This PMI calculator estimates your monthly private mortgage insurance and shows when you can ask to cancel it and when it ends automatically, based on your loan’s regular payment schedule.
What is PMI?
Private mortgage insurance protects the lender, not you, when you put down less than 20% on a conventional US mortgage. It is usually charged monthly as a percentage of the loan amount; the rate depends mainly on your credit score and down payment.
Under the Homeowners Protection Act, you can ask to cancel PMI once the balance reaches 80% of the home’s original value, and it must end automatically at 78% if you are current on payments.
Worked example
On a $350,000 home with $35,000 down, the loan is $315,000. At a 0.5% PMI rate, PMI is about $131.25 a month. At 6.5% over 30 years, you could request cancellation after about 7 years 11 months, and it would end automatically after about 9 years 1 month.
Frequently asked questions
Can I get rid of PMI sooner?
Yes. Extra payments reach 80% sooner, and if your home has risen in value, some lenders will cancel PMI based on a new appraisal.
Is FHA mortgage insurance the same?
No. FHA loans have their own mortgage insurance premium with different rules.