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    Mortgage / insurance

    PMI calculator

    Private mortgage insurance protects the lender, not you, and it disappears on a schedule you should know in advance. This calculator prices the premium, shows the LTV path, and finds the month the balance reaches the 78% automatic-termination point.

    Down10.0%LTV90.0%Rate6.50%
    Monthly PMI
    $150.00
    0.50% of the loan each year
    Loan-to-value
    90.0%
    Above the 80% threshold
    Months to 78%
    109
    Automatic termination near $312,000
    PMI paid in total
    $16,350
    Before cancellation
    Cancellation milestones
    Borrower-requested cancellation is possible at 80% LTV; automatic termination is at 78%.
    109 months
    Cancellation milestones
    LTVBalanceMeaning
    90%$360,000Typical purchase LTV with 10% down
    80%$320,000May request cancellation
    78%$312,000Automatic termination
    Current$360,00090.0%

    Based on the original value and scheduled payments; appreciation and extra payments change the timing.

    Inspect the model
    Choose a quick result view, a scaled comparison, or the complete diagnostic set.
    Loan-to-value over time
    Scheduled payments bring the balance down; the 78% line ends the premium.
    Loan-to-value over time0.00020.1640.3260.4880.64100.80Y0Y0Y1Y1Y2Y2Y3Y3Y4Y4Y5Y5Y6Y6Y7Y7Y8Y8Y9Y9Y10Y10Y11Y11Y12Y12Y13Y13Y14Y14Y15Y15LTV %
    Monthly PMI against down payment
    Crossing 20% down removes the premium entirely.
    Monthly PMI against down payment$0$35$71$106$142$1775%5%7%7%9%9%11%11%13%13%15%15%17%17%19%19%21%21%23%23%25%25%Monthly PMI
    Canonical equations
    The exact relationships implemented by this engine.

    loan / home value · Above 80% usually triggers PMI.

    loan × annual PMI rate · Charged monthly as part of the payment.

    balance ≤ 78% of original value · Automatic under the Homeowners Protection Act.

    finance methodology

    A clear path from inputs to results.

    Private mortgage insurance protects the lender, not you, and it disappears on a schedule you should know in advance. This calculator prices the premium, shows the LTV path, and finds the month the balance reaches the 78% automatic-termination point.

    Step-by-step methodWorked exampleAssumptions explained

    How to use

    1. Enter the purchase price and down payment.
    2. Set the lender’s annual PMI rate.
    3. Enter the mortgage rate.
    4. Read the monthly premium and the months to cancellation.

    The formula

    PMIannual=L⋅rpmi,LTV=LVPMI_{annual} = L \cdot r_{pmi}, \qquad LTV = \frac{L}{V}

    Reference: Homeowners Protection Act: automatic termination at 78% LTV, cancellation on request at 80%.

    Worked example

    $400,000 home, $40,000 down, 0.5% PMI

    Inputs
    • Price $400,000.
    • Down payment $40,000.
    • PMI rate 0.50% a year.
    • Mortgage rate 6.5%.
    Calculation path
    1. 1

      Loan: $360,000; LTV 90%.

    2. 2

      Annual PMI: 360,000 × 0.005 = $1,800; monthly $150.

    3. 3

      Cancellation balance: 78% of 400,000 = $312,000.

    4. 4

      Scheduled payments reach that balance in 109 months.

    5. 5

      Total PMI paid: 150 × 109 = $16,350.

    Result

    PMI $150/month · LTV 90% · ends after 109 months · $16,350 total.

    Interpreting the result

    PMI is priced on the loan, not on the risk you feel. At 90% LTV it typically costs 0.3–1.5% of the loan a year, which on $360,000 is $1,080–$5,400. Paying the loan down to 80% early — or getting a reappraisal after appreciation — can remove it years sooner than the scheduled date.

    Assumptions & limitations

    • US conventional loan; FHA mortgage insurance follows different rules.
    • Cancellation is based on the original value and scheduled amortisation.
    • No extra principal payments, which would shorten the period.

    Frequently asked questions

    When does PMI end automatically?

    At 78% of the original value on the original amortisation schedule. You can usually request cancellation at 80%.

    Is PMI tax deductible?

    It has been deductible in some years subject to income limits. Check the current rules before relying on it.

    Does appreciation remove PMI?

    Sometimes, but the lender must agree and may require an appraisal. Scheduled amortisation is the guaranteed path.

    Methodology last reviewed 2026-10-21. Results are informational and not financial or engineering advice — see our disclaimer.