PMI Calculator
Calculate Private Mortgage Insurance costs and determine when you can remove PMI from your mortgage
PMI Analysis
PMI Required
Down payment is less than 20%
Down payment is less than 20%
Monthly PMI
$150
Annual PMI
$1,800
PMI Removal Date
Mar 2031
Total PMI Paid
$12,600
Loan-to-Value Progress
Current LTV
90%
LTV at PMI Removal
80%
Equity Needed
$40,000
Time to 80% LTV
7 years
LTV Reduction Over Time
PMI Removal Strategies
| Strategy | Time to Removal | Total PMI Paid | Savings vs Base |
|---|
Monthly Payment Breakdown
Principal & Interest
$2,530
PMI
$150
Total P&I + PMI
$2,680
Payment After PMI Removal
$2,530
Monthly Savings
$150
Understanding PMI
🏠 What is PMI?
Private Mortgage Insurance protects the lender if you default on your loan. Required when down payment is less than 20%.
📅 Automatic Removal
PMI automatically cancels when your loan balance reaches 78% of the original home value.
📝 Request Removal
You can request PMI removal when you reach 80% LTV, but may need a new appraisal.
💰 Cost Factors
PMI rates depend on credit score, loan type, down payment amount, and loan-to-value ratio.
🚀 Removal Strategies
Make extra payments, remodel to increase value, or refinance when you have 20% equity.
🏦 Lender-Paid PMI
Some lenders offer to pay PMI in exchange for a higher interest rate. Compare total costs carefully.