PMI Calculator (USA)

Use GlobalCalqulate’s free PMI Calculator (USA, 2026) to estimate private mortgage insurance (PMI) cost based on home price, down payment percentage, loan amount, and PMI rate. Calculate monthly PMI payment, total PMI paid, and the estimated time to reach 20% equity (when PMI may be removed). Ideal for first-time homebuyers comparing FHA vs conventional loans and budgeting true monthly mortgage costs.

Last revised 6 September 2026

By Team GlobalCalqulate · About our editorial standards

Property Information

Home Price

Down Payment

Down Payment Percentage

Loan Details

Mortgage Interest Rate

Loan Term

PMI & Mortgage Insurance

Annual PMI Rate

Financial Disclaimer: This result is an educational estimate produced by applying published rates and thresholds to the figures you entered. It is not a tax determination: your actual liability depends on circumstances this calculator does not collect. Confirm your position with the relevant tax authority or a qualified accountant before acting on it. Full disclaimer.

Sources & methodology

Reference:: US Department of Veterans Affairs
Rates for:: 2026
Figures verified:: September 2026 — checked against the primary source above
Scheduled re-verification:: December 2026

Calculation type: Rule-based calculation. Uses 2026 rates and thresholds. Figures are taken from US Department of Veterans Affairs and US Department of Housing and Urban Development and US Department of Agriculture, Rural Development and Consumer Financial Protection Bureau and Federal Housing Finance Agency — see sources below.

Reviewed by Team GlobalCalqulate — Verifies each figure against the issuing authority's published source · Checked 24 September 2026

Your entries stay on this device. This calculator runs entirely in your browser — the figures you type are not sent to us or to anyone else. The page itself uses cookies for analytics and advertising, described in the privacy policy.

Formula & methodology

Limitations

Applies to conventional loans. FHA loans carry a mortgage insurance premium instead, which has different rates, an upfront charge, and in most cases lasts the life of the loan.
VA and USDA loans have no private mortgage insurance but charge funding or guarantee fees, which are not modelled.
The PMI rate is taken as entered or estimated from loan-to-value. Real pricing depends on credit score, loan type, occupancy and the mortgage insurer.
The removal timeline is projected from scheduled amortization only. It assumes no extra payments and no change in home value.
Cancellation by request requires you to ask and may require an appraisal; automatic termination depends on being current on payments. Servicer requirements are not modelled.
Removal based on appreciation rather than amortization follows separate investor rules not covered here.
An estimate. Confirm PMI pricing and cancellation terms with your lender.

This page is educational. It applies a standard formula to the figures you enter and shows the arithmetic behind the result. It is an estimate, not an offer, a quotation or financial advice: real costs depend on the provider's pricing, fees and underwriting, and on circumstances this calculator does not collect.

Sources & references

VA funding fee and closing costs — purchase loan fee rates — US Department of Veterans Affairs
Mortgagee Letter 2023-05 — FHA annual MIP reduction (30 bps), effective for case numbers assigned on/after 2023-03-20 — US Department of Housing and Urban Development
USDA Rural Development — Single Family Housing Guaranteed Loan Program, upfront and annual fees — US Department of Agriculture, Rural Development
Homeowners Protection Act of 1998 — borrower cancellation (80% LTV) and automatic termination (78% LTV) — Consumer Financial Protection Bureau
FHFA Announces Conforming Loan Limit Values for 2026 — Federal Housing Finance Agency

Financial Disclaimer: This calculator estimates PMI cost using typical rate ranges based on loan-to-value and the figures you enter; it does not reflect lender-specific PMI pricing, your actual credit score tier, or the exact automatic-termination timeline in your loan agreement. Actual PMI rates and removal eligibility vary by lender. This tool is for planning purposes only and is not financial advice — confirm PMI terms with your lender. Full disclaimer.

Help & FAQs

Frequently Asked Questions

Clear answers to common questions to help you use this calculator confidently.

What is a PMI Calculator?

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A PMI Calculator estimates the private mortgage insurance cost you may pay on a home loan. It is typically used when the down payment is less than 20 percent. The results are meant for planning and general understanding.

How does GlobalCalqulate’s PMI Calculator work?

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The calculator uses your home price, loan amount, down payment, and assumed PMI rate to estimate monthly and annual PMI costs. It applies commonly referenced PMI ranges used in the United States. Outputs are indicative and may vary from lender quotes.

What happens if I increase my down payment?

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A higher down payment may reduce or eliminate PMI. You can adjust this input to explore scenarios. Results update accordingly.

What if I reach 20 percent equity?

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This calculator models both PMI thresholds under the Homeowners Protection Act: it shows the month you can request removal once your amortized loan balance reaches 80% of the original home value, and the month PMI automatically terminates at 78% LTV, whichever your loan reaches first. Actual removal is still subject to your lender being current on payments and, for early requests, may require a good payment history or an appraisal.

How can I avoid PMI?

Tap to view the answer

Common ways to avoid PMI include making a 20% down payment, using lender-paid mortgage insurance options, or choosing a loan structure that avoids PMI (depending on lender programs).

Need more help? Contact support or email globalcalqulate@gmail.com

We typically reply within 24–48 hours.

How this PMI calculator works

Private Mortgage Insurance (PMI) is required by conventional lenders when the down payment is less than 20 %. The annual premium typically ranges from 0.2 % to 2 % of the original loan amount, depending on LTV ratio, credit score and loan type.

Loan-to-value (LTV) = (loan amount ÷ home value) × 100.
Annual PMI premium = loan amount × PMI rate (the tool estimates this based on LTV and credit tier).
Monthly PMI = annual premium ÷ 12, added on top of principal, interest, taxes and insurance (PITI).
PMI cancellation occurs automatically when the LTV reaches 78 % (Homeowners Protection Act) or by request at 80 % LTV.

FHA loans use MIP (Mortgage Insurance Premium) with different rates and cancellation rules. VA and USDA loans have no PMI but have funding fees.

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How to Use This Calculator

Enter the home purchase price.

This is the basis for both your loan amount and the two PMI-removal target balances (80% and 78% of this price).

Enter your down payment percentage.

PMI only applies below 20% down on a conventional loan. At 20% or more, the calculator shows $0 PMI automatically.

Input the mortgage interest rate.

Used to amortize the loan and determine how quickly your balance falls to the 80%/78% LTV removal thresholds.

Enter the PMI rate (if known or use lender estimate).

Typically 0.3%-1.5% of the loan amount annually depending on credit score and LTV. This rate is applied to the loan amount and divided by 12 for the monthly PMI cost.

Click Calculate to see monthly PMI and removal timeline.

Results show your monthly PMI, loan amount, the month you can request removal at 80% LTV, and the month PMI automatically terminates at 78% LTV.

Understanding Your Results

Monthly PMI Cost
Your PMI rate applied to the current loan amount, divided by 12. This is a separate line item from principal, interest, taxes, and insurance.
Can Request Removal (80% LTV)
The month your amortized loan balance is scheduled to fall to 80% of the original home value — the point at which you can formally request PMI cancellation from your lender.
Automatic Termination (78% LTV)
The month your amortized loan balance is scheduled to fall to 78% of the original home value — federal law requires PMI to end automatically here, even without a request.
Loan-to-Value (LTV)
Loan amount divided by home price. PMI applies to conventional loans starting above 80% LTV (i.e., under 20% down).

Understanding US PMI (Private Mortgage Insurance)

What Is PMI?

PMI is insurance that protects the lender if the borrower defaults. It is usually required for conventional loans with less than 20% down payment.

How PMI Is Charged

This calculator charges PMI as your entered PMI rate applied to the loan amount, divided by 12 for a monthly cost — the standard borrower-paid monthly PMI structure. Some lenders also offer upfront (single-premium) or lender-paid PMI, which trade a higher rate for no separate monthly charge; this calculator models the monthly-premium structure only.

How PMI Can Be Removed

Two thresholds apply under the Homeowners Protection Act, and this calculator shows both: you can request cancellation once your amortized loan balance reaches 80% of the home's original value, and PMI automatically terminates at 78% LTV regardless of whether you ask. Both are based on the loan's scheduled amortization — extra principal payments reach either threshold sooner than the schedule shown here.

Formula & methodology

Limitations

Applies to conventional loans. FHA loans carry a mortgage insurance premium instead, which has different rates, an upfront charge, and in most cases lasts the life of the loan.
VA and USDA loans have no private mortgage insurance but charge funding or guarantee fees, which are not modelled.
The PMI rate is taken as entered or estimated from loan-to-value. Real pricing depends on credit score, loan type, occupancy and the mortgage insurer.
The removal timeline is projected from scheduled amortization only. It assumes no extra payments and no change in home value.
Cancellation by request requires you to ask and may require an appraisal; automatic termination depends on being current on payments. Servicer requirements are not modelled.
Removal based on appreciation rather than amortization follows separate investor rules not covered here.
An estimate. Confirm PMI pricing and cancellation terms with your lender.

Calculator inputs

Property Information

Down Payment

Loan Details

PMI & Mortgage Insurance

Your results

Sources & methodology

Formula & methodology

Limitations

Sources & references

What is a PMI Calculator?

How does GlobalCalqulate’s PMI Calculator work?

What happens if I increase my down payment?

What if I reach 20 percent equity?

How can I avoid PMI?

How this PMI calculator works

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Calculator inputs

Property Information

Down Payment

Loan Details

PMI & Mortgage Insurance

Your results

Sources & methodology

How to Use This Calculator

Example: $450,000 home, 10% down, 6.75% rate

Understanding Your Results

Key Tips

Understanding US PMI (Private Mortgage Insurance)

What Is PMI?

How PMI Is Charged

How PMI Can Be Removed

Formula & methodology

Limitations

Sources & references

How to Use This Calculator

Example: $450,000 home, 10% down, 6.75% rate

Understanding Your Results

Key Tips

Understanding US PMI (Private Mortgage Insurance)

What Is PMI?

How PMI Is Charged

How PMI Can Be Removed