since closing. Ask your servicer for their exact policy.
Does making extra principal payments end PMI sooner?
Yes. PMI removal tracks your loan balance, so paying down principal faster reaches the 80% and 78% thresholds ahead of the original schedule.
Once you cross 80%, contact your servicer to request cancellation rather than waiting — extra principal lowers the balance, but the formal removal still needs your request to happen early.
Is my information saved or shared?
No. Every calculation runs entirely in your browser. We never store, transmit or sell the numbers you enter.
How much is PMI?
Private mortgage insurance typically costs about 0.46% to 1.5% of the loan amount per year, added to your monthly payment. The exact rate depends on your credit score and down payment — a smaller down payment and lower score cost more.
How do I remove PMI?
On a conventional loan you can request PMI cancellation once you reach 20% equity, and the lender must drop it automatically at 22%. Paying down principal faster or a rise in your home’s value both get you there sooner.
Sources
- CFPB — What is private mortgage insurance?
- Fannie Mae — Selling Guide
- Freddie Mac — Primary Mortgage Market Survey (weekly average rates)
- CFPB — Loan Estimate explainer
How the figures on this site are calculated and tested: methodology · editorial policy.
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